Monday, December 31, 2012

e-TDS :- Forget password of TAN / PAN on TRACES

for TAN forget password on TRACES.
Fields marked by asterisk (*) are mandatory
  1. Forgot Password can be used to reset user's login password on TRACES
  2. This process can be used only for TANs that are active and are registered on TRACES
  3. Admin User & sub-users can use this functionality
  4. Password cannot be reset for locked out or disabled accounts

Step-1:
  • Enter User Id, TAN and either Token Number or TAN Registration Number
  • User Id for Deductor will be the value set during registration

Saturday, December 29, 2012

e-TDS :- Different Authentication codes at TRACES (tdscpc.gov.in)

Why does TRACES have different types of Authentication Codes?
           There are two types of validations after which Authentication Code will be generated. Statement Specific Validation – On this screen, details about a particular statement will be asked. For e.g., If you want to download NSDL Conso File for Financial Year 2010-11, Quarter 2 and Form Type 24Q, you have to provide challan details and PAN-Amount details for this statement. The Authentication Code generated will be for that particular statement

             Generic Validation – On this screen, details about a generic statement will be asked. For e.g., If you want to update your profile, you have to provide challan details and PAN-Amount details about a generic statement will be asked. The Authentication Code generated will be for the FY, Quarter and Form Type

Friday, December 28, 2012

RBI:- Notification regarding extension for use of CTS 2010 dated 20.12.2012

RBI/2012-13/345
DNBS.PD/ CC.NO.316/03.10.001/2012-13
December 20, 2012
All NBFCs
Dear Sir/Madam,
Standardisation and Enhancement of Security Features in Cheque Forms - Migrating to CTS 2010 Standards
A reference is invited to our Circular No DNBS.PD/ CC.NO.308 /03.10.001/2012-13 November 6, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future EMI payments by December 31, 2012.

Income Tax :- Importance of 26AS for deductor or Tax Payer

How is Form 26AS important to a deductor and tax payer?

The TDS / TCS deducted by a deductor is reflected in Form 26AS of the respective PAN and this helps in identifying any discrepancy / error. Although deductor cannot view Form 26AS for a PAN, they can view the TDS / TCS deducted / collected by them.

The credits available in the tax statement confirm that:
  • The tax deducted / collected by the Deductor / Collector has been deposited to the account of the government
  • The Deductor / Collector has accurately filed the TDS / TCS return giving details of the tax deducted/collected on your behalf

Thursday, December 27, 2012

e-TDS :- Who is Tax Payer ?

In tdscpc.gov.in (TRACES), a word has been used as Tax Payer.   In general tax payer word is usded for filing  of Income Tax Return, but in case TDS, Tax Payer word has been used for deductee.  All the deductees have been categorized into three types which are given detailed below :-

Who is a Tax Payer (Deductee)?

A Tax Payer (Deductee) is the person, from whom the tax is being deducted or accrued for deduction. Depending on the nature of the deduction being made, deductees and respective submission forms are categorized into three types:

Monday, December 24, 2012

Service Tax :- Notification No. 49/2012 dated 24-12-2012

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India
Ministry of Finance
(Department of Revenue)

Notification No.49 /2012 - Service Tax

New Delhi, the   24th December, 2012

   G.S.R....(E)- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification

Sunday, December 23, 2012

Income Tax :- Updating knowledge of law

UPDATING TAX OFFICIALS' KNOWLEDGE OF LAW
PRESS RELEASE, DATED 14-12-2012
The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on indirect tax at National Academy for Customs, Excise and Narcotics, Faridabad and its nine Regional Training Institutes located at Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Vadodara, Patna and Kanpur. They also undergo various refresher courses conducted by NADT and DTRTIs from time to time.
Further the assessing officers are given training on various aspects of tax laws to up-date their knowledge from time to time by organizing classroom lectures, interactive sessions, practical exercises, case studies,

