to View TDS Links click below image

e-TDS :- Recovery of Forgot Password at TRACES

Sunday, December 21, 2014 | comments

Friends,   Now TRACES website has provided too many online faciilties regarding TDS matters like online corrections with DSC or without DSC, 26AS , Form 16A, Form 16 , Conso File, Default Status etc.   In connection to Online Corrections, some important corrections in statements have also been provided by TRACES which are detailed below :-

1. Online Correction Resolution for Overbooked Challan

2. Add Challan to Statement

3. Add or Delete Salary Detail

4. Online Correction Challan Correction

5. Online Correction Pan Correction

6. Online Correction Personal information

7. Online Correction Pay LP LD Late Filing

8. Tag Replace Challan

9. Add Modify Deductee Detail


To use above facility ,  deductors are required to login at www.tdscpc.gov.in.  One created user id and password should be remember or noted.  In case you have forgotten password the below mentioned e-tutorial will be helpful for deductors :- 


e-TDS :- New NSDL RPU 4.2 with New FVU Version 4.5 & 2.41

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Friends,   NSDL has launched new TDS RPU (Return Preparation Utility) 4.2 with new FVU (File validity Utility) version 4.5 & 2.41.  This is free facility provided by Income Tax Department for their deductors/collectors  to submit or prepare TDS statement is time.  


Download NSDL free Software RPU 4.2 (Click Here)
(Latest FVU.exe Verstion 4.5 & 2.41 are also available in above link)

Zero Uploading Charges 
                  This has already been published that there is no charges for uploading online TDS statements at NSDL.  NSDL has generated their NODAL centers who charge uploading FEEs fixed by NSDL.  But in the second hand, NSDL has also provided online facility to submit TDS return which is totally free of cost.  It is not only imagine but also true for Digital Signature Holders.   

Important Links for e-TDS 
                           Click on e-TDS picture available in the top left at www.tdstaxindia.com to get important TDS related links.   ZERO UPLOADING CHARGES instructions is also available in it and details of other links are also given below in the interest of deductors or collectors. 
  • Latest NSDL Free RPU 4.2
  • Nil TDS Return or Declaration for Non-Return 
  • TDS Rates 
  • TDS Excel Based Calculator 
  • Due Dates
  • Challan No. 281 
  • Challan Correction Mechanism
  • Challan Status Enquiry 
  • Java Download 
  • Value of Flags 
  • Online Upload TDS FVU without help of Nodal Centre 
  • TRACES-PDF-Converter V 1.3 L for Form 16 or Form 16A 
  • Download Justification Report 
  • FAQ (Frequently Asked Questions

Aadhaar not mandatory for availing LPG subsidy in bank account: Govt

Wednesday, December 17, 2014 | comments

The union government once again made it clear that Aadhaar number is not mandatory to avail LPG subsidy and the consumer can receive the subsidy in his bank account under MDBTL scheme

Contrary to the bombardment of advertisement from the Unique Identification Authority of India (UIDAI), the Aadhaar number is not mandatory to avail LPG subsidy. Dharmendra Pradhan, the minister of state for Petroleum and Natural Gas, informed the Lok Sabha that under the modified direct benefits transfer for LPG (MDBTL), consumers joining this scheme will get cylinders, subsidised as well as non- subsidised, at market price and subsidy amount as applicable for each domestic subsidised cylinder is transferred to their bank account. 
 
"If the LPG consumer does not have an Aadhaar number, he can directly receive subsidy in his bank account without the use of Aadhaar number. This option which has now been introduced in the modified scheme ensures that LPG subsidy is not denied to an LPG consumer on account of lack of Aadhaar number," he said. 
 
Last month, the Narendra Modi government re-launched its modified direct benefits transfer for LPG (MDBTL) scheme on pilot basis in 54 districts across the country. The main feature of this modified scheme is LPG consumers will be able to get subsidy directly in their bank accounts from 15th November even if they do not have Aadhaar numbers.
 
Pradhan said all LPG consumers have a grace period of three months from the date of launch of DBTL in the district, during which all those who have not yet joined the scheme would continue to get subsidised cylinders as per their entitlement. 
 
