0 E Payment of TDS/TCS mandatory for all from 01.04.2009

Income Tax Department has amended the rules relating the Payment of TDS /TCS and now it is mandatory for all to deposit the such taxes through E-payment only from 01.04.2009 onwards .Further challan to deposit the TDS /TCS has also been changed .Now TDS/TCS is required to be deposited on Challan number 17 (new) through online mode only.The most important amendment in challan form is that now with each challan,deductor has to give deductee detail also .If there are more than 10 deductee in the a single challan then he has to upload a file for deductee detail .This is uphill task for every body and can not be managed without a integrated software.Ministry of finance has clarified that tds/tcs deducted on or after 01.04.2009 is to be deposited on new form 17.Deduction before 01.04.2009 ,old challan 281 is applicable.

Main abstract of the New amended Rules are

1. Mandatory E payment:E-payment of TDS /TCS is mandatory for all type of deductors.
2. New Challan for TDS/TCS deposit:Tds/TCS deposit challan is now on Form number 17
3. Deductee detail in challan required:Deductee detail is to be given in TDS challan while depositing the TDS/TCS  upto 10 deductee
4. Deductee Detail with challan to be uploaded in file:If deductees are more than 10 ,then detail of deductees is to be uploaded with challan  through file.
5. Quarterly deposit of TDS/TCS:Quarterly deposit of Tds is now can be done in few cases with the approval of Jt commissioner
6. Form16/16A amended: Form 16 and 16A has also been amended and 16AA abolished
7. Unique transaction number concept:A unique transaction number will be alloted to each tax deduction and tax collection entry.
8. This unique number is to be mentioned in every Form 16/16AA
9. In form 16/16A status of quarterly return is also to be given ,whether pan uploaded in etds return validated by the department or not.
10. Mandatory quarterly Etds/Tcs returns:Quarterly TDS/TCS is now required to be filed irrespective of tax deduction in the quarter or not.
11. Tax compliance new return in Form 24 C:A new form 24 C ,Tax Compliance Form is also required to be filed with quarterly etds returns
12. Form 26Q,24Q, 27EQ amended:Form 24Q,26Q and 27 EQ has also been amended to give effect the concept of unique transaction number .

These amendment has many more other impact which I  will try to cover in next posts

[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

New Delhi, the 25th March, 2009

NOTIFICATION

INCOME-TAX

S.O. 858(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 ( 8th Amendment) Rules, 2009.
(2) They shall come into force on the 1st day of April, 2009


2. In the Income-tax Rules, 1962, -
(a) for rules 30, 31, 31A and 31AA, the following rules shall be substituted, namely:-
“Time and mode of payment to Government account of tax deducted at source or tax paid
under Chapter XVII-B

30. (1) All sums deducted in accordance with the provisions of Chapter XVII-B shall be paid to the credit of the Central Government–

• (a) within two months from the end of the month in which the amount is credited by the payer to the account of the payee if the crediting is on the date up to which the accounts of the payer are made; and
• (b) in any other case, within one week from the end of the month in which the-
• (i) deduction is made; or
• (ii) income-tax is due under sub-section (1A) of section 192.

(2) Notwithstanding anything contained in sub-rule (1), the Assessing Officer may permit, in special cases, -

(3)

• (a) quarterly payment of the amount on June 15, September 15, December 15 and March 15 if the amount is deducted from any income chargeable under the head “Salaries”; and
  
• (b) quarterly payment of the amount on July 15, October 15, January 15 and April 15 if the amount is deducted from any income by way of-
• (i) interest, other than interest on securities;
• (ii) insurance commission; or
• (iii) commission or brokerage referred to in section 194H.
• No permission under sub-rule (2) shall be granted without the prior approval ofthe Joint Commissioner.

(4)The person responsible for making deduction, or payment of tax, under Chapter XVII-B shall, within the time specified in sub-rule (1), or sub-rule (2), -

• (a) electronically furnish an income-tax challan in Form No.17; and
• (b) pay the amount so deducted to the credit of the Central Government by electronically remitting it into the Reserve Bank of India, State Bank of India or any authorised bank.

