Saturday, April 28, 2012

Online ITR forms for the Assessment Year 2012-13

Income Tax Department has started to release  Excel Based ITR forms for submission of online Income Tax  Returns for the Financial Year 2011-12 or Assessment Year 2012-13. 

In the First instance Excel Based ITR-1 (Sahaj) form is ready to upload income tax return for the assessment year 2012-13. 




To work in excel based utility ITR-1 (SAHAJ), it is mandatory to enable macros. Help.txt file is also available in downloaded zip file which shows  that how can an user  enable macros in return preparation utility.  The same is also explained below for Microsoft Office 2003 , 2007 and 2010.



 HOW TO ENABLE MACROS IN MICROSOFT EXCEL FOR RETURN PREPARATION UTILITY 
It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :

[Microsoft Office Excel 2003]

Navigate through the following excel menu option to reduce the level of security in executing macros :

Tools --> Macros --> Security --> Low

OR

Tools --> Macros --> Security --> Medium

Save the excel-utility and re-open it.


[Microsoft Office Excel 2007]

Navigate through the following excel menu options to reduce the level of security in executing macros :

Excel Options --> Trust Centre --> Trust Centre Settings --> Macro Settings --> Enable all macros

AND

Excel Options --> Trust Centre --> Trust Centre Settings --> ActiveX Settings --> Enable all controls without restriction and without prompting

Save the excel-utility and re-open it.

[Microsoft Office Excel 2010]

When you open the EXCEL-UTILITY, the yellow Message Bar appears with a shield icon and the Enable Content button.
Click on the Enable Content to enable the macros.


                                ***

Download ITR-1 (SAHAJ)  Release-1
ITR-4S (SUGAM) Click here 

Friday, April 27, 2012

etds-Form No 16 with Part-B from FVU

Friends,  NSDL has announced and published Form No 16 generation system.  It is only possible just after TAN registration.   FORM NO. 16 required the  following basic points.

  1. PART A
  2. Summary of Tax Deducted at source (Quarterly basis)
  3. PART B
  4. Annexure-A
  5. Annexure-B




Generation of FORM NO. 16 through NSDL does not print PART-B of the FORM.    In case a deductor generate form no 16 through NDSL, he gets only PART-A, summary of tax deducted at source, annexure-A and Annexure- B.

To know Registration of TAN or Re-registration of  TAN (Click Here)

Read here to generate complete FORM No. 16 from FVU (Click Here)

EPF Interest Rate increased to 8.6% for current fiscal

Interest rate on employees' provident fund will be increased to 8.6 per cent in the current fiscal from 8.25 per cent now. Labour Minister Mallikarjun Kharge said in the Rajya Sabha while replying a debate on working of Labour Ministry. He said next time, it will be 8.6 per cent.


The Employees' Provident Fund Organisation had brought down the rate of interest to 8.25 per cent for 2011-12 from 9.5 per cent provided in 2010-11.


The retirement fund body EPFO has parked in excess of 55,000 crore rupees in the Special Deposit Schemes (SDS) aimed at providing better returns to non-government provident funds and other such funds. Kharge said the rate of interest on funds depend on the revenues.

etds- What is section code for payment to print media/Doordarshan

Payments made directly to the print media/Doordarshan for release of advertisement
          The payments made directly to print and electronic media would be covered under section 194C as these are in the nature of payments for the purposes of advertising.   Deduction will have to be made at the rate of 1 per cent in case deductee is individual.    It may, however, be claried that the payments made directly to Doordarshan may not be suject to TDS as Doordarshan, being a Governement agency, is not liable to income-tax.

Thursday, April 26, 2012

State Bank of India- New Interest Rates w.e.f. 24.04.2012

After changing repo rates by RBI, State Bank of India has also revised their interest rates on investment upto One Crore and above w.e.f. 24.04.2012.  Now repo rate is 8% and reverse repo rate is 7% and SBI changed rate of interest are detailed given below :-


The revised interest rates for 
Domestic Term Deposits
 ‘Below Rupees One Crore’ effective from the 24th  April 2012
would be as under:

Tenors
Current rates w.e.f. 28.03.2012
Revised  rates w.e.f. 24.04.2012
7 days to 179 days
8.00
7.25
180 days
7.00
7.25
181 days to less than 1 year
8.00
7.50
1 year to less than 3 years
9.25
9.00
3 years and up to 10 years
9.25
8.75


 However, it has been decided that with effect from 24thApril 2012


(a)  An additional premium of 75 bps over the card rates will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 7 to 180 days.
(b)  An additional premium of 50 bps over the card rates will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 181 days to less than 1 year.
(c)  An additional premium of 25  bps over the card rates will be paid on single term deposit of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 3 years and above.  