Refund of Income Tax : -Press release dated 14-12-2012

INCOME TAX REFUND
PRESS RELEASE, DATED 14-12-2012
Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013. Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

e-TDS :- Sub-users at tdscpc.gov.in

Friends,   There are lot of new features at tdscpc.gov.in for deductors and having lot of problems with the new website.   A new facility has also been launched by the site that sub-users can be created on it.  Details for the same are given below :- 

How to create a sub-user?
 Steps to create or add a sub-user are as below:
  1. Login to TRACES as Admin User and click on 'Profile'
  2. Under 'User Management', click on 'Add Sub-User'
  3. Enter PAN and Date of Birth of sub-user and proceed

Friday, December 21, 2012

e-TDS :- Requirement of Authentication Code at tdscpc.gov.in

Should I enter Authentication Code if I am trying to clear validation details for the first time during a day?
No. While trying to clear validation details for first time, you will not have the Authentication Code, hence you are not required to enter this value. You can proceed by entering other details for validation on this screen (i.e., Token Number, CIN / BIN Details and PAN-Amount). On completion of validation, Authentication Code will be generated and displayed when you proceed to next page.


Is it mandatory to enter Authentication Code?
No. If Authentication Code has been generated for the statement for which you are filling up validation details, you can enter it in the field provided for the same. It will facilitate users to avoid filling up validation

e-TDS :- How do I activate account at tdscpc.gov.in

After completing registration, you will receive an activation link and activation code on your email id registered with TRACES. You will also receive an activation code through SMS on your mobile number registered with TRACES. Click on the activation link and enter User Id and the activation codes received through email and SMS and proceed. After successful activation, you can log in to TRACES

I am a registered user in TIN. How do I login to TRACES?
If you already have a TAN Account in TIN, you can use the existing User Id and Password as in TIN to login to TRACES. However, if you are not able to register on TRACES using existing User Id and Password, you can register as new user on TRACES.

e-tds :- Requirements for registration at tdscpc.gov.in

                              What are the details that I need to enter in the registration form?
For Deductors
Step–1
o    TAN of Deductor
o    Token Number of any accepted Regular statement filed by you on or after April 1, 2010 or of any accepted Correction statement filed by you from April 1, 2010 to October 15, 2012
Step–2
o    Token Number of the regular statement corresponding to the Financial Year, Quarter and Form Type displayed on screen
o    Challan details of one particular CIN which has been mapped to at least three deductee rows. If there is no such challan, please enter details of challan having maximum number of deductee rows

Thursday, December 20, 2012

e-TDS :- Procedure & New Password to download Form 16/16A and NSDL Consolidated Fvu File

As everyone knows that a new website has been launched to download form 16/16A or consolidated fvu from tdscpc.gov.in.    Not only website but also style of their passwords to open zip files have been changed. at tdscpc.gov.in.   Details procedure and New Password style have been given below :-

  • Enter Request Number or Request Date to filter records
  • Both From & To Date are mandatory
  • Click on ‘View All’ to view all download requests
  • Download buttons will be enabled only if Status is ‘Available’
  • Select a row by clicking on it
  • Select a row and click on download button to download the requested file

Monday, December 17, 2012

e-TDS :- Password to open NSDL Consolidated File

Friends,

               Today, I have downloaded e-tds NSDL consolidated file from www.tdscpc.gov.in.   No doubt that it is new website.  Earlier this type of working was being done through www.tin-nsdl.com.   It was my first experience with the downloaded consolidated file.   This file was password protected.  Initially, I had placed password  containing 15 digits of token number of the original receipt for the respective return as was done earlier.   But fail to extract the zip file.   I thought that zip or rar version of my computer is not correct.   Therefore  I had downloaded latest versions of winzip or winrar and try to download. But again fail to extract the zip file.   Then I thought that  there may be chance that the said zip file will be extracted through TAN registration number. But no.  This decision was also wrong. 

Sunday, December 16, 2012

RBI :- Time limit extended upto March for use of Old Cheques

Dec 15
Bank account holders can continue to use their old format cheques for another three months as RBI as extended the deadline for banks to issue new cheques with uniform security features till March next year.