(5) For the purposes of this rule, the amount shall be construed as electronically remitted to the Reserve Bank of India or of the State Bank of India or of any authorised bank, if the amount is remitted by way of –

• (a) internet banking facility of the Reserve Bank of India or of the State Bank of India or of any authorised bank; or
• (b) credit or debit card.

Certificate of tax deducted at source or tax paid under sub-section (1A) of section 192

31. (1) The certificate of deduction of tax at source or, the certificate of payment of tax by the employer on behalf of the employee, under section 203 shall be in –

• (a) Form No.16 if the deduction or, payment of tax, is under section 192; and
• (b) Form No.16A if the deduction is under any other provision of Chapter XVII-B.

(2)The certificate referred to in sub-rule (1) shall be furnished to the deductee-
(3)

• (a) within one week after the date on which the sum of tax deducted at source is paid to the credit of the Central Government if the payment in respect of which the tax so deducted is by way of crediting on the date upto which the accounts of the deductor are made;
• (b) within one month from the end of the financial year in which the payment is made to the deductee if-
• (i) the deduction of tax is made under sub-section (1) of section 192;
• (ii) the certificate relates to payment of tax by the employer on behalf of the employee under section (1A) of section 192;
• (iii) the deduction of tax is made under section 194D; or
• (iv) more than one certificate is required to be furnished to a deductee for deductions of income-tax made during a financial year and the deductee has requested for issue of a consolidated certificate in respect of such deductions;
  
• (c) within fourteen days from the date of payment of income-tax if the payment is made quarterly under sub-rule (2) of rule 30;
• (d) within one month from the end of the month in which the deduction of tax at source is made, in all other cases.

The deductor may issue a duplicate certificate in Form No.16 or Form No.16A,as the case may be, if the deductee has lost the original certificate so issued and makes a request for issuance  of a duplicate certificate and such duplicate certificate is certified as duplicate by the deductor.

The Assessing Officer, before giving credit for the tax deducted at source on the basis of duplicate certificate referred to in sub-rule (3), shall-

• (a) obtain an Indemnity Bond from the deductee; and 
• (b) get the payment certified by the Assessing Officer designated in this behalf by the Chief Commissioner or the Commissioner.

Quarterly statement of deduction of tax or collection of tax

31A. (1)Every person who has been allotted a tax deduction and collection account number under section 203A shall deliver, or cause to be delivered the following quarterly statements; namely:-

• (a)the TDS Compliance Statement in Form No.24C;
• (b)the Quarterly Statement of deduction of tax under section 192 in Form No.24Q;
• (c)the Quarterly Statement of deduction of tax under sections 193 to 196D in-
• (i) Form No.27Q in respect of the deductee other than a company, being a non-resident or resident but not ordinarily resident, or the deductee being a foreign company; and
• (ii) Form No.26Q in respect of all other deductees; and
  
• (d)the Quarterly Statement for collection of tax under section 206C in FormNo.27EQ.

(2) Every person, who is required to deliver, or cause to be delivered, under sub-rule (1), the statements referred to therein, shall deliver, or cause to be delivered, such statements electronically to the Director General of Income Tax (Systems) or the person authorised by the Director General of Income Tax (Systems).
(3) The statement in Form No.24C referred to in sub-rule (1), shall be delivered, or caused to be delivered, on or before the 15th July, the 15th October, the 15th January in respect of the first three quarters of the financial year, respectively, and on or before the 15th June following the last quarter of the financial year.

(4)

• (a)The statements in Form No.24Q, Form No.26Q, Form No.27Q and Form No.27EQ referred to in sub-rule(1), shall be delivered, or caused to be delivered, on or before the 15th June following the financial year.”;
• (b) rule 37A shall be omitted; 
• (c) for rules 37CA and 37D, the following rules shall be substituted, namely:-

“Time and mode of payment to Government account of tax collected at source under Chapter XVII-BB

37CA. (1) All sums collected in accordance with the provisions of Chapter XVII-BB shall be paid to the credit of the Central Government within one week from the end of the month in which the collection is made.