The effective interest rates for Single term deposits of Rs 15 lacs and above
but less than Rs 1 crore  w.e.f. 24th  April 2012 will be  as under:


Tenors
Interest Rate
7 days to 180 days
8.00%
181 days to less than 1 year
8.00%
1 year to less than 3 years
9.00%
3 years and up to 10 years
9.00%


RESIDENT INDIAN SENIOR CITIZENS DEPOSIT RATES


The interest rates payable on deposits to resident Indian Senior Citizens (60 years and above) for Domestic Term Deposits ‘Below Rupees One Crore’ effective from the 24thApril 2012 stands revised as under:



Tenors
Existing w.e.f. 28.03.2012
Revised w.e.f. 24.04.2012
7 days to 179 days
8.00
7.25
180 days
7.00
7.25
181 days to less than 1 year
8.00
7.50
1 year to less than 3 years
9.75
9.50
3 years and up to 10 years
9.75
9.25


However, it has been decided that with effect from 24th April 2012

(a)  An additional premium of 75 bps over the card rates will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 7 to 180 days.
(b)  An additional premium of 50 bps will be paid on single term deposits of Rs 15 lacs and above (but less than Rupees one crore) for tenor of 181 days to less than 1 year.
(c)  An additional premium of 25 bps over the card rates will be paid on single term deposit of Rs 15 lacs and above (but less than Rupees one crore) for tenor  of 3 years and above.


The effective interest rate for  Single term deposits of Rs 15 lacs and above but less than Rs 1 crore payable toresident Indian Senior Citizens (60 years and above) w.e.f. 24th  April 2012 will be  as under: 


Tenors
Interest Rate
7 days to 180 days
8.00%
181 days to less than 1 year
8.00%
1 year to less than 3 years
9.50%
3 years and up to 10 years
9.50%



Premature Withdrawal:

(a)  There shall be no penalty for premature withdrawal of deposits below Rs 15 lacs for tenors 7 days to 180 days provided these have remained with the Bank for at least 7 days.
(b)   However, for single deposit of Rs 15 lacs and above, there shall be no penalty for premature withdrawal for tenors below 1 year provided these have remained with the bank for at least 7 days.
(c)   In other cases of premature withdrawal, the interest shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower. However, no interest will be paid if the deposit remains with the bank for less than 7 days period.
(d)  These instructions for premature withdrawals will apply only to fresh deposits and renewed maturing deposits.
(e)   There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits.
(f)  No premature penalty will be levied from staff and SBI pensioners. Interest rate to be paid on premature withdrawal of term deposits by staff and SBI pensioners will be same as applicable for the period deposit has remained with the Bank.  


The revised interest rates on ‘Domestic Term Deposits’ of ‘Rs One Crore & above’
with effect from 24th April 2012 would be as under:


Tenors
Existing w.e.f. 01.03.2012
Revised w.e.f. 24.04.2012
7 days to 180 days
9.00
8.00
     181 days to 270 days
8.00
8.00
271 days to less than 1 year
8.25
8.00
1 year to less than 2 years
9.25
9.00
2 years and above
8.75
9.00


          No premium for SBI Staff, SBI Staff Pensioners & Senior Citizens or any other category of depositors shall be paid for such deposits.

Premature payment of term deposits:
The instructions regarding interest rate to be charged on premature payment of domestic term deposits are as under:-

(a)  There shall be no penalty for premature withdrawal of bulk deposits of tenors below one year provided these have remained with the bank for at least 7 days.


(b)  In other cases of premature withdrawal, the Interest shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower. However, no interest will be paid if the deposit remains for less than 7 days period.

(c)  These instructions for premature withdrawals will apply only to fresh deposits and renewed maturing deposits.

(d)  There is no discretion for reduction/waiver of penalty for premature withdrawal of term deposits


The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NR(O) term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks.

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