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.

Intense Debate Comments

Labels

.csi file (5) "Y" Cancellation Statement (5) (TRPS) (2) 1% TCS on Cash Sale (1) 10(10D) (1) 10E form (1) 119(1) (1) 13 (1) 15G (8) 15H (8) 16A FROM FVU (25) 16A from TXT (3) 192 (1) 194 IA (1) 194A (1) 194C (4) 194H (1) 194I (1) 194J (2) 194LA (1) 194LC (1) 20% TDS (5) 2011 (1) 234A (1) 234E (2) 24Q4 (4) 26AS (21) 26Q4 (1) 27A form from FVU (5) 3CB (2) 3CD (1) 44AB (2) 44AD (1) 44AF (1) 49C (1) 7th pay commission (1) 80-IA (1) 80C (4) 80CCC (2) 80CCD (2) 80CCF (8) 80CCG (4) 80D (1) 80E (1) 80G (6) 80GG (2) 80QQB (1) 80TTA (2) 80U (1) 87A (1) 89(1) Relief (13) aadhaar (7) Aadhaar Form (3) Aadhaar Software (3) Accounting Standards (1) Accounts (1) add new challan (1) Advance Tax (29) Advance Tax Calculator (15) Age Calculator (3) AIR Codes (3) AMT (1) Application Form (2) APY (1) AS (1) ASBA (2) ATM Reconciliation (1) Authentication Code (1) B.Ed in Haryana (8) B.Ed Rohtak (2) Bank Charges (7) Banking Rates (19) Banks (17) Batch File (1) Belated Income Tax Return (4) Bills of Exchange (1) BOOKLET (1) Bootable USB (1) Broad Band (6) BSNL Forms (3) BSNL Free (4) BSNL Plan (4) BSNL usage (3) BSR Code (2) Budget (12) Budget 2012-13 (10) Budget 2013-14 (4) Budget 2014-15 (9) Budget 2016-17 (2) Bulk Pan Verification (1) Calculators (30) Calendar (3) Capital Gain (3) Central Excise (52) Challan Correction (4) Challan 280 (9) Challan 281 (8) Challan Status Query (1) Change of Deductor Category (1) Changes w.e.f. 01.06.2015 (1) Cheques (1) Children Education Allowance (1) Circulars (10) Cloud Printing (1) Clubbing of Income (1) Codes (7) Company (1) Complaint Form (1) Composition Scheme (1) Computer Repair (2) Consolidated File (9) Convert .docx to .doc (1) convert .rpt to .xls (1) Convert .xlsx to .xls (1) Corporate Salary Package (2) CPC (1) CPC Call Center (2) CPT (5) CTS-2010 (3) currency of 500 and 1000 (3) Customs (73) CWE (2) D.A. (6) Debit Card Scheme (1) Declared Goods (2) deduction from salary (3) Deductions (10) Default Status (8) Defaulter (3) Defective Return (1) Depreciation (3) Digital Signature (4) Direct Tax Codes (4) Diwali (1) DND (1) Dos to USB (Printing) (4) Download Exchange currency Form of old 500 or 1000 (1) Drop Box (1) DSC (1) DTO (1) due date (14) Due Dates (68) Duplicate Currency (1) Duplicate form 16 (3) e-Aadhaar (1) e-Electricity Bill (3) e-Excise (4) e-filing (66) e-Filing FAQ's (1) e-GRAS (1) e-Land Line Phone Bill (1) e-Payments (15) e-Post (1) e-Tax (1) e-TDS (20) e-Tutorial (1) e-Verification of Income Tax Returns (2) Electronic Signature (1) Emails (1) Employees Provident Fund (3) English Tenses (1) Enrollent Form (1) EPF (4) ETDS (14) Etds /Etcs (140) etds correction statement (86) etds\ (2) Excel (19) Excess TDS Deposit (3) Exchange of Currency (3) Excise Return (1) Excise Software (1) Exempted Income (10) Exempted Items from Vat (1) Exemption From Filling I-T Return (10) Extension in due Date (6) F.Y.2011-12 (1) FAQ (1) FAQ-Excise (1) Fast Calculation (3) Fat Calculator (1) FDR (4) Finance Bill (8) First Prize in Government Departments (1) Flag in TDS Retunr (1) Flood (1) Forget Password (11) FORM 15G (2) FORM 16 (1) Form 16 or Form 16A Directly from FVU files (22) Form 16A PDF Converter Utility (5) Form 16A PDF Generator (4) FORM 24G (1) Form 26AS (3) FORM 3CB (2) FORM 3CD (1) Form 49A (4) Form 49AA (2) Form B (1) form BB (1) forms (12) Free Calls from Mobile (2) Free Internet (1) Free of Cost Submission of TDS Returns (2) Free SMS (2) FVU 2.130 (1) FVU 2.131 (1) FVU 3.1 (1) FVU 3.3 (1) GAR7 Challan (1) Gas (6) Gift Tax (4) Google Drive (1) GPF (1) Gratuity Tax Exemption (2) Greeting (2) GST (22) GST Adjustment (1) GST Composition Scheme (1) GST Due Dates (1) GST Exemption (2) GST ITC Adjustment (1) GST Validation (1) GSTR-3B (1) H.U.F. (2) Handicapped/Blind Allowance (1) Happy Diwali (2) Happy New Year (2) Happy New Year 2014 (1) Haryana (1) Haryana Vat Forms (3) HDFC (1) Housing Property Loss (2) HRA (2) HSN CODES (1) HYUNDAI (1) IBPS (4) ICC World