After the end of grace period, an additional parking period of three months is given to such consumers during which the subsidy entitlement will be parked and will be transferred to consumer's bank account on joining the scheme during this period.
 
The previous DBTL scheme launched by the Congress-led United Progressive Alliance (UPA) government failed due to its linkage with Aadhaar numbers with bank accounts. Most people did not have either Aadhaar number or a bank account. Now with a push for opening bank accounts, the MDBTL has been linked to both, Aadhaar numbers and bank accounts.

Income Tax :- Login income tax e-Filing site through Bank Account

Friday, December 12, 2014 | comments

Friends, In case you want to login your income tax account at www.incometaxindiaefiling.gov.in and you have forgotten login password to sign in. The forgotten option can be used to recover Passwod  at incometaxindiaefiling.gov.in using the net-banking facility of your bank.  Still this facility is not available in all Indian Banks, it is only available in some banks detailed below :-


At this time the facility of direct e-Filing Login through Net banking is available through the following banks:
  1. Corporation Bank-Retail Banking: https://www.corpretail.com/RetailBank
  2. Corporation Bank-Corporate Banking: https://www.corpbank.biz/CorpBank/
  3. Union Bank of India: https://www.unionbankonline.co.in/
  4. Oriental Bank of Commerce: https://www.obconline.co.in/
  5. City Union Bank Ltd: https://www.onlinecub.net/
  6. Bank of India: http://www.bankofindia.co.in/english/home.aspx
  7. Kotak Mahindra Bank: https://www.kotak.com/
  8. Punjab National Bank: https://netbanking.netpnb.com/



The detailed steps are as follows -

  • Taxpayer should be a registered user of Income Tax e-Filing Portal.
  • Taxpayer should have already submitted the PAN details to the Bank. PAN is required to identify the taxpayer’s e-Filing account with the Income Tax Department.
  • Taxpayer have to first go to the Internet/ Net / Online Banking website of the Bank which has already registered for this facility with the Department.
  • Taxpayer after logging into his Net Banking account should select “Income Tax e-Filing Login” tab/menu item
  • Taxpayer should Select the account number and enter the PAN for verification and click Submit
  • Taxpayer should Accept the Rules and Regulations details
  • Taxpayer should confirm that he may be redirected to his Income Tax Department e-Filing account – home page.
  • Taxpayer can now reset the password and also avail of all services provided by the e-Filing Website of Income Tax Department, including, filing Income Tax Return.




Advantages of using this new facility

  • Taxpayer gets direct access to his e-Filing account even if he has forgotten his password.
  • Taxpayer gets a secure and safe way to login into his e-Filing account.
  • Taxpayer can safeguard his e-Filing account by selecting/opting for “Password Resetting” only by using Digital Signature Certificate or through this new facility of direct login from his net-banking account, thereby preventing others from unauthorized access to his account. (coming soon….)
  • Other benefits (coming soon…..)


Detailed steps using example of Corporation Bank Net banking


  • Go to https://www.corpretail.com/RetailBank/

  • Login in to your Corporation Bank Net banking account using your Bank provided User ID and password

  • Corporation Bank Net banking Homepage < Select Utility Payments < Select “Income Tax e-Filing Login”
1. corpNetBank
Select Account Number (IFSC Code) from the drop down
  • Enter PAN
  • Accept the Terms & Conditions
  • Click on Submit
corpNetBank2

Click OK to get re-directed and automatically logged into Income tax Department e-Filing account (https://incometaxindiaefiling.gov.in)

corpNetBank3

You will get re-directed to Income Tax Department e-Filing website (https://incometaxindiaefiling.gov.in) and the home page showing the “Dashboard” after login will appear.

e-Filing Portal Taxpayer Dashboard
corpNetBank4
  • You may now reset your password using “Profile Settings” or avail of any service offered.
  • Remember: This facility is a safe and secure method for direct login to your Income Tax Department e-Filing account only and is available ONLY through your Bank website after you have logged in and not through any other organization or entity or website.
  • Note: Your net-banking User ID or password is NOT shared by the bank to the Department

TDS :- Add New TDS Challan through online Correction.