(2) The person responsible for making collection under Chapter XVII-BB shall, within the time specified in sub-rule (1), -

• (a) electronically furnish an income-tax challan in Form No.17; and
• (b) pay the amount so collected to the credit of the Central Government by electronically remitting it into the Reserve Bank of India, State Bank of India or any authorised bank.

(3) For the purposes of this rule, the amount shall be construed as electronically remitted to the Reserve Bank of India or of the State Bank of India or of any authorised bank, if the amount is remitted by way of –

• (a) internet banking facility of the Reserve Bank of India or of the State Bank of India or of any authorised bank; or
• (b) credit or debit card.

Certificate of tax collected at source
37D. (1) The certificate of collection of tax at source under sub-section (5) of section 206C shall be in Form No.27D.

(2) The certificate referred to in sub-rule (1), shall be furnished to the deductee within one month from the end of the month in which the amount is debited to the account of the buyer or licensee or lessee or payment is received from the buyer or licensee or lessee,as the case may be.

(3) The person responsible for collecting tax at source may issue a duplicate certificate in Form No.27D, if the buyer or licensee or lessee has lost the original certificate so issued and makes a request for issuance of a duplicate certificate and such duplicate certificate is certified as duplicate by the person responsible for collecting tax at source.

(4) The Assessing Officer, before giving credit for the tax collected at source on the basis of duplicate certificate referred to in sub-rule (3), shall-

• (a) obtain an Indemnity Bond from the buyer or licensee or lessee; and
• (b) get the payment certified by the Assessing Officer designated in this behalf by the Chief Commissioner or the Commissioner.”;

(d) for Form No.16, Form No.16A and Form No.16AA, the following forms shall be substituted,
namely:-

Download circular from below link

Read more >>

0 PSU OFFICER PAY HIKE APPROVED BY GOVT.

The government today bettered the previously announced hike in emoluments for officers of all public sector companies, including oil PSUs, giving up to 20 per cent additional increase in emoluments.

A cabinet committee headed by prime minister Manmohan Singh approved a proposal to merge 78.2 per cent of dearness allowance (DA) with basic pay as against the 68.8 per cent DA merger announced in November last year.

The increase, taking into account only allowances, was 18.37 per cent on basic pay and 19.37 per cent after house rent allowance was also considered, official sources said.

The total emolument on a basic pay of Rs100 would become Rs231.66 after considering 30 per cent fitment on basic pay plus DA and differential pay (DP) as against Rs219.4 in the previous merger proposal. After considering allowances of 50 per cent and 10 per cent house rent allowance, it would swell to Rs370.49.

Adding superannuation benefits of 30 per cent and the performance-related pay of 40 per cent, this would rise to Rs532.65 as against Rs504.7 previously.

The decision for bettering the pay packages just ahead of the general elections was taken after government took the clearance from the Election Commission.
Home minister P Chidambaram, who briefed the press on the cabinet decisions, said the total benefits to the officers and non-unionised supervisory staff after the revision would depend on individual PSUs.

Read more >>

9 HOW TO DEPOSITE ONLINE INCOME TAX

As I have earlier written that income tax payment online would be mandatory from January 1,2008BUT THE DATE HAS BEEN NOW 1/04/08PRESS RELEASE HAS BEEN ISSUED BY CBDT READ THIS.So one should also interested in how to make e payment of taxes through internet.
Update:clarification on tds mandatory epayment and payment from other's bank accounts has been issued vide circular no 5/2008 dt 14/05/2008


in my view internet payment is easier than manual payment(deposit in bank branch).The basic advantages are given below.

1. In e payment of taxes ,there is no need to issue a cheque or deposit cash for taxes.
2. No need to download software or purchase income tax challan form.
3. Your Pan /Tan will be verified from income tax database .so less risk for wrong deposit of taxes
4. No Q,instant receipt of challan
   
5. chances of uploading wrong data by Bank Employees will reduced
   

and there are other benefit also. Now lets know how to make e payment of tax.

you can select one of the two gateways.