As per the earlier direction to all banks, RBI had fixed 31st December of this year as the last date for  phasing out non-CTS 2010 Standard cheques.

The homogeneity in security features of the new standard cheques will act as deterrent against frauds and the fixed field placement specifications facilitate easy clearing of the cheque at drawee banks' end.

Saturday, December 15, 2012

Income Tax:- Notification relating Rajiv Gandhi Equity Savings Scheme-2012

RAJIV GANDHI EQUITY SAVINGS SCHEME, 2012 - CORRIGENDUM
NOTIFICATION NO. 53/2012 [F. NO. 142/35/2012 -TPL]/SO 2835(E), DATED 5-12-2012
In the notification of Government of India, Ministry of Finance, Department of Revenue, No. 51/2012, dated 23rd November, 2012 bearing S.O. 2777(E) and published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), dated 23rd November, 2012—
 (i)  at page 10 of the Gazette Notification, in third and fourth line of sub-clause (c) of clause (v) of section 3 related to "definitions", for "sub-clause (i) or sub-clause (ii)", read "sub-clause (a) or sub-clause (b)" ;
(ii)  at page 10 of the Gazette Notification, in sub-clause (d) of clause (v) of section 3 related to "definitions", for "sub-clause (i) and sub-clause (ii)", read "sub-clause (a) and sub-clause (b)"; and

Thursday, December 13, 2012

XBRL :- What is XBRL Taxonomy ?

What is XBRL Taxonomy ?
            Taxonomies are the reporting -area specific hierarchical dictionaries used by the XBRL community.   They define the specific tags that are used for individual items of data, their attributes and their interrelationships.   These taxonomies will be used when storing or exchanging financial and operational information internally in a company, and when reporting externally to investors, analysts, regulators and customers.  

            Different taxonomies will be required for different business reporting purposes.  Different XBRL jurisdictions may have their own financial reporting taxonomies to reflect their local accounting regulations.   Many different organizations,  including regulators, specific industries or even companies, may require

Company :- Revised Schedule VI

     Ministry of Corporate Affairs revised Schedule VI to the Companies Act, 1956 on 28th February 2012 vide Notification F.No.2/6/2008-C.L.-V.  It deals with revise format of Balance sheet and statement of Profit and Loss and disclosure made there in.   It will apply to all companies for financial statement prepared on or after Ist April, 2011.

  • Apart from the disclosure required in Accounting Standards and the Companies Act 1956, additional disclosure is required to be made as prescribed in Part 1 and Part 2 of the schedule.
  • All items of assets and liabilities should be bifurcated between Current and Non-Current. 
  • Any Assets or Liability should be classified as current if the following any of the condition is satisfied.
    * It is expected to be realized in company's normal operating cycle.
    * It is held for the purpose of trading.
    * It is likely to be settled in twelve month after reporting date.
    * Any liability that company cannot defer settlement for at least 12 month after reporting date. 
  • All Asset or Liabilities other than Current should be classified as Non Current. 
  • Reconciliation of opening and closing outstanding number of shares and number of shareholders holding 5% or more shares, required to disclosed. 
  • Terms and amount of share reserved for issue under option and commitments for divestment should be disclosed. 
  • For five preceding years, aggregate numbers of Share Allotted, Bonus Share, Share bought back.  Conversion made and share forfeited should be disclosed. 
  • Loss should be shown under the head surplus as negative amount. 
  • Loan Guaranteed by related part should be shown separately. 
  • Unpaid dividend should be shown under other current liabilities. 
  • Provision for Employ benefit should be shown separately under Provisions head.
  • Asset under Lease should be shown separately. 
  • Investment in Companies, Partnership firm should be shown separately. 
  • Earlier there was a head for Miscellaneous Expenditure, which is omitted. 
  • Separate disclosure should be made of an aggregate amount of outstanding Trade Receivables exceeding for a period six months from the due date of Invoice. 
  • Separate disclosure of Income and Expenditure, which exceeds 1% of revenue, or Rs. 1,00,000/- whichever is higher should be made. 
  • Expenses on ESOP should be shown separately. 
  • Net loss/gain on foreign currency transaction should be shown separately under Finance cost. 

