0 FAQ's for RTGS / NEFT

What is Inter Bank Transfer? Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through: NEFT - The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India. What is the minimum / maximum amount for RTGS /NEFT transactions? Type Minimum Maximum RTGS Rs. 1 Lakh No Limit NEFT No Limit No Limit When does the beneficiary get the credit for a RTGS payment? Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank. When does the beneficiary get the credit for a NEFT payment? The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money? Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money? Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank . Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch. At what time during the day /week is the RTGS & NEFT service is available? Presently, NEFT is settled in six batches at 09:30 A.M., 10:30 A.M., 12:00 P.M., 1:00 P.M., 3:00 P.M. and 4:00 P.M. hours on weekdays and 09:30 A.M., 10:30 A.M. and 12:00 P.M. hours on Saturdays in RBI. OnlineSBP sends the transaction requests upto 3:30 P.M. on weekdays and upto 11:30 A.M. on Saturdays. RTGS transaction requests will be sent to RBI upto 2:30 PM. on weekdays and upto 11:30 AM on Saturdays. Timing given as on date of publishing , it may be change in future  What is the mandatory information required to make an RTGS & NEFT payment? The Remitter has to provide the following details: Amount to be remitted Account number which is to be debited Name of the beneficiary bank Name of the beneficiary Account number of the beneficiary Remarks or description, if any The IFSC code of the beneficiary branch How to find the IFSC code of the beneficiary branch? Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly. Do all bank branches in India provide RTGS & NEFT service? No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx. How do I go about using this service? You should be an active Internet Banking user with transaction rights. Log on to www.onlinesbp.com by using your SBP Internet Banking ID and Password. Click on the ‘Manage Interbank Payee’ link in the ‘Profile’ tab. Select the ‘Add’ option and provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and transfer limit to register the Beneficiary. IFSC code of the Beneficiary’s bank can be keyed in by two ways: Click the IFSC Code option and a textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank. Click the Location option, the following are retrieved and displayed. Beneficiary Bank Name – Dropdown Menu Location - Dropdown Menu Branch - Dropdown Menu The confirm button will be enabled only after clicking the accept button in the terms and conditions window. After providing all the details, the beneficiary will be added. It will be shown whether the added beneficiary bank is RTGS or NEFT enabled. After adding the Beneficiary you will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to authorize the Beneficiary. After a Beneficiary is authorized you can start transferring funds. You can proceed to make payments by clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab. According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both. Select the Beneficiary from the list of registered Beneficiaries. You can either confirm or cancel the transaction. What are the service charges applicable for RTGS/NEFT transactions? Commission charges of Rs 25/- is applicable for all RTGS transactions, irrespective of the transaction amount. You can make NEFT transactions up to Rs. 50,000/- WITHOUT ANY COMMISSION CHARGES. For NEFT transactions above Rs. 50,000/- the charges are as listed in the following table: Scheme Amount Rate Minimum Charge Maximum Charge RTGS(RS.ONE LAKH AND ABOVE) Rs.25/- per transaction Rs.25/- Rs.25/- NEFT Upto Rs.50,000 Nil Nil Nil Above Rs.50,000/- Rs.25/- Rs.25/- Rs.25/-

NOTE:THESE RATES ARE OF STATE BANK OF PATIALA . RATE OF OTHER BANK MAY BE SLIGHTLY DIFFERENT.

USE "MICR" CODE TO GET EARLY REFUND

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0 eTDS RETURN -WRONG NAME BUT CORRECT PAN

I HAD SUBMITTED THE QTR I TDS RETURN WHERE WE WRONGLY MENTIONED THE PARTY NAME BUT PAN NO. WAS RIGHT, FOR EXAMPLE INSTEAD OF ASSOCIATE I HAD WRITTEN INTER PRISES.
THE QUESTION IS:

1. MAY I MANAGE THE IT WITHOUT REVISE THE TDS RETURN. IF YES THAN HOW......?
2. IF YES, THAN WHAT ABOUT 16A CERTIFICATE?
   
3. WILL I HAVE TO REVISE THE QTY I TDS RETURN.

...........Sewak Ram

Ans:First of all ,we should know what will be done by deptt after receiving the return.After receiving the return deptt computer software follow the following steps

1. check for challan we have given in the etds return if challan data and compare the data given by us and uploaded by the banks in which we have deposited the tax ,this matching is done on three para meters and technically called as CIN(challan identification number) this is consist of
• challan tender date(DDMMYY)
• bank bsr code(7digit)
• challan serial number (5 digit)
• if all the three above matched against your tan and amount is also matched than the challan status shown as matched,if any of the above not matched than status shown as not matched .you can check tax deposited against a tan in a yer online from link given below.
  