1. Start the process from NSDL/INCOME TAX web site
2. Start the Process From you bank website.

presently only six banks are authorize to receive payment through internet for income tax .
i.e

1. Axis Bank
2. State Bank of India
3. Punjab National Bank
4. Indian Overseas Bank
5. Canara Bank
6. Indian Bank
7. Bank of India
8. Corporation Bank
9. State Bank of Bikaner & Jaipur
10. State Bank of Travancore
11. State Bank of Indore
12. Vijaya Bank
13. HDFC Bank
14. Oriental Bank of Commerce
15. State Bank of Patiala
16. Bank of Baroda
17. IDBI Bank
18. State Bank of Mysore
19. Bank of Maharashtra
20. State Bank of Hyderabad
21. State Bank of Saurashtra
22. Union Bank of India
23. Allahabad Bank
24. Dena Bank
25. Syndicate Bank
26. ICICI Bank

list is increasing day by day so check your bank also

lets learn Start the process from NSDL/INCOME TAX web site

• click the above link & than select link given at bottom of your bank's name
• select the appropriate challan form from 280,281,282,283
• fill the the selected form and select the bank from which you want to transfer funds
• click submit
  
• a message will appear"
  
  For the TAN/pan given by you above, the name as per Income Tax Department database is '...........................................................................................'. If the name is right, then click on "Submit to the bank"
  
• if your name is matched with income tax data base than click the submit to bank button otherwise check your pan/tan or correct the name filled by you
• you will lead to your net banking site ,login your self and confirm the payment .
• a e receipt will be genrated ,save it for future use.
• your e-payment process is complete now

you can check frequently asked question about e payment from here

What is e-tax payment?
Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility

Can I use this facility to pay income tax?
Ans. You can, if;
a) You have a bank account with net-banking facility, and
b) Your bank is amongst the banks that provide the e-tax payment facility.

in my opinion you can also use your friends account to make such payment after payment return money to friend by cheque.

How do I know whether my bank provides this facility?

Ans. The list of the banks providing this facility is available on NSDL-TIN website. Alternatively, you may get the information from your bank.

What is the procedure for entering the required data on the screen for paying tax online?
Ans. Log on to the NSDL-TIN website. Click on the icon 'Pay tax online'. Choose the required challan.
After choosing the required challan you will be directed to the screen for entering the following data:

1. PAN for non-TDS payments and TAN for TDS payments
2. Name and address of the taxpayer
3. Assessment Year
4. Major Head Code
5. Minor Head Code
6. Type of Payment

In case of challan no. 280, 282 and 283, the Permanent Account Number (PAN) needs to be entered. In case of challan no. 281 Tax deduction Account Number (TAN) needs to be entered.
Please ensure that you enter PAN/TAN correctly, as this is extremely important for further processing.
The system will check the validity of PAN/TAN. In case PAN/TAN is not available in the database of the Income tax Department then you cannot proceed with the payment of tax.
After entering the required data, select your bank through which the tax will be paid. Select your bank from the list of banks providing this facility.
Once you have completed this, click on PROCEED button. TIN system will display the contents you have entered along with the "name" appearing in the ITD database with respect to PAN/TAN entered by you.

What is the procedure after entering the required data?
Ans. You can now verify the details entered by you. In case you have made a mistake in data entry, you can correct the same. If your name as per ITD database displayed on the screen is right and all other information is correct, click on the SUBMIT button to reach the net-banking site provided by your bank.

What is the procedure after being directed to the net-banking site of my bank?
Ans. TIN system will direct you to the net-banking facility of your bank. You will have to log on to the net banking site of your bank using the login ID and password/PIN provided by the bank. The particulars entered by you at the TIN website will be displayed again.
You will now be required to enter the amount of tax you intend to pay and also select your bank account number from where you intend to pay the tax. After verifying the correctness, you can proceed with confirming the payment.

What will happen after I confirm the payment of tax at my bank's site?
Ans. Your bank will process the transaction online by debiting the bank account indicated by you and issue an acknowledgment indicating the Challan Identification Number (CIN). You can verify the status of the challan in the "Challan Status Inquiry" at NSDL-TIN website using CIN after a week after making the payment.