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Friends
              Online Correction in TDS Returns system has already been launched by Income Tax Department.  But the same has been updated time to time.   Initially online correction in TDS statements  were only possible through DSC.  After that some corrections were added without DSC.  Now some others corrections are also possible through online system like Add New Challan in TDS return during submission online correction in TDS returns / Statements.   e-tutorial  for add new challan through online correction  is given below :-

Income Tax :- Online View of Circular No. 17 / 2014 of TDS on Salary for Assessment Year 2015-16

Thursday, December 11, 2014 | comments


Friends     Complete circular of TDS on Salary for Assessment Year 2015-16 is given below in the interest of assesee.   This circular contains everything regarding deduction of tds etc or having 70 pages in PDF format.

TDS :- TDS on Salary for Assessment Year 2015-16

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CBDT has released CIRCULAR NO : 17/2014 Dated 10th December, 2014. Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head ‘Salaries’ during the financial year 2014-15 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). Circular helps employer to correctly deduct TDS on Salary of its employees for Financial year 2014-15 or Assessment Year 2015-16 and it also held Salaried Assessee to Correctly calculate his/her tax liability. Circular explain Provision related to All component of Salary and their Taxability- which includes allowances, perquisites, retirement benefits and Other benefits.

Circular Contains the Provisions related to the following :-

1. RATES OF INCOME-TAX AS PER FINANCE (No. 2) ACT, 2014 for financial year 2014-15

2. BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:
  • Method of Tax Calculation
  • Payment of Tax on Perquisites by Employer
  • Computation of Average Income Tax
  • Salary From More Than One Employer
  • Relief When Salary Paid in Arrear or Advance
  • Information regarding Income under any other head
  • Computation of income under the head “ Income from house property
  • Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property [Section 24(b)]
  • Adjustment for Excess or Shortfall of Deduction
  • Salary Paid in Foreign Currency

3. PERSONS RESPONSIBLE FOR DEDUCTING TAX AND THEIR DUTIES
  • Deduction of Tax at Lower Rate
  • Deposit of Tax Deducted
  • Due dates for payment of TDS
  • Mode of Payment of TDS
  • Compulsory filing of Statement by PAO, Treasury Officer, etc in case of payment of TDS by Book Entry
  • Payment by an Income Tax Challan
  • Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted
  • Furnishing of Certificate for Tax Deducted (Section 203)
  • Authentication by Digital Signatures
  • Furnishing of particulars pertaining to perquisites, etc (Section 192(2C)
  • Mandatory Quoting of PAN and TAN
  • Compulsory Requirement to furnish PAN by employee (Section 206AA)
  • Statement of deduction of tax under section 200(3) [Quarterly Statement of TDS]
  • Fee for default in furnishing statements (Section 234E)
  • Rectification of mistake in filing TDS Statement
  • Penalty for failure in furnishing statements or furnishing incorrect information (section 271H)
  • TDS on Income from Pension
  • Matters pertaining to the TDS made in case of Non Resident

4. COMPUTATION OF INCOME UNDER THE HEAD “SALARIES”
INCOME CHARGEABLE UNDER THE HEAD “SALARIES”
DEFINITION OF “SALARY”, “PERQUISITE” AND “PROFIT IN LIEU OF SALARY” (SECTION 17)
  • Perquisites
  • Residential Accommodation provided by the employer [Rule 3(1)]
  • Furnished Accommodation in a Hotel
  • Perquisite on Motor car provided by the Employer [ Rule 3(2)]
  • Personal attendants etc. [Rule 3(3)]
  • Gas, electricity & water for household consumption [Rule 3(4)]
  • Free or concessional education [Rule 3(5)]
  • Carriage of Passenger Goods [Rule 3(6)]
  • Interest free or concessional loans [Rule 3(7)(i)]
  • Perquisite on account of travelling, touring, accommodation and any other expenses
  • paid for or reimbursed by the employer for any holiday availed [Rule 3(7)(ii)]
  • Value of Subsidized / Free food / non-alcoholic beverages provided by employer to an
  • employee[Rule 3(7)(iii)]
  • Membership fees and Annual Fees [Rule 3(7)(v)]
  • Club Expenditure [Rule 3(7)(vi)]
  • Use of assets [Rule 3(7)(vii)]
  • Transfer of assets [Rule 3(7)(viii)]
  • Gifts [Rule 3(7)(iv)]
  • Medical Reimbursement by the employer exceeding Rs. 15,000/- p.a
  • Profits in lieu of salary
  • Incomes Not Included Under The Head “Salaries” (Exemptions)
  • Leave Travel Concession (LTC)
  • Foreign Travel
  • Death-cum-retirement gratuity
  • Commutation of pension
  • Cash-equivalent of the leave salary
  • Retrenchment compensation
  • Schemes of voluntary retirement
  • Sum received under a Life Insurance Policy (Sec 10(10D)
  • Payment from a Provident Fund
  • Expenditure incurred on payment of rent -Section 10(13A)
  • Allowances Exempt
  • Deductions U/S 16 Of The Act From The Income From Salaries
  • Entertainment Allowance [Section 16(ii)]
  • Tax on Employment [Section 16(iii)]
  • Deductions Under Chapter VI-A Of The Act