Cup 2011 (6) icicilombard (2) IFSC (1) IIT-JEE (1) Important Day's (1) Income Tax (29) Income Tax Calculator (30) income tax challans (1) Income Tax Forms (18) income Tax Return (1) Index Rate (1) Indian Currency Symbol (5) Indian Government (1) Infrastructure Bond (5) insurance (4) Interest on Loan for House Property u/s 24(b) (2) Interest on TDS (4) Interest Rates (10) intimation u/s 143(1) (1) Investment (1) IPCC (2) IPCE (1) IPL 2011 (1) IPL 2011 Schedule (2) ITR (72) ITR FORMS (3) ITR-4 (1) ITR-4S SUGAM (14) ITR-5 (1) ITR-7 (1) ITRV (4) Jain Temple (1) Jan Lokpal Bill (1) JOB (3) jobs (2) Justification Report (3) Know Name through Pan (5) Know Online EPF Balance (2) Know Your Age (1) Know Your Pan (3) Knowledge (7) KVP (2) KYC (4) Last Date (1) late filing of TDS return (1) Leave Travel Allowance (1) Legal Heir (1) LIC (3) Life Insurance Policy (1) Login at TRACES (1) Login Page for online upload TDS Return (4) Lokpal Bill (2) LPG (7) LTC (1) Mandatory (7) Manual (1) Master Card (1) mca (1) MEDICLAIM (1) Memorandum (2) MetLife (2) MICR Codes (6) Mobile (12) Mutual Funds (4) NEFT (1) Net Banking (3) new FORM 3CA (2) new form 3CB (2) new form 3CD (1) New Form ST3 (1) New Fvu (14) New Income Tax Slab (25) NEW ITR RPU (5) NEW ITR FORMS (7) New ITR-1 SAHAJ (20) NEW ORM 3CD (1) New Pension Scheme (3) New RPU (28) NEW RPU 2.4 (2) New RPU 2.8 (2) NEW RPU 4.4 (1) News (13) NIL TDS RETURN (2) Notification (46) NSDL (Form16A) (11) NSDL (RPU) (4) nsdl Conso. File (1) NSDL Form 16 (5) NSSF (2) OBC (1) OLTAS (1) Ombudsman (3) Online Facility (5) Online Income Tax Return (10) Online Pan (1) Online Rectification Request u/s 154 (11) Online submission of etds return (5) Outstanding Tax Demand (2) Pan (22) Pan % (1) Pan Error (1) PAN Ledger (3) Pan Verification (3) PAO (1) Passport (2) Password (2) Password Recovery (1) Pay Calculator (4) pay commission (1) Payroll (1) PDF Generator (4) PDF Software (2) Penalty (7) Perquisites (9) Petrol Rate (1) PF (2) PMJJBY (1) PMSBY (1) PNB (3) POS (1) Post Office Interest Calculators (13) PPF (9) Press Release (4) Quarter 2 TDS return (1) Railway (5) Railway Budget (3) rbi (2) RBI Circulars (5) Re-generation of Tax Receipt (1) Re-Registration of TAN (4) READY RECKONER (1) Rectification Manual (3) Rectification Order u/s 154 (2) Refund of Income Tax (13) Refund of TDS (3) Refund Reissue (2) Registration at TRACES (3) Registration e-TDS (2) Registration of TAN in e-filing site (1) Registration Procedure (2) Rejected eTDS/e-TCS (22) Renewal or Updation in Digital Signature for e-tds return (2) Resend Activation Link (1) Reset Password (1) Result (2) Revised ITR (4) Royalty (2) RPU (13) RPU 1.3 (1) RPU 2.6 (1) RPU 2.7 (2) RPU 2.9 (1) RPU 3.0 (1) RPU 3.1 (1) RPU 3.2 (1) RPU 3.3 (1) RPU 3.4 (1) RPU 3.5 (1) RPU 3.6 (1) RPU 3.7 (3) RPU 3.8 (1) RPU 3.9 (1) RPU 4 (1) RPU 4.1 (1) RPU 4.2 (1) RPU 4.3 (1) RTGS (1) RTI (1) RULES FOR ITR-1 (1) S.B.I. Software (4) Salary (18) Savings (7) SBI (37) Search GST Rates (5) Section (16) section 10 (2) Section 10(46) (2) section 197 (2) section 201 (1) Section 35CCD (1) Service Tax (111) Service Tax Codes (12) Shares (1) short payment (1) SMALL SAVING SCHEMES (11) Software (5) ST-3 (1) State Bank of Patiala (1) statement Status (1) Status (3) Status of KYC (1) STCG (1) STD Codes (1) Stock Valuation (1) Survey (1) T7Import (1) Tally (58) Tan (2) Tan Registration (32) Tariff (3) Tax Accounting Standards (1) TAX AUDIT (1) Tax Audit Limit (1) Tax Free Bonds (1) Tax Rate Flag (1) Tax Rates (3) Tax Return Preparer (1) TCS (1) TDS Calculator (3) Tds on Properties (1) TDS on Rent (2) TdS on Salary (5) TDs Rates (14) Toll Free Number (2) TRACES (11) Track (1) Trade Fair (1) Traffic Rules and Signals (3) TRAI (4) Transport Allowance (1) u/s 139(4) (3) u/s 143(1) (2) UIDAI (1) Unconsumed Challans (1) Union Budget (11) Upload (2) USB Bootable Creator Tool (1) value of Flag (2) Vat (4) Verify Pan Through PAN (1) View Tax Credit (12) Virtual Card (1) Visa (2) WEALTH TAX (1) WhatsApp (1) Windows (2) XBRL (1) Zero Uploading Fee (3)