How can I know that I have completed tax payment using this facility?
Ans. Apart from the CIN given to you, you can check your online bank statement to verify the tax payment.

Do I have to attach the acknowledgment counterfoil with my return?
Ans. No, it will be considered sufficient proof if you quote your Challan Identification Number (CIN) as mentioned in your counterfoil in your return.

What are the timings for making payment through internet?
Ans. You will have to check the net-banking webpage of your bank's website for this information.

in my view 24 x 7

How secure is the transmission of data to the website for e-tax payment?
Ans. All transmission through NSDL-TIN website is encrypted and is with Secure Socket Layer (SSL) authentication. With respect to the banks, it depends on the security measures provided by the bank for net-banking.

How does this system of payment of taxes through internet benefit me as a taxpayer?
Ans. This system is beneficial to you as you are not required to personally visit the bank to make the payments. Payment can be made electronically at your convenience from any place where an internet facility is available e.g. your office, residence, etc. Further, you get the Challan Identification Number (CIN) online, which is required by you when you file your return.
Whether tds is also liable to be paid online?????-A view,check what RBI thinks about it
Update:clarification on tds mandatory epayment and payment from other's bank accounts has been issued vide circular no 5/2008 dt 14/05/2008

please comment
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0 HOW TO PAY SERVICE/EXCISE TAX ONLINE ELECTRONIC

Want freedom from restricted ‘banking hours’ and long queues for paying service tax?

Bank on ‘e-payment’ of service tax.

Just

Register yourself with one of the 24 Banks

offering e-payment facility

&

Pay your tax from anywhere, any time...

24 X 7

more over you can pay tax online up to 6th of next month/quarter as the case may me.

Advantages:

Ease of operation and convenience,no challan required,online verification of service tax number

Availability of the facility is on 24x7 basis

On-line filling of challans and payment of taxes (No more queues and waiting)

Instant Cyber Receipts for payment made

Challans delivered at door step and

Service is normally free of charge.

EASIEST e-payment(PROCEDURE)

     In the new system the assessee is required to access the NSDL-EASIEST website https://cbec.nsdl.com/EST/JSP/security/EasiestHomePage.jsp  and select the ‘e-payment’ option. The following steps will be required to be taken by the taxpayer :

1.	To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate.
2.	There will be an online check on the validity of the Assessee Code entered.
3.	If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code etc. as present in the Assessee Code Master will be displayed.
4.	Based on the Assessee Code, the duty / tax i.e. Excise duty or Service tax to be paid will be automatically selected.
5.	The Assessee is required to select the type of duty / tax to be paid by clicking on the button “Select Accounting Codes for Excise” or “Select Accounting Codes for Service Tax” depending on the type of duty / tax to be paid.
6.	At a time the assessee can select upto six Accounting Codes.
7.	Once the data is validated in the NSDL central system, a drop down menu will appear indicating the names of various banks offering internet payment facility. The Assessee can opt for any of these banks through which payment is to be made.
8.	On submission of data entered, a confirmation screen will be displayed. If the taxpayer confirms the data entered in the screen, it will be directed to the net-banking site of the bank selected.
9.	The challan details entered by the Assessee will be transmitted to the bank along with the location code (Commissionerate, division, range code) of the Assessee. ( Parameters that will be passed from NSDL to the Banks are enclosed)
10.	The taxpayer will login to the net-banking site with the user id/ password provided by the bank for net-banking purpose and enter payment details at the bank site.
11.	On successful payment, a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
12.	The Assessee has an option to download the counterfoil from the website of the bank. This will contain all details available that are usually given in the hard copy of the computerized acknowledgement including Challan Identification Number (CIN) and name of the bank through which e-payment has been made.

 Role of NSDL 

       NSDL has provided the data screen for entry of challan details and are validating the assessee code against the Assessee code master. It provides a secure link from its website to the website of different banks. 

