Wednesday, January 30, 2013

Income Tax Calculation formulas in Excel

Friends,   How to calculate income tax in excel.   No doubt there are lot of tax calculator available in market.   But there is no detail  how they have calculated the same.   Many time we feel requirement of income tax calculation in excel.  The said formula calculates Income Tax  of  man, women,  senior citizen and very senior citizen for assessment year 2013-14.  Picture view with detailed formula's is given below :-


The above calculations are simple and can be used through copy and paste etc.   The above sheet is available in two part i.e. one is shown in green colour for used of user and second is shown in white colour which is only for calculation not for end use.   Date of above picture is also given below for easy reading otherwise picture can be enlarged to view to formula's 


Column A                                                           Column B     
Income Tax Calculator 
for Financial Year 2012-13 or assessment Year 2013-14
Taxable Income
1) Income from Salary Head 1500000
2) Income from Business & Profession 0
3) Income from House Property 0
4) Income from Capital Gain 0
5) Income from Other Sources
Total Taxable Income  =SUM(B5:B9)
for Man / Women (Amount in Rs.)
  Income Tax  =$K$14
  Education Cess  2% =+B13*0.02
  Secondary Higher Education Cess 1% =+B13*0.01
         Total Income Tax =SUM(B13:B15)
for Senior Citizen => 60 .and. < 80 years (Amount in Rs.)
  Income Tax  =$K$21
  Education Cess  2% =+B19*0.02
  Secondary Higher Education Cess 1% =+B19*0.01
         Total Income Tax =SUM(B19:B21)
for vary Senior Citizen => 80 years (Amount in Rs.)
  Income Tax  =$K$28
  Education Cess  2% =+B25*0.02
  Secondary Higher Education Cess 1% =+B25*0.01
         Total Income Tax =SUM(B25:B27)
Column H Column I            Column J                                           Column K
Tax Slabs Rate Bifurcation of Income Income Tax
200000 0 =IF($B$10 >= H10,H10,$B$10) =+J10*0
500000 10 =IF($B$10 >= H11,300000,MAX($B$10-H10,0)) =+J11*0.1
1000000 20 =IF($B$10 >=H12,500000,MAX(($B$10-500000),0)) =+J12*0.2
> 1000000 30 =IF($B$10 >H12,MAX($B$10-H12,0),0) =+J13*0.3
=$B$10 =SUM(K10:K13)
Tax Slabs Rate Bifurcation of Income Income Tax
250000 0 =IF($B$10 >= H17,H17,$B$10) =+J17*0
500000 10 =IF($B$10 >= H18,250000,MAX($B$10-H17,0)) =+J18*0.1
1000000 20 =IF($B$10 >=H19,500000,MAX($B$10-500000,0)) =+J19*0.2
> 1000000 30 =IF($B$10 >H19,MAX($B$10-H19,0),0) =+J20*0.3
=$B$10 =SUM(K17:K20)
Tax Slabs Rate Bifurcation of Income Income Tax
500000 0 =IF($B$10 >= 500000,H24,$B$10) =+J24*0
1000000 20 =IF($B$10 >=H25,500000,MAX($B$10-500000,0)) =+J25*0.2
> 1000000 30 =IF($B$10 >H25,MAX($B$10-H25,0),0) =+J26*0.3
=$B$10 =SUM(K24:K27)

Monday, January 28, 2013

Traces :- TRACES PDF Generation UtilityV1.1.zip file

Friends,   It is well known by everyone that Tin-nsdl.com has been converted in www.tdscpc.gov.in.  All downloads are available at new website www.tdscpc.gov.in.   It means PDF converter software latest version is also available at new website instead of tin-nsdl.com.  Txt file for generating form 16 or 16A can also be downloaded from tdscpc.gov.in.   

               Initially, after login, PDF converter utility can be downloaded.  To download the latest version instructions are given below :-



                    In case anyone feels problem in downloading the PDF Converter  software, he should try to download with fast internet connection or use the following link to download which is not required any user id or password etc.