5. Rebate of Rs 2000 for Individuals Having Total Income Upto Rs 5 Lakh [Section 87A]

6. TDS On Payment Of Accumulated Balance Under Recognised Provident Fund And Contribution From Approved Superannuation Fund


7. Calculation Of Income-Tax To Be Deducted

To view online Complete Circular No. 17 /2014 (Click Here)

Income Tax :- Advance Tax due on 15th December 2014

Wednesday, December 10, 2014 | comments


Friends,  15th Dec.2014 is very close to us. All income tax assessee should aware about payment of Advance Income Tax in time  to avoid interest and penalty charges due to Less or Non Payment of Advance Income Tax.  Specifically Senior Citizens who have not any business income are exempted for payment of Advance Income Tax.  Keeping in view various issues regarding Advance Tax , the following article helps the assessee to understand the complete Advance Income Tax matters.
If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or “pay as you earn tax” as tax is liable to be paid at the time the income is earned i.e. during the year rather than paying this tax at the end of the year.
Advance Tax receipts help the Govt. to receive a constant flow of tax receipts throughout the year so that expenses can be incurred rather than receiving all tax payments at the end of the year. Advance Tax is liable to be paid by all assesses like Salaried, Self Employed, Businessman etc. before the filing of Income Tax Return
For Individuals with Salary as the sole source of income, Advance Tax would be taken care of by the TDS deducted by the employer at the time of payment of salaries as reflected in Form 16and thus there would hardly be any Advance Tax payable. Senior Citizens not having any Business Income are also exempted from the payment of Advance Tax (Introduced by Budget 2012)
For all taxpayers earning income from any source other than salary, Advance Tax is payable in installments as explained below.

Payment of Advance Tax

Advance Tax is liable to be paid as per the following schedule
In case of Assessees other than Companies
Due Date of InstallmentAmount Payable
On or before15th SepNot less than 30% of the Advance Tax Liability
On or before15th DecNot less than 60% of the Advance Tax Liability as reduced by the amount,if any, paid in earlier installment
On or before15th Mar100% of the Advance Tax Liability as reduced by the amount, if any, paid in earlier installments
In case of Companies
Due Date of InstallmentAmount Payable
On or before 15th JuneNot less than 15% of the Advance Tax Liability
On or before 15th SeptNot less than 45% of the Advance Tax Laibility as reduced by the amount, if any, paid in earlier installment
On or before 15th DecNot less than 75% of the Advance Tax Laibility as reduced by the amount, if any, paid in earlier installments
On or before 15th March100% of the Advance Tax Liability as reduced by the amount, if any, paid in earlier installments
Payment of Advance Income Tax is to be made through Challan No. 280 by selecting Advance Tax (100) as the type of payment as shown below:-

Computation of Advance Tax

Advance Tax is liable to be paid by estimating the current year income and then applying the tax rates as per the Income Tax Slabs in force. The Advance Tax shall be computed as under:
Income under the 5 Heads of Incomexxx
(Less)Brought Forward Losses and Allowancesxxx
(=)Gross Total Incomexxx
(Less)Chapter VI-A Deductionsxxx
(=)Estimated Total Incomexxx