Role of Banks  

1.       Banks are authorized for collection of Central Excise duty and Service tax Commissionerate wise. All banks may not be authorized for collection of Central Excise duty and Service tax for all Commissionerates. At the NSDL website any registered assessee of any Commissionerate can enter the non-financial details and thereafter select any bank.

2.       If the bank is authorized for collection for that Commissionerate it will allow the assessee to complete the transaction (enter financial details), else not.

3.       The website of participating banks will provide appropriate data entry screen for entry of payment details by the Assessee at their website in a secure mode.

4.       They will also ensure that on completion of the transaction, the Assessee is allotted a unique Challan Identification Number (CIN) comprising of BSR code of the Internet Collection branch, the date of receipt and serial number of the electronic challan in that branch on that day.

5.       The counterfoil displayed by the bank should be in line with the computerized acknowledgement generated in case of physical collection. (Instructions issued on this by the PrCCA, CBEC dated 11.01.2008 are enclosed). In addition, the counterfoil should also contain the transaction id, and the time of payment.

6.       Participating banks will ensure that on completion of the payment the Assessee is able to down load the taxpayer's counterfoil containing all the details presently being mentioned  on the hard copy of the  computerized acknowledgement. 

7.       The Banks will also print details of CIN and the transaction id in the customer's bank account statement/pass book so that the Assessee will have a permanent record of CIN details.

8.       Banks should provide facility for re-generation of electronic challan counterfoil on the basis of transaction id.

9.       Banks should prominently display the following on its web-site;

a.       detailed procedure for generation of electronic challan counterfoil,

b.       guidelines for the taxpayer on the action to be taken in case the electronic challan counterfoil is misplaced or the taxpayer is not able to generate or save the electronic challan counterfoil,

c.       procedure for re-generation of counterfoil and 

d.       contact particulars viz; email id and telephone no. for resolution of grievances with regard to e-payment.

        Only those banks whose designated branches for internet collection of Service tax and Central Excise have been authorized by the PR.CCA / RBI will be enabled by NSDL to provide this facility to the assessee. Excise or Service tax payment done through ICICI Bank, HDFC Bank and Axis Bank can be done by assesses for select Commissionerates only. For all other banks authorized for collection of Excise duty or Service tax payment can be made for all Commissionerates.  

 

List of 27 Banks authorized to collect Central Excise duties and Service tax electronically through internet banking is below:

 

Sl.No.	Name of Bank	Name of Central Excise / Service Tax Commissionerate for which the Bank is authorised to collect Revenue through e-Payment
1.	Union Bank of India	All Commissionerates
2.	State Bank of India	All Commissionerates
3.	Punjab National Bank	All Commissionerates
4.	Indian Overseas Bank	All Commissionerates
5.	State Bank of Travancore	All Commissionerates
6.	Bank of India	All Commissionerates
7.	Corporation Bank	All Commissionerates
8.	State Bank of Saurashtra	All Commissionerates
9.	Indian Bank	All Commissionerates
10.	State Bank of Patiala	All Commissionerates
11.	State Bank of Hyderabad	All Commissionerates
12.	Syndicate Bank	All Commissionerates
13.	State Bank of Bikaner& Jaipur	All Commissionerates
14.	Vijay Bank	All Commissionerates
15.	State Bank of Indore	All Commissionerates
16.	Bank of Maharastra	All Commissionerates
17.	Canara Bank	All Commissionerates
18.	State Bank of Mysore	All Commissionerates
19.	United Bank of India	All Commissionerates
20.	Bank of Baroda	All Commissionerates
21.	UCO Bank	All Commissionerates
22.	Dena Bank	All Commissionerates
23.	UTI Bank	All Commissionerates at Delhi, Bangalore, Hyderabad, Mumbai
24.	ICICI Bank	All Commissionerates at Delhi, Chennai, Hyderabad, Mumbai
25.	HDFC Bank	All Commissionerates at Delhi, Bangalore, Kolkata, Mumbai
26.	IDBI Bank	All Commissionerates
27.	Oriental Bank of Commerce	All Commissionerates

 

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0 File Income Tax Return Online/calculate Tax Liability 09-10

Dear Friends,

Online Income tax Return is now popular with internet users.Not only it saves Time but with the help of online software available ,you can fill It return with very easily so it also work as a professional assistance  .These software /modules are designed a way so that you can fill information in a very user friendly manner.Instruction are given for each and every columns where ever required.