Monday, December 10, 2012

Income Tax :- Electronic Signature for e-Filing of Income Tax Return

FEEDBACK ON INTRODUCTION OF E-SIGNATURE  

        Income  Tax  Department  proposes  to  introduce  Electronic  Signature  for  e-Filing  of Income Tax Returns in addition to existing Digital Signature Certificate / ITR V. The e-signature shall be based on the validation of the taxpayer on the basis of the data available with the Income Tax department such as bank A/c number, CPC intimation number, valid TAN and the personal details of the taxpayer. This e-signature proposed to be given to the existing e-filers (will not be available to first time  e-filers)  in  select  categories  of  ITRs  such  as  ITR  1,  ITR  2  and  ITR  4S.  Your response/suggestion/comment  on  introduction  of  e-signature  is  sought  in  the  email  of efiling_schema_utility@incometaxindia.gov.in.

Saturday, December 8, 2012

Income Tax :- Extra Deduction upto 3 Lakh u/s 80QQB on account Royalty Income

Friends
           The individuals should read this deduction carefully who are getting royalty.   If the below conditions are applied on him,  he can get extra deduction of Rs. 3 lakh or royal received amount which ever is less.  Therefore the detailed deduction of royal under section 80QQB are given as under :-

75[Deduction in respect of royalty income, etc., of authors of certain books other than text-books.
80QQB. (1) Where, in the case of an individual resident in India, being an author, the gross total income includes any income, derived by him in the exercise of his profession, on account of any lump sum consideration for the assignment or grant of any of his interests in the copyright of any book being a work of literary, artistic or scientific nature, or of royalty or copyright fees (whether receivable in lump sum or otherwise) in respect of such book, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such income, computed in the manner specified in sub-section (2).
(2) The deduction under this section shall be equal to the whole of such income referred to in sub-section (1), or an amount of three lakh rupees, whichever is less :
Provided that where the income by way of such royalty or the copyright fee, is not a lump sum consideration in lieu of all rights of the assessee in the book, so much of the income, before allowing expenses attributable to such income, as is in excess of fifteen per cent of the value of such books sold during the previous year shall be ignored :
Provided further that in respect of any income earned from any source outside India, so much of the income shall be taken into account for the purpose of this section as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of six months from the end of the previous year in which such income is earned or within such further period as the competent authority may allow in this behalf.
(3) No deduction under this section shall be allowed unless the assessee furnishes a certificate in the prescribed form76 and in the prescribed manner, duly verified by any person responsible for making such payment to the assessee as referred to in sub-section (1), along with the return of income, setting forth such particulars as may be prescribed76.
(4) No deduction under this section shall be allowed in respect of any income earned from any source outside India, unless the assessee furnishes a certificate, in the prescribed form77 from the prescribed authority78, along with the return of income in the prescribed manner.
(5) Where a deduction for any previous year has been claimed and allowed in respect of any income referred to in this section, no deduction in respect of such income shall be allowed under any other provision of this Act in any assessment year.
Explanation.—For the purposes of this section,—
 (a) "author" includes a joint author;
 (b) "books" shall not include brochures, commentaries, diaries, guides, journals, magazines, newspapers, pamphlets, text-books for schools, tracts and other publications of similar nature, by whatever name called;
 (c) "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange;
 (d) "lump sum", in regard to royalties or copyright fees, includes an advance payment on account of such royalties or copyright fees which is not returnable.]

Thursday, December 6, 2012

Income Tax : Notification on Rule 56 of I.T. Rules, 1962


[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, 
PART–II, SECTION 3, SUB-SECTION (ii)] 
GOVERNMENT OF INDIA 
MINISTRY OF FINANCE  
DEPARTMENT OF REVENUE 
(CENTRAL BOARD OF DIRECT TAXES) 
NOTIFICATION 

New Delhi, the   29th  November, 2012. 
(INCOME-TAX) 

 S.O. 2805(E).— In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 

1.  (1) These rules may be called the Income-tax (15th  Amendment) Rules, 2012. 
     (2) They shall come into force on the date of their publication in the Official Gazette. 