Income Tax on Estimated Total Incomexxx
(Add)Surcharge (if any) on the above Estimated Incomexxx
(=)Total Tax Payablexxx
(Less)Relief under section 89xxx
(=)Tax Liabilityxxx
(Add)2% Education Cessxxx
(Add)1% SHECxxx
(=)Total Tax Liabilityxxx
(Less)Relief of tax u/s 90,90A,91xxx
(Less)MAT Credit u/s 115JAAxxx
(Less)TDS as shown in Form 16/Form 16A and reflected in Form 26ASxxx
(=)Advance Tax Liabilityxxx

Payment of Advance Tax in case of Capital Gains
Although Advance Tax is liable to be paid on all incomes including Capital Gains, it is practically not possible to estimate the Capital Gains which may arise in an year. Therefore, in such cases, it is provided that if any such income arises after the due date of any installment, then, the entire amount of tax payable on such capital gain (after claiming exemption under section 54) shall be paid in remaining installments of Capital Gains which are due. If the entire amount of tax payable is so paid, then no interest on late payment will be levied.

Interest on Late Payment of Advance Tax

If the Income Tax is not payable as per the above schedule, Interest is liable to be paid for late payment of tax as follows
  1. Interest under section 234C – Interest @ 1% per month is payable if the tax is not paid as per the above schedule i.e. for Deferment in Installments of Advance Tax
  2. Interest under section 234B – Interest @ 1% is payable if 90% of the tax is not paid before the end of the financial year i.e. for Default in Payment of Advance Tax
For computing Interest u/s 234A/B/C and any other Interest, Income Tax shall be rounded off to nearest hundred and fraction of hundred shall be ignored

Interest under section 234C for Deferment of Payment of Tax

Interest under section 234C is liable to be paid 1% per month if
(a)Advance Tax paid on or before 15th Sept    <    30% of the Tax Due on Returned Income
OR
(b)Advance Tax paid on or before 15th Dec    <    60% of the Tax Due on Returned Income
OR
(c)Advance Tax paid on or before 15th Mar    <    Tax Due on Returned Income
OR
(d)No Tax has been paid by the Assessee
Note: Tax Due on Returned Income means the Tax on Total Income declared in
Income Tax Returnxxx
(Less)Relief of Tax u/s 90xxx
(Less)Relief of Tax u/s 90Axxx
(Less)Relief of Tax u/s 91xxx
(Less)MAT Credit u/s 115JAAxxx
(Less)TDS Paidxxx
  (=)Tax due on Returned Incomexxx

COMPUTATION OF INTEREST FOR LATE PAYMENT OF ADVANCE TAX U/S 234C

The following computations have been shown for all assessees other than companies. Computation for Companies shall be done in the same manner as for assessees other than companies as shown below taking into the account the difference in the due dates.
Computation of Interest under Section 234C for Non-Company Assessees
(a)Rate1% per month simple interest
Period3 Months
Amount30% of the “Tax due on Returned Income”
(Less)   Advance Tax paid on or before 15th Sep

(b)Rate1% per month simple interest
Period3 Months
Amount60% of the Amount Due on Returned Income
(Less) Advance Tax Paid on or before 15th Dec

(c)Rate1% per month simple interest
Period1 Month
AmountTax Due on Returned Income
(Less) Advance Tax paid on or before 15th March

Interest under section 234B for Default in Payment of Tax

Interest @ 1% per month is payable if
(a)Advance Tax Paid by the Assessee during the Previous r<    90% of the Assessed Tax
OR
(b)No Advance Tax is paid by the Assessee
Note: Assessed Tax means
Tax determined u/s 143(1) or on Assessment u/s 143(3)/144/147/153Axxx
(Less)Relief of Tax u/s 90xxx
(Less)Relief of Tax u/s 90Axxx
(Less)Relief of Tax u/s 91xxx
(Less)MAT Credit u/s 115JAAxxx
(Less)TDS/TCSxxx
(=)Assessed Taxxxx
In case Advance Tax paid by the Assessee is more than his actual Income Tax Liability, he can claim Refund of Income Tax by furnishing the details of tax deposited in the Income Tax Return