  • Free Download Latest Version of TRACES PDF Converter version 1.1L (Light version workable with JRE1.6 or above (File size only 8.43 mb in zip) (Click Here)
  • Free Download Latest Version of TRACES PDF Converter version 1.1 (58 mb in zip) (Click Here


Sunday, January 27, 2013

Central Excise :- Notification No. 1/2013 dated 21st January, 2013 for Gold or Silver

[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.1 /2013-Central Excise
New Delhi, the 21st January, 2013 
     G.S.R.    (E). - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17th March, 2012 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) videnumber G.S.R. 163(E) dated the 17th March, 2012, namely: -

In the said notification, in the Table,-
(i) for S. No. 189 and the entries relating thereto, the following shall be substituted-
“189
71
Gold bars, other than tola bars, bearing manufacturer’s engraved serial number and weight expressed  in metric units manufactured in a factory starting from the stage of-
     
       (i) (a) Gold ore or concentrate;
           (b) Gold dore bar; or
     
       
       (ii) Silver dore bar
Explanation.-For the purposes of this entry, ‘gold dore bar’ shall mean dore bars having gold content not exceeding 95% and ‘silver dore bar’ shall mean dore bars having silver content not exceeding 95% accompanied by an assay certificate issued by the mining company, giving details of composition





5%



3%





-




-”

(ii) in S. No. 191, against item (i), for the entry in column (4), the entry “5%” shall be substituted.
 [F. No. B-1/5/2012-TRU]
  

[Raj Kumar Digvijay]
Under Secretary to the Government of India

Note.- The principal notification No. 12/2012-Central Excise, dated the 17th March, 2012 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E) dated the 17th March, 2012 and was last amended videnotification No.37/2012-Central Excise, dated the 11th October,2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R 760 (E) dated the 11th October,2012.

Saturday, January 26, 2013

New Income Tax Slab/Rate

Latest/New Slab of Income Tax
(for Individuals and HUF's )
To view and download (click here



As a human, it is not possible to remember all Income Tax Rates for all years.  There are many reasons for requirement of Income Tax Rates/Slabs for last years like scrutiny, filing of last year Income Tax Returns etc. Therefore all Income Tax Slabs w.e.f. Financial Year 2000-2001 for Male , Female , Senior Citizen or Senior Citizen > 80 years to meet the general requirement are given below : -








                                                                                          Direct Download 
Agricultural income is exempt from income-tax
=====================================================

  • Due Dates for Advance Tax (Click Here)
  • Excel based Income Tax Calculator for A.Y. 10-11 (Click Here)

COST INFLATION INDEX:
The Central Government has notified the Cost Inflation Index for the purpose of long term Capital Gain as follows:

Financial Year Cost Inflation Index
  1. 1981-82 100
  2. 1982-83 109
  3. 1983-84 116
  4. 1984-85 125
  5. 1985-86 133
  6. 1986-87 140
  7. 1987-88 150
  8. 1988-89 161
  9. 1989-90 172
  10. 1990-91 182
  11. 1991-92 199
  12. 1992-93 223
  13. 1993-94 244
  14. 1994-95 259
  15. 1995-96 281
  16. 1996-97 305
  17. 1997-98 331
  18. 1998-99 351
  19. 1999-2000 389
  20. 2000-2001 406
  21. 2001-2002 426
  22. 2002-2003 447
  23. 2003-2004 463
  24. 2004-2005 480
  25. 2005-2006 497
  26. 2006-2007 519
  27. 2007-2008 551
  28. 2008-2009   582
  29. 2009-2010   632
  30. 2010-2011   711
  31. 2011-2012   785
  32. 2012-2013   852
  33. 2013-2014  1024

Friday, January 18, 2013

e-TDS :- Notification No. 03/2013 dated 15th January, 2013

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART II, SECTION 3, SUB-SECTION (ii) of dated the 15th JANUARY, 2013]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
New Delhi, the 15th January, 2013

S.O. 169 (E).— In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised processing of statements of tax deducted at source, namely:—

1.     Short title and commencement.— (1) This scheme may be called the Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. Definitions.— (1) In this scheme, unless the context otherwise requires,—
(a) “Act” means the Income -tax Act, 1961 (43 of 1961);

(b)    “Assessing Officer” means the Assessing Officer who is  ordered or directed under section 120 of the Act to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under  Chapter XVII of the Act;