2. if challan shown as matched than next process started that is posting of tax deducted shown in etds return against a pan in pan ledger (know more about pan ledger)the above process is based on pan,pan given in the deductee detail given in etds return (FORM 24Q,26Q etc) will be sorted by deptt software in three category .
• pan booked
• pan structurally valid but not in pan data base
• invalid pan+where you have filled PANNOTAVBL,PANinvalid,panapplied
3. The above process can be checked through nsdl web site by giving your Tan and PRN (provisional receipt number online)link is given below
4. One point more ,you have not only done this mistake but we do mistake like this many time ,like in the case of prop. firm pan is alloted on person individual name but we feed firm name in place of name for example if we have taken service of a CA prop. firm "Munish Gupta & Co. " and deduct tax from him in this case we feed name "Munish Gupta & Co." in deductee name field where as name on the pan card is "Munish Gupta".In this case deductor have access to trade name only no access to name in the pan card.so I would like to clarify this if pan is correct than name has no value at all.
5. More over in case of employee also we feed the employee name as per our payroll or service record where as on pan card it may be different.
   

after reading this I hope you will understand what Your answer is ,however for others I am giving point wise reply of your question

1. you can not change the data of filed in etds return without revising the return.
2. you should issue the form 16A on correct name and pan ,no matter what name you have written in etds return .
3. No ,need to revise the return at all ,as It explained above deptt software is post data in deductee pan ledger on the basis of pan not on the basis of name so if you have given correct pan in etds written than name is not important at all and should not revise the return. More over before accepting the my opinion you should verify the status of your qty return after login with your Tan and prn of the concerned quarter (period) and check whether the amount has been booked in pan or not . you can check your quarterly etds return status from here
4. where the pan is incorrect or not filled then we should revise the return but only after checking the return status .deptt is also developing a software by which they will try to find out the pan of the person from name and address given in etds return and AIR ( annual information return) and then book it to appropriate pan ledger but it is under process.
   

Check your ETDS RETURN STATUS

CHECK TAX DEPOSITED AGAINST A TAN

AFTER CLICKING THE ABOVE LINK CLICK TAN based view :

By providing TAN and Challan Tender Date range for a particular financial year , the tax payer can view the following details :

• CIN
• Major Head Code with description
  
• Minor Head Code
• Nature of Payment

If the tax payer enters the amount against a CIN, the system will confirm whether it matches with the details of amount uploaded by the bank.
you must read my two articles

INCONSISTENCY IN QTRLY ETDS/ETCS STATEMENT

VIEW YOUR PAN /TAX LEDGER/FORM 26AS

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0 ITR FORM AY 2008-09 PDF AND EXCEL AND EFILING SOFTWARE

Dear friends,e-filing of Income tax return for Assessment Year 2008-09 has been been started.Initially it has been started for three forms .All the three Return preparation Utilities (RPU)software are excel based.you can use them as efiling software or you can also use them as manual return preparation and can print it for record .All the rpu use Macro in M S Excel so before using it set enable macro and set security setting accordingly to use the same.so start using efiling now you can download e-filing RPU(SOFTWARE) for ITR from below.For acknowledgment please download acknowledgment in excel/word/pdf format.ITR-1 ,2,3,4,5 is also available in simple excel format with formulas in 2nd widget given below.