2. In the Income-tax Rules, 1962, (hereinafter referred to as the said rules), in rule 11U,— 
     (A) for clauses (a) and (b), the following clauses shall respectively be substituted, namely:- 
    
    ‘(a) "accountant" ,- 
         (i) for the purposes of sub-rule (2) of rule 11UA, means a fellow of the Institute of Chartered Accountants of India within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) who is not appointed by the company as an auditor under Section 44AB of the Act or under Section 224 of the Companies Act , 1956 ( 1 of 1956); and  
             (ii) in any other case, shall have the same meaning as assigned to it in the Explanation below sub-section (2) of section 288 of the Act; 

    (b)  "balance-sheet", in relation to any company, means,-  

                (i)  for the purposes of sub-rule (2) of rule 11UA, the balance-sheet of such company (including the notes annexed thereto and forming part of the  accounts) as drawn up on the valuation date which has been audited by the auditor of the company appointed under section 224  of the Companies Act, 1956 (1 of 1956) and where the balance-sheet on the valuation date is not drawn up, the balance-sheet (including the notes annexed thereto and forming part of the accounts) drawn up as on a date immediately preceding the 
valuation date which has been approved and adopted  in the annual general meeting of the shareholders of the company; and  

              (ii) in any other case, the balance-sheet of such company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date which has been audited by the auditor appointed under section 224 of the Companies Act, 1956  (1 of 1956);’; 


         (B)    for clause (j), the following clause shall be substituted, namely:- 
                ‘(j)  "valuation date" means the date on which the property or consideration, as the case may be, is received by the assessee.’. 


3.      The rule 11UA of the said rules shall be renumbered as sub-rule (1) thereof,-  

          (i) in sub-rule (1) as so renumbered, in clause (c), for sub-clause (b), the following shall   be substituted, namely:- 

             “(b) the fair market value of unquoted equity shares shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner, namely:— 
                                                                          (A – L) 
the fair market value of unquoted equity shares = _______×  (PV), 
                                                                            (PE)  
where, 

A = book value of the assets in the balance-sheet as reduced by any amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act and any amount shown in the balance-sheet as asset  including the unamortised amount of deferred expenditure which does not represent the value of any asset; 

L = book value of liabilities shown in the balance-sheet, but not including the following amounts, namely:— 
         (i)  the paid-up capital in respect of equity shares; 
        (ii)  the amount set apart for payment of dividends on preference shares and equity shares where such dividends have not been declared before the date of transfer at a general body meeting of the company; 
        (iii)  reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; 
     (iv)  any amount representing provision for taxation, other than amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; 
        (v)  any amount representing provisions made for meeting liabilities, other than ascertained liabilities; 
       vi)  any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; 

PE = total amount of paid up equity share capital as shown in the balance-sheet; 

PV = the paid up value of such equity shares;”; 

(ii) after the sub-rule (1) as so renumbered, the following sub-rule shall be inserted, 
namely:- 

“(2) Notwithstanding anything contained in sub-clause (b) of clause (c) of sub-rule (1), the fair market value of unquoted equity shares for the purposes of sub-clause (i) of clause (a) of Explanation to clause (viib) of sub-section (2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clause (a) or clause (b), at the option of the assessee, 
namely:— 
                                                                                               (A – L) 
                 (a) the fair market value of unquoted equity shares = ______ ×  (PV), 
                                                                                                   (PE)  

where, 

A = book value of the assets in the balance-sheet as reduced by any amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act and any amount shown in the balance-sheet as asset  including the unamortised amount of deferred expenditure which does not represent the value of any asset; 

L = book value of liabilities shown in the balance-sheet, but not including the following amounts, namely:— 

       (i)  the paid-up capital in respect of equity shares; 
      (ii)  the amount set apart for payment of dividends on preference shares and equity shares where such dividends have not been declared before the date of transfer at a general body meeting of the company; 
     (iii)  reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; 
       (iv)  any amount representing provision for taxation, other than amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund as refund under the Incometax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; 
          (v)  any amount representing provisions made for meeting liabilities, other than ascertained liabilities; 
         (vi)  any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; 

PE = total amount of paid up equity share capital as shown in the balance-sheet; 

PV = the paid up value of such equity shares; or 

(b) the fair market value of the unquoted equity shares determined by a merchant banker or an accountant as per the Discounted Free Cash Flow method.”. 
  