(c) “authorised agency” means the person  authorised by the Director General to receive the statement of tax deducted at source or correction statement of tax deducted at source;

(d) “Board” means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);

(e)  “Cell” means the Centralised Processing Cell having jurisdiction over such statements of tax deducted at source as may be specified by the Board;

(f) “Commissioner” means the Commissioner of Income-tax in charge of the Centralised Processing Cell;

(g)      “correction statement of tax deducted at source” means the statement furnished for rectifying any mistake or  to add, delete or update the information   furnished  in the statement of tax deducted at source furnished under sub-section (3) of section 200 of the Act;(h)  “deductor” means a person deducting tax in accordance with the provisions of Chapter XVII of the Act;

(i)  “Director General” means the Director General of Income-tax (Systems) appointed as such under sub-section(1) of section117 of the Act;

(j) “portal” means the web portal of the authorised agency or the web portal  of the Cell, as the case may be;

(k)     “statement of tax deducted at source” means statement of tax deducted at source furnished under sub-section (3) of section 200 of the Act.

(2) The words and expressions used herein but not defined and defined in the Act shall have the meaning respectively assigned to them in the Act.

3. Centralised Processing Cell.— The Board  may  set up  as many Centralised Processing Cells as it may deem necessary and specify their respective jurisdictions.

4. Furnishing of correction statement of tax deducted at source.— (1) A deductor shall furnish the correction statement  of tax deducted at source in the  form specified by the Director General—

               (a) at the authorised agency through electronic mode; or
               (b) online through the  portal.
(2)  The correction statement referred to in  sub-paragraph (1) shall be furnished under digital signature or verified through a process in accordance with the procedure, formats, and standards specified by the Director General.
5. Processing of statements.— (1) The  Cell shall process   the  statement  of tax deducted at source furnished by a deductor in the manner specified under subsection (1) of  section 200A of the Act after taking into account the information contained in the correction statement of tax deducted at source, if any, furnished by the deductor before the date of processing.

(2) The Commissioner may—
                   (a)  adopt appropriate procedure for processing of the statement of tax deducted at  source; or
                    (b) decide the order of priority for processing of the statement of tax deducted at source based on administrative requirements.
6. Rectification of mistake.— (1) An Income-tax authority of the Cell may, with a view to rectifying any mistake apparent from the record under section 154 of the Act,  on its  own motion or on receiving an application from the  deductor, amend any order or intimation passed or sent by it under the Act.

(2) An application for rectification shall be furnished in the form  and manner specified by the Director General.

(3) Where a rectification has the effect of reducing the refund or increasing the  liability of the deductor, an intimation to this effect shall be sent to the deductor electronically by the Cell and the reply of the deductor shall be furnished in the form and manner specified by the Director General.

(4) Where an amendment has the effect of reducing a refund already made or increasing the liability of the deductor, the order under section 154 of the Act passed by an Income-tax authority of the Cell shall be deemed to be a notice of demand under section 156 of the Act.


7. Adjustment against outstanding tax demand.— Where a refund arises from the processing of a statement under this scheme, the provisions of section 245 of the Act shall, so far as may be, apply.
8. Appeal.— (1) Where a statement of tax deducted at source is processed at the Cell, the appeal proceedings relating to the processing of the statement shall lie with the Commissioner of Income-tax (Appeals) having jurisdiction over the Assessing Officer who has jurisdiction over the deductor and any reference to Commissioner of Income-tax (Appeals) in any communication from the Cell shall mean such jurisdictional Commissioner of Income-tax (Appeals).

(2) The Assessing Officer who has jurisdiction over the deductor shall submit the remand report and any other report to be furnished before the Commissioner of Income-tax (Appeals) and an order, if any, giving effect to appellate order shall be passed by such Assessing Officer.
9. No personal appearance at the Cell.— (1) No person shall be required to appear personally or through  authorised representative before the authorities at the Cell in connection with any proceedings.

(2) The Cell may call for such clarification, evidence or document as may be required for the  purposes of the processing of statement of tax deducted at source or for the purposes of the rectification of any order or intimation passed or sent by the Cell under the provisions of the Act.