DOWNLOAD ITR FORMS IN PDF FORMAT INCLUDING INSTRUCTIONS FROM BELOW FOR AY 2008-09,ITR-1,2,3,4,5 is also available in simple excel format with formula including instruction

LINKWHAT IS DIFF IN OLD AND NEW ITR

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0 ADVANCE TAX-09-10,INCOME TAX -1995-96 TO 2009-10,EMI,CHALLAN,NSC

लाख दुखो की एक दवा हैं ।

Yes you can download all the feature in one product and most imaging its free ,this is free ware provided by TAXPRO ,you can order the software from link given below.main features of the products are:

• On fly calculation of Income Tax and Advance Tax.
• Calculation of Equated Monthly Installment.
• Support for Agricultural Income and Rebate.
• Calculates Surcharge (with marginal Relief if applicable).
• Tax Calculations for A. Y. from 1995-96 to 2010-11(updated by finance act(2) 2009)
• or Tax calculator for Financial year 2009-10 updated by budget 06.07.2009
• Tax Calculation For Woman,Male,Firm,Senior Citizen
• Calculates Indexed cost of improvement/acquisition  and LTCG by using Cost Inflation Index.
• Calculates Accrued Interest on National Saving Certificate (AINSC)
• Calculates Simple Interest, Compounded Interest at Daily, Monthly, Quarterly, Yearly rests.
• Prints Cost Inflation Index Table for easy reference.
• Very Easy to use and adopt.
• Calender
• Freeware

You can download this calculator from Link given below.(feed reader you have to visit the blog to download this calculator)

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0 ETDS 24 Q ANNE II SALARY REURN COLUMN HOW TO FILL.

Hi, I am in the process of filing up all the details for salary using a software... in that software the deductions tabs are for section 16 (ii), 16 (iii) and deductions under chapter VI-A. so where do i put deductions for allowances under travel allowance (Rs 800) and HRA calculated for different heads................Somendra Darolia


Ans:you will be surprised to know that in annexure II q4 form 24 (ETDS RETURN FOR SALARY) the above detail are not required to be shown at all so there is no question of in which column it is to put.I am not familiar with your software but as per NSDL etds performa there are number allotted to each column ,I think in software also there are numbers against each column ,so please refer column 332 in this column put the salary income net of all deduction and additions.for example total salary is 300000 perquisties 20000 ,hra exemption 40000 ,transport allowance 9600
so you will put 300000+20000-40000-9600=270400 in column 332 .

I am giving hereunder all the detail of all the column in brief



whats New

• JUST ASK A QUESTION
• No Charges on other bank ATMs balance enquiry ,no Annual charges-RBI
  

other related topics

1. INCONSISTENCY IN QTRLY ETDS/ETCS STATEMENT
2. IS NIL ETDS/ETCS STATEMENT MANDATORY?????
3. DUE DATES FOR FILLING ETDS/ETDS RETURNS
4. MANDATORY PAN % INCREASED IN ETDS ETCS RETURN.
5. CORRECTION IN eTDS STATEMENT/RETURNS LESS DEDUCTIO...
6. EMPLOYEE WORKING PART OF THE YEAR ETDS RETURN AND...
7. FREE ETDS RETURN PREPRATION

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0 Table of Contents

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0 ONLY CA CAN AUDIT UNDER MVAT-BOMBAY HIGH COURT

In a decision that will affect the lawyers specialising in Sales Tax laws as well as former Sales Tax officers' who work as sales tax practitioners, Bombay High Court has held that only Chartered Accountants (CAs) can audit and certify accounts for traders.

Hitherto, traders had to hire only sales tax lawyers or former sales tax officers as advisor's in tax matters. But a recent amendment to Maharashtra Value Added Tax Act made it mandatory for traders with sale of over Rs 40 lakhs to get their accounts audited and certified by a professional CA.

The amendment specifies that only a CA can audit the account. It allows lawyers and other sales tax practitioners to represent traders before sales tax commissioner and tribunals, but not to audit accounts.

Various organisations, including Bar Council of Maharashtra and Goa, the Sales Tax Practitioners Association of Maharashtra and Bombay Small Scale Industries Association moved High Court, claiming that this restraint violated right to equality enshrined in the Constitution.

Also, it would force traders to cough up extra money for engaging CAs, they contended. But division bench of Justices F I Rebello and R S Mohite rejected these arguments. "Auditing is a specialised job which can be undertaken by the person professionally competent and trained to audit," judges said, holding that advocates and other sales tax practitioners were not qualified for this job.

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