                       [Notification No. 52/2012, F.No.142/19/2012-SO(TPL)] 

(Rajesh Kumar Bhoot) 

Director  
Note:  The principal rules were published vide notification number S.O. 969(E), dated the 26th  March, 
1962 and last amended vide notification number S.O.  2365 (E), dated 04/10/2012. 

Wednesday, December 5, 2012

TDS :-How can I know if my deductor has filed the quarterly statement reflecting details for my PAN?

You can check on TRACES (www.tdscpc.gov.in) if deductor has filed quarterly statement and whether the statement contains details for your PAN. This functionality can be accessed by Tax Payer without logging in to TRACES.

Click on ‘View TDS / TCS Credit’ link under Quick Links in Tax Payer tab in TRACES home page. Enter details as requested on the screen and proceed. ‘Remarks’ will specify if quarterly statement (for the inputs entered by you) has been filed by deductor. ‘Count of Records Present’ indicates number of records for your PAN in the statement.

Tuesday, December 4, 2012

Aadhaar :- Online Updation/Correctio in Aadhaar Data

Dear Resident, 
                            You can update the following data either by submitting your request Online or sending request through Post:
  • Name
  • Gender
  • Date of Birth
  • Address
  • Mobile Number

In case you have difficulty in receiving OTP on your mobile number, you may either try again later or send your update request through Post.

If Resident is unable to locate the required Pincode/Village/Town/City/Post Office/District/State or is finding difficulty in local language transliteration, they may send their Update request through Post.

Dear Resident,
Welcome to Aadhaar Self Service Update Portal. UIDAI is committed to provide resident friendly eco-system and self service update portal is one of the various touch points to update their profile in 3 easy steps:
STEP 1: Login with Aadhaar,
STEP 2: Submit your Update Request and
STEP 3: Upload Documents.
Note that Update here refers to any changes as well as corrections, if required, in resident´s original Aadhaar letter.

Who can use this portal?
Any resident with a mobile number can update their profile using this portal. Mobile number is mandatory to receive password for login.

What all information can be updated through this portal?
Residents can update Name, Address, Gender, Date of Birth and Mobile Number through this portal. For other updates, please visit Aadhaar Enrollment / Update Center. Click here for detailed instructions on submitting Aadhaar Update/ Correction requests through this portal.

What are the documents required to be submitted along with an update request?
Residents are required to upload self attested copy of relevant documents for update/ correction. Please click here for the valid list of documents.

Will resident information be Updated immediately after submission of request?
Submission of information for update does not guarantee update of Aadhaar data. The information submitted is subject to verification and validation.
To submit your update/ correction request please (Click here)


Sunday, December 2, 2012

Income Tax : 80CCG Form C

Form C
[See paragraphs 10 and 11]
Annual report to be submitted by the depository to  the Income Tax Department in Electronic Format before 30th April.
(For 80 CCG benefits of Financial Year 2012-13)







* The Electronic Format shall be determined by the Director General of Income  Tax (Systems) by 31st  March, 2013.
**The Financial Year shall be enhanced by one Financial Year every year.
#RGESS means the Rajiv Gandhi Equity Savings Scheme.


                              To read complete Notification No. 51 dated 23.11.2012 (Click Here)

Income Tax :- 80CCG Form B


Form B
[See paragraph 6(c) and (d)]
Declaration to be submitted by the new retail investor to the depository participant on purchase of eligible securities.
To 

Depository participant

Address



It is hereby informed  that I have demat account no _________________ in ____________________ depository participant and the following securities 
(a)
(b)
(c)
(d)
(e) purchased in the aforesaid  demat account on ______________are  not to be  included as investment for the purpose of the Rajiv Gandhi Equity Savings  Scheme.