(3) The deductor shall furnish the reply to any communication  under subparagraph (2) in such format as may be specified by the Director General.
10. Service of notice or communication.—(1) The service  of a notice or order or intimation or any other communication by the Cell may be made by delivering or transmitting a copy thereof to the deductor,—
                       (a) by electronic mail; or
              (b) by placing such copy in the registered electronic account of the deductor on the portal of the Cell; or
              (c) by any  mode mentioned in sub-section (1) of section 282 of the Act.

(2) The date of posting of  any communication under sub-paragraph (1) in the electronic mail or electronic account of the deductor in the portal of the Cell shall be deemed to be the date of service of such communication.

(3) The intimation, orders and notices shall be computer generated and need not carry physical signature of the person issuing it.
11. Power to specify procedure and processes.— The Director General may specify procedures and processes, from time to time, for effective functioning of the Cell in an automated and mechanised  environment, including specifying the procedure, formats, standards and  processes in respect of the following matters, namely:—

(a) form of correction statement of tax deducted at source;

(b) the manner of verification of correction statement of tax deducted at source;

(c) receipt of correction statement of tax deducted at source;

(d) form of rectification application;

(e) the manner of verification of rectification application;

(f) receipt and processing of rectification applications in the Cell;

(g) the mode and format of the acknowledgment to be issued by the Cell for the receipt of any document;

(h) the mode of authentication of any document or information submitted to the Cell, including authentication by digital signature or electronic signature;

(i) validation of any software used for electronic filing of correction statement of tax deducted at source or rectification application;

(j) provision of web portal facility including login facility, tracking status of correction statement of tax deducted at source or statement of tax deducted at source, display of relevant details of tax deduction or refunds to the taxpayer or deductor, as the case  may be, and facility of download of relevant information;

(k) call centre to answer queries and provide taxpayer services, including outbound calls to a deductor requesting for clarification to facilitate the processing of the statement of tax deducted at source filed;

(l) provision of grievance redressal mechanism in the Cell;

(m) managing tax administration functions such as receipt, scanning, data entry, processing, storage and retrieval of statement of tax deducted at source and documents in a centralised manner or receipt of paper documents through authorised intermediaries.

[Notification No.  03 /2013        [F.No. 142/39/2012-SO (TPL)]
(RAJESH KUMR BHOOT)
Director (TPL-III)

e-TDS :- New correction statement of tax deducted at source procedure

CBDT has issued new instructions vide Notification No 03/2013 bearing S.O. 169 (E) dated 15-01-2013 regarding submission of etds correction statements. 

Furnishing of correction statement of tax deducted at source.— 

(1) A deductor shall furnish the correction statement  of tax deducted at source in the  form specified by the Director General—

             (a) at the authorised agency through electronic mode; or
             (b) online through the  portal.

(2)  The correction statement referred to in  sub-paragraph (1) shall be furnished under digital signature or verified through a process in accordance with the procedure, formats, and standards specified by the Director General.

Wednesday, January 16, 2013

Income Tax :- Planning /How to Save Tax

         Tax planning is a big issue for an employee.  Now-a-days every employee is busy in calculation of Income Tax for the Financial Year 2012-13 or Assessment Year 2013-14.   Each employer wants to deduct proportionate Income Tax (TDS) on salaries of their employees.  There is no end of planning to save Income Tax , but some examples of tax planning for the Financial Year 2012-13 and Assessment Year 2013-14 is given as under :-

Tax Slabs

1) In Case of General Assesses (Both Male & Female):
Income Bracket Rate
0 to Rs. 2,00,000                         0 %
Rs. 2,00,001 to Rs. 5,00,000       10 %
Rs. 5,00,001 to Rs. 10,00,000      20 %
Above Rs. 10,00,000                 30 %

2) In Case of Senior Citizens (Age above 60 years but below 80 years):
Income Bracket Rate
0 to Rs. 2,50,000                         0 %
Rs. 2,50,001 to Rs. 5,00,000       10 %
Rs. 5,00,001 to Rs. 10,00,000      20 %
Above Rs. 10,00,000                  30 %

3) In Case of Very Senior Citizens (Age 80 years and above):
Income Bracket Rate
0 to Rs. 5,00,000                         0 %
Rs. 5,00,001 to Rs. 10,00,000      20 %
Above Rs. 10,00,000                  30 %
* On final tax amount, a surcharge of 3 %
**No surcharge above 10 lacs.Tax