Skorydov is leading company in providing e filing solution in India .For Individual return  they are providing services at  little cost .You can go and fill your return with your form 16 in easy steps and with in 10-15 minutes .Registration is also very simple .Just select your user name a valid email address and start filing your return online .A process chart has been given to under stand the whole process.( Process Flow)


For corporates also they are providing services by which they can assist there employees to file income tax returns


Skorydov  has started  these services Last year and more than 1.50 lakh users has used their services.They are providing these services under a brand name MyITretrun .Its very secured ,easy services.Benefit of this return is that all the calculation will be done by software and no need to fill duplicate form .no need to register your pan at income tax site.Some time its very difficult to register a name on pan does not match with pan data.(though name error solution is available here ).so just fill your details plus form 16 details or other income if any ,that all ,your ITR-V form will be generated ,if you have digitally signed then no other process required and if not digitally signed then print Itr-v and furnish to Income Tax depart with 15 days of filing of the retrun.(read more about itr-v )




Now they are also one more Interesting Features .These software/Modules is free can be used without depositing any money, money is required to be deposited at the time of filing of return , you are welcome to enjoy free service.


Free Calculation of Tax Liability For Fy 2009-10 
Yes ,you can plan for Individual tax planing from this Tool you can plan your TDS/advance tax etc so that  last minute rush can be avoided .


so go Green and file your IT return online .Now its your choice either go for "ONLINE" or "INLINE"

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0 Know Challan Details-By Sms From NSDL

SMS BASED SERVICE FOR CHALLAN STATUS

National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for availing this facility is as under:

1. The tax payer can send an SMS to 575758 with a message containing the word CSI followed by a space and CIN provided by the respective Bank at the time of making the Direct tax payment.

2. The CIN should be separated by comma (,).

3. Challan Identification Number (CIN ) consists of details such as BSR Code of Collecting Branch (seven digit) , Challan Tender Date (DDMMYYYY) and Challan Serial No (length less than or equal to 5 digit) and Amount.

4. The amount is an optional field. If the amount is entered by the tax payer he would get the confirmation whether amount entered is matched or otherwise as per NSDL database.

For e.g., if the tax payer input “CSI 0510001,11032009,5,5000” where in “0510001” is the BSR code of the collecting branch, “11032009” is the Cha llan tender date,“5” is the Cha llan serial number and “5000 is the amount paid by the taxpayer.The tax payer will get the information against which TAN/PAN the payment
has been accounted with the confirmation wh ether amount entered is matched or not. (This is an illustrative challan identifica tion number, actual CIN should be provided in the SMS).

Note:1:There will be special charges for these SMS. These charges may vary from one mobile service-provider to another. The charge structure can be obtained from the concerned service-provider.
Note-2:The Challan status is updated in seven days as the bank server are not attched with the NSDL and data of challan deposit through banks are uploaded by Banks maximum within a week Time.
earlier NSDL has also started Pan/Tan application status Information through Sms.

Know Flow chart of Transaction of CIN(OLTAS:online accounting system)

Pan application Status Through Sms:

INPUT:SMS to 53030 with a message containing the word PAN followed by a space and the 15-digit acknowledgment number provided at the time of submission of application i.e., PAN ACKNOWLEDGMENT NUMBER.

OUTPUT:YOUR TAN,NAME,DATE OF DISPATCH


Tan application Status Through Sms:

INPUT:SMS to 53030 with a message containing the word TAN followed by a space and the 14-digits acknowledgment number provided at the time of submission of application i.e., TAN ACKNOWLEDGMENT NUMBER

OUTPUT:YOUR TAN,NAME,DATE OF DISPATCH

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0 TDS Deposited in wrong Section-How To correct.

Basic question with us How to adjust TDS amount if we have wrongly deposited in other section ?