State Bank of India :- What is New on 08.12.2014

Monday, December 8, 2014 | comments

Friends  
                State Bank of India has provided some new features for Internet Banking users or others.  Latest features are as Self Generation of  Form 15G or Form 15 H , Self conversion of Saving Bank Account to Saving Bank Plus (auto sweep facility for getting maximum interest in saving account) .  Detailed information are given below :-

Date of Introduction
Feature
Benefit
26-11-2014
Generation of 15G/H
An INB user can generate form 15G/15H through post login INB (under e-Fixed Deposit-Generate 15 G/H) branch-wise. He has to take a printout of it and submit the duly signed copy to the home branch for recording it in CBS.
26-11-2014
Conversion of SB to SB Plus
An INB user is not required to visit branch for creation of auto sweep facility. He himself can convert his SB account to Savings Bank plus through INB. To convert please go to e-Fixed Deposit->Change to Saving Bank Plus)
26-11-2014
ATM Card Limit/channel/usage change
An INB user can customize the daily limit of ATM card withdrawal also channel type and usage as per his daily needs through INB.
15-10-2014
TDS account linking
Now you can link/delink Savings Bank/Current Account/ Overdraft account for deduction of TDS amount on your fixed deposit through INB. For availing this facility, please go to e-Fixed Deposit> TDS Account Linking.
15-10-2014
View Mutual Fund Details
Now you can view details of unit held with SBI Mutual Fund. To view, please go to e-Services>SBI Group Services and complete the registration process.
15-10-2014
Recovery of service charges for failed Standing Instructions
“With effect from 15/10/2014, a service charge of Rs.25/- will be recovered per instance of failed standing Instruction/bill payment scheduled or with auto pay instruction, wherever the reason of failure is sufficient/clear funds not available or account has hold

To know more regarding Auto Generation of Form 15G or Form 15H (Click Here)

TDS :- CPC (TDS) intimating Outstanding TDS demand from FY 2007-2008 onwards

Sunday, December 7, 2014 | comments

Nowadays CPC (TDS) has started intimating deductors TDS demands outstanding for various reason via email and format of one such notice is as follows :-

Dear Deductor, (TAN: ___________),

Please refer the subject above.

As per the records of the Centralized Processing Cell (TDS), there is an outstanding demand in different years from 2007-08 onwards on account of defaults identified in TDS statements. Table below shows year wise outstanding demand on account TDS defaults as on October 23rd 2014. Intimation u/s 154 read with section 200A of the Income Tax Act, 1961 intimating the outstanding demand for different years have already been sent by Income Tax Department on Registered email address and by post, at the address, as mentioned in the relevant TDS Statement.
Fin.
Year
Short
Payment
Amount
Short
Payment
Interest
Short
Deduction
Amount
Short
Deduction
Interest
Late
Payment
Interest
Late
Deduction
Interest
Late
Filing
Fee
Other
Interest
Total Demand
2007
2008
2009
2010
2011
2012
2013
2014


Justification report for default can be downloaded TDS statement wise from TRACES. www.tdscpc.gov.in

Short payment default may be on account of mismatch in challan particulars as quoted by you in TDS statement with the challan particulars as per OLTAS. You are requested to close the short payment default through “tagging” of correct challan using “online correction” facility at TRACES portal www.tdscpc.gov.in In case of any clarification, you may contact your assessing officer and can also send e-mail at info@tdscpc.gov.in.

It is to inform that while downloading TDS certificate (Form 16/16A), you would be prompted to first close the ‘short payment’ default if any. As the next due date for download of form 16A is 31st January, you are requested to close your defaults well in advance to avoid any issue in downloading of TDS certificates for third quarter of 2014-15.

You are requested to file correction statement after making tax payments, if required, TRACES has provided online correction facility in this regard.

For any assistance, you can write to info@tdscpc.gov.in. or call our toll-free number 1800 103 0344.

CPC (TDS) is committed to provide best possible services to you.
 
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