Exemptions:
1) Section 80 C Limit Unchanged (Rs. 1,00,000)
             Deduction on life insurance policy, taken after 1 April 2012, will be allowed only if yearly premium is less than 10% of sum assured. This is a new change from c.y. earlier it was 20%. If its more than 10% then not eligible for deduction u/sec. 80C
•           ELSS
•           PPF
•           EPF
•           FD for 5 years
•           Pension Plans
•           NSC
•           Post Office SB
•           Infrastructure Bonds
•           Expenditure on Children Education (Upto Rs. 200 per month for upto 2 children)
•           Tuition fees (Only Tuition fees excluding Development Fees, Donations, etc. Maximum
             allowed: Rs. 24,000/-)
•           Housing loan principal
•           Deferred Annuity
•           Approved Super Annuation Fund

2) Section 80 CCF – Additional Rs. 20,000 on investments towards approved Infrastructure bonds  (withdrawn)

3) Section 80CCD:
Deduction under this section can be claimed only if the contribution to your NPS account is made by your employer and the deduction is limited to a maximum of 10% of your basic salary. Returns on NPS are tax free, but withdrawal is still taxable. The deduction under sec 80CCD is over and above the deduction available under sec 80C.

4) Section 80 D
Deduction under section 80D
              Deduction of Rs. 15000/- is allowed if the same is paid as premium for Medical Insurance taken for self / dependents or towards preventive health check-up (max Rs. 5000). In case any of self / dependents is a senior citizen, the deduction allowed is Rs. 20000/-
             Additional Rs. 15000/- is allowed as deduction if the same is paid as premium for Medical Insurance taken for parents. In case the parent is a senior citizen, the deduction allowed is Rs. 20000/-

5) Section 80DD
Deduction under section 80DD
            Exemption given for Expenditure made for a disabled dependant towards Medical Treatment/Training/Rehabilitation. It also includes the LIC/Insurance premium paid towards maintenance of such dependant.
Maximum deduction allowed is Rs. 50,000/- in case of normal disability and Rs. 1 Lakh in case of severe disability.

6) Section 80DDB
Deduction under section 80DDB
Exemption given for expenditure incurred on specified disease or ailments such as cancer/aids.
Maximum deduction allowed is Rs. 40,000/-. In case of Senior Citizens, maximum deduction allowed is Rs. 60,000/-

7) Section 80E
Deduction under section 80E
Deduction is allowed for repayment of interest component of Higher Education loan. All education after Class 12 is allowed, either vocational or Fulltime. But should be from a school/institute/university recognized by the government.

8 ) Section 80G
Contribution to exempt charities – 25/50/75/100% depending on the charity and as per approval
100% exemption on donation to political parties

9) Section 80U
Deduction under section 80U
Deduction upto Rs. 50,000/- is allowed in case of Permanent Disability.
In case of Permanent Disability exceeding 80%, maximum deduction allowed is Rs. 1,00,000/-

10) Section 24(1)(vi)
Housing loan interest.Maximum Investment Limit – Rs. 1,50,000 (for loans taken after 1 April 1999, for loans before that Maximum Investment Limit 30,000).

11) Superannuation – Any contribution made by a company to superannuation fund upto Rs. 1,00,000 tax free in the hands of the employee.

12) Conveyance/Transport Allowance – Any Conveyance / Transport Allowance given to an employee is tax free upto Rs. 9,600 /- (No Supporting Bills required).

13) Medical Allowance – Any Medical Allowance given to an employee is tax free upto Rs. 15,000 /- (Supporting Bills required).

14) HRA – Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions (subject to – when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest / principal repayment):
a) 50% of Annual Basic (40% of Annual Basic in case of non-metros)
b) Actual HRA received
c) Rent Paid – (10% of Annual Basic)

15) Professional Tax – Any Professional Tax deducted from an employee’s salary can be reduced from the annual salary income to arrive at taxable salary.

16) Provident Fund – Provident Fund contributions (under section 80 C and subject to an overall investment limit of Rs. 1,00,000 ) deducted from an employee’s salary are tax exempt.

17) 80CCG – Direct Equity Investment – Under ‘Rajiv Gandhi Equity Savings Scheme‘ – a new equity investor will be able to claim 50% of his investment in direct equity as deduction subject to maximum investment of Rs. 50,000 and provided his taxable income is below Rs. 10 lacs. The investment will be subject to 3 years lock-in. 

Update 23 Sep 2012: Government has notified this scheme (RGESS). Mutual funds and ETFs that invest in BSE100 or CNX 100 stocks or PSUs which are Navratna, Maharatna and Miniratna will qualify under this scheme. These investments can be traded over stock exchange after 1 year of investment. New equity investor has been defined as someone who has opened a Demat account but has not bought any securities till date of notification of this scheme (22 Sep 2012). More information here.

18) Section 80TTA – Savings Bank Interest  - No tax will be charged on interest earned on balance in savings bank account subject to a maximum of Rs. 10,000 per year.

Thursday, January 10, 2013

Deduction of 80TTA of interest from Saving Account

The following Part CA, consisting of section 80TTA, shall be inserted after Part C of Chapter VI-A by the Finance Act, 2012, w.e.f. 1-4-2013 :
CA.—Deductions in respect of other incomes
Deduction in respect of interest on deposits in savings account.
80TTA. (1) Where the gross total income of an assessee, being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) in a savings account with—
 (a) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
 (b) a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or
 (c) a 17aPost Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),
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 as specified hereunder, namely:—
  (i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and
 (ii) in any other case, ten thousand rupees.
(2) Where the income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body.
Explanation.—For the purposes of this section, "time deposits" means the deposits repayable on expiry of fixed periods.

Saturday, January 5, 2013

Income Tax :- Notification No 55 dated 28.12.2012

SECTION 80-IA, SUB-CLAUSE (III) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. - NOTIFIED UNDERTAKINGS
NOTIFICATION NO. 55/2012 [F.NO. 178/49/2009-ITA-I], DATED 28-12-2012
Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961(43 of 1961)(hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 193 (E), dated the 30th March, 1999 for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March 2002 and vide number S.O.354(E) dated the 31st day of March, 2006;
And whereas M/s. iLABS Hyderabad Technology Centre Private Ltd. having its registered office at iLABS Centre, Building No. 3, Plot No. 18, Software Units Layout, Madhapur, Hyderabad-500 081, is developing an Industrial Park at Plot No. 18, Software Units Layout Town/Tehsil-Madhapur, District-Hyderabad, AP-500 081;

Income Tax :- Notification No. 56 Dated 31.12.2012


SECTION 197A OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - NO DEDUCTION IN CERTAIN CASES - SPECIFIED PAYMENT UNDER SECTION 197A(1F)
NOTIFICATION NO. 56/2012 [F. NO. 275/53/2012-IT(B)], DATED 31-12-2012
In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, namely:-
(i)  bank guarantee commission;
(ii)  cash management service charges;
(iii)  depository charges on maintenance of DEMAT accounts;

Thursday, January 3, 2013

e-TDS :- Rate, Threshold for Financial Year 2012-13

Tds rates, threshold limits, % of Tds in case PAN is invalid or PAN not available for the financial Year 2012-13 for Assessment Year 2013-14 are given below :- 

Financial Year 2012-13
Nature of Payment Made To Residents
Threshold
(Rs.)
Company / Firm / Co-operative Society / Local Authority
Individual / HUF
If No / Invalid PAN
Section - Description
Rate (%)
Rate
 (%)
Rate (%)
192 - Salaries
-
NA
Average rates as applicable
30
193 - Interest on securities
-
10
10
20
194 - Dividends
-
10
10
20
194A - Interest other than interest on securities - Others
5000
10
10
20
194A - Banks
10000
10
10
20
194B - Winning from Lotteries
10000
30
30
30
194BB - Winnings from Horse Race
5000
30
30
30
194C - Payment to Contractors
30000
2
1
20
Payment to Contractors - Single Transaction
-
-
-
20
Payment to Contractors - Aggregate During FY
-
-
-
20
194C - Pay to Adv / Sub Contr
30000
2
1
20

Intense Debate Comments

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