Signature
Name of the Investor:
(first holder)

Address of the investor:

Permanent Account Number (PAN):

                        To read complete Notification No. 51 dated 23.11.2012 (Click Here)

Income Tax :- 80CCG Form A



Form A
[See paragraph 5(b)]
Declaration to be submitted by the investors to the depository participants for availing the benefits under the  Rajiv Gandhi Equity Savings Scheme.
Name of the Investor:
(first holder)
Address of the investor:
Permanent Account Number (PAN):

1. It is hereby certified that* ---
  
(a) I do not have a demat account and  I have not traded in any derivatives.
(b)I have demat account no _________________ in ____________________ depository participant but I have not traded in any equity shares or derivatives in this account.
(c)I have a joint demat account no _________________ in ____________________ depository participant but I am not the first account holder.

2. I hereby declare that I have read and understood all the terms and  conditions of the Rajiv Gandhi Equity Savings Scheme.

3. It is hereby verified that I am an eligible new retail investor for availing the benefits under the Rajiv Gandhi Equity Savings Scheme.

4. I undertake to abide by all the requirements and fulfill all obligations  under the Scheme, and will comply with all the terms and conditions of  the Scheme. 

5. I understand that, in case I fail to comply with any condition specified in  the Scheme, the benefits availed there under will be withdrawn and the  tax shall be payable by me accordingly. 


Signature of the Investor
Place:
Date:
         * Tick which ever is appropriate.
                        To read complete Notification No. 51 dated 23.11.2012 (Click Here)

Income Tax :- Savings /Deduction > 1,00,000 u/s 80CCG

Friends,  Income Tax Department has notified new Notification Dated 23.11.2012 regarding Rajiv Gandhi Equity Savings Scheme, 2012.   Earlier benefit of investment in infrastructure bond was taken by an Individual etc. But now w.e.f.. A.Y. 2013-14 or Financial Year 2012-13,  deduction in investment in Infrastructure bond has been stopped and a new deduction u/s 80CCG as investment in Rajiv Gandhi Equity Savings Scheme 2012 has been started. 

                The benefit of this scheme can bet availed under some conditions. 
1. Eligibility .- The deduction under the Scheme shall be available to a new retail investor who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to  ten lakh rupees.

2. Procedure at time of opening demat account.-The new retail investor shall  follow the following procedure at the time of opening or designating a demat account  :- 

    (a) the new retail investor  shall open a new demat account or designate his existing demat account for the purpose of availing  the benefit under the Scheme; 
   (b)  the new retail investor shall submit a declaration in Form A to the  depository participant  who will forward the same to the depository for  verifying the status of the new retail investor; 
   (c) the new retail investor shall furnish his Permanent Account Number (PAN)  while opening the demat account or designating the  existing account as a  Rajiv Gandhi Equity Savings Scheme eligible account, as the case may be.
3) Procedure for investment under Scheme.-  A new retail investor shall make  investments under the Scheme in the following manner :- 