 NSDL has issued a list of Inconsistencies (given below) regarding ETDs return and mismatch or Challan in etds return ,and corrective action required against each error.In this List incorrect section error has not been shown .So in my view while matching the CIN(challan identification number) from etds return filled by deductor with data of challan uploaded by the bank ,Nsdl does not give importance to section under which tax is deposited.

However ,if any situatation arises ,then we should adjust the tax with in same section as far as possible instead of adjusting the tax with other section in same assessment year.

Suppose: A has wrongly deposited 3000 tax in section 194 J instead of section 194C in the month of October,2008 .Tds payable for section 194 C is nil for october but it is likeley that TDS will be payable u/s 194 C in next months, which will be more than 3000.

In this situation ,we should depsoit a addtion amount for 194 J for the month of October .and adjust the excess tax deposited u/s 194C against the tax payable in Next months . but this suggestion is very difficult to adopt if amount is huge .In that case the below action is better.

List of Inconsistencies and corrective action required against each error(in table below)

so on the basis of point wise answer to queries is given hereunder.

Query 1:In our company, they paid TDS for Rs. 15331/- under 194 I in the m/o Nov 2007, whereas the liability is Rs.14878/- for the m/o Oct 2007. In the same month the liability under contractors is Rs.12325/- whereas they made payment for Rs.11872/- under 194 C. Now can we adjust this excess payment made under 194 I with Less payment made under 194 C.Note : Entries made by predated, so thats y the diff occurs. And the Excess payment under 194 I was shown in the Returned filed.



Ans:As per details provided by you this transaction relates to a period Oct 2007,for which you have already have furnished the returns for that period ,Assessment year for period 2007-08 is also near to close ,so now at this time no benefit to revise the return.The only remedy left to you that on receiving notice from the ITO (if any), explain your situation and got the excess TDS adjusted against section 194J.If above query is related to October 2008 then you know the details about "how to fill Etds return if excess Tds deposited earlier" from my earlier post given in the link.

Query 2:I have made a mistake while depositing TDS, instead of depositing TDS under 194J wrongly I have prepared challan Under 194A request you to please tell me, that what corrective actions are to be taken in regards to this to change the data in NSDL.also if I file e-tds returns considering TDS Challan as 194 J and also issue TDS cert to the parties Under 194J what are the repercussion.


As explained above NSDL has not given such error in inconsistencies List so we can assume that such errors are being ignored by them ,hence no action required .But I have not done practical of this yet.so my suggestion to you go far Etds return with section 194J and issue certificate (form 16A) to deductee as there is no remedial action suggested by the department.If any problem arises at later stage then you can explain it as there is no malafide intention.The main problem in this action is as per new Income tax rules that Due tax credit to the deductee can be denied if etds return does not matched with the Bank data.
Further deposit in incorrect section ,if this error is added in the error List at later stage ,power to correct the same will be given to Assessing officer ,Like given for incorrect Tan in above List.

Check a Presentation on what are the Etds inconsistencies & corrective actions required.

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0 Period /Date In Form 16 ,if salary paid late.

Some of our employees left company in october month.  That time we had not calculated and decided about giving notice pay, LTA to them.But in the month of Jan.,09 we decided to give them notice pay and also LTA upto October, 2008.  We paid them LTA & Notice pay in Jan., 09 and that time we deducted tax from their LTA, Notice Pay and paid to govt.

But now we have to issue them form 16.  Since the employee were on payroll upto October, 08, form 16 is to be prepared for 01.04.08 to 31.10.08 or since we paid them Notice Pay and LTA and settlement in Jan., 09 and tax also dedcuted that time, the period in form 16 shall be either 01.04.08 to 31.1.09 or 31.03.09.

Kindly let me have your valued reply, whether period in form should be 01.04.08 to 31.10.08 or it should be 31.01.09/31.03.09.

Ramesh Salvi

Dear Ramesh Ji,

As far as my knowledge is concerned there is no specific instruction/circular or notification about your query by the Department.So we should resolve it by other rules/section connected with the issue.Moreover in my opinion this issue is not also important if all