               (a) the new retail investor may make investment in eligible securities in one or more than one transactions during the year in which the deduction has to be claimed;  
               (b) the new retail investor may make any amount of investment in the demat account but the amount  eligible for deduction, under the Scheme shall not exceed  fifty thousand rupees; 
                    (c) the eligible securities brought into the demat account, as declared or  designated by the new retail investor, will automatically be subject to lock-in  during its first year, as per the provisions of paragraph 7, unless the new retail investor specifies otherwise and for such specification, the new retail  investor shall submit a declaration in Form B indicating that such securities  are not to be included within the above limit of investment; 
                (d) the new retail investor shall be  eligible for a  deduction under subsection (1) of section 80CCG of the Act in respect  of   the actual amount invested in eligible securities , in the first financial year in respect of which a declaration in Form B has not been made, subject to the maximum  investment limit of fifty thousand rupees;
                    (e)  the new retail investor who has claimed a deduction under sub- section (1) of section 80CCG of the Act, in any assessment  year, shall not be allowed any deduction under the Scheme for any subsequent assessment year;  
                       (f) the new retail investor shall be permitted a  grace period of three trading days from the end of the financial year so  that the eligible securities purchased on the last trading day of the financial year also get credited in the demat account and such securities shall be deemed to have been purchased in the financial year itself; 
                      (g) the new retail investor may  also keep securities other than the eligible securities covered under the Scheme in the demat account through which benefits under the Scheme are availed;  
                        (h) the new retail investor can make investments in securities other than the eligible securities covered under the Scheme and such investments shall not be subject to the conditions of the Scheme nor shall they be counted for availing the benefit under the Scheme; 
                (i) the investment under the Scheme shall consist of all eligible securities covered under the Scheme that are initially bought by the investor under the Scheme or that are bought subsequently by the investor as per the provisions of the Scheme; 
                    (j) the deduction claimed shall be withdrawn if the lock-in period requirements of the investment are not complied with or any other condition of the Scheme is violated. 

To read complete Notification No. 51 dated 23.11.2012 (Click Here)

Saturday, December 1, 2012

Service Tax :-Restoration of specific accounting codes Circular No. 165/16/2012-ST

Circular No.165/16/2012 -ST
F.No.341/21/2012-TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Tax Research Unit
146-F, North Block,
New Delhi, 20th November, 2012
To
Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General(Systems), Director General (Central Excise Intelligence),  Director General (Audit),Commissioners of Service Tax (All), Commissioners of Central Excise (All), Commissioners of Central Excise and Customs (All)

Madam/Sir,

Subject: Restoration of service specific accounting codes for payment of service tax - regarding.

          Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. Accounting code for the purpose of payment of service tax under the Negative List approach [“All Taxable Services” – 00441089] was prescribed vide Circular 161/12/2012 dated 6th July, 2012.

2.         Subsequent to the issuance of the Circular, suggestions were received from the field formations that the service specific old accounting codes should be restored, for the purpose of statistical analysis; also it was suggested that list of descriptions of services should be provided to the taxpayers for obtaining registration. These suggestions were examined and a decision has been taken to restore the service specific accounting codes. Accordingly, a list of 120 descriptions of services for the purpose of registration and accounting codes corresponding to each description of service for payment of tax is provided in the annexure to this Circular.

3.         Descriptions of taxable services given in the annexure are solely for the purpose of statistical analysis. On the advice of the office of the C & AG, a specific sub-head has been created for payment of “penalty” under various descriptions of services. Henceforth, the sub-head “other receipts” is meant only for payment of interest payable on delayed payment of service tax. Accounting Codes under the sub-head “deduct refunds” is not to be used by the taxpayers, as it is meant for use by the field formations while allowing refund of tax.

4.         Registrations obtained under the positive list approach continue to be valid. New taxpayers can obtain registrations by selecting the relevant description/s from among the list of 120 descriptions of services given in the Annexure. Where registrations have been obtained under the description ‘All Taxable Services’, the taxpayer should file amendment application online in ACES and opt for relevant description/s from the list of 120 descriptions of services given in the Annexure. If any applications for amendment of ST-1 are pending with field formations, seeking the description ‘all taxable services’, such amendment may not be necessary and the officers in the field formations may provide necessary guidance to the taxpayers in this regard. Directorate General of Systems will be making necessary arrangements for display of the list of 120 descriptions of services and their corresponding Accounting Codes in Form ST-1 and Form ST-2 as may be necessary.

5.         Officers in the field formations are instructed to extend necessary guidance to the tax payers regarding the selection of appropriate description of taxable service and facilitate the payment of service tax/cess due under the appropriate accounting code. Trade Notice/Public Notice may be issued to the field formations and tax payers. Please acknowledge receipt of this Circular. Hindi version follows.

Click here > Annexure (nine pages)
(J.M.Kennedy)
Director, TRU
Tel: 011-23092634
Email: jm.kennedy@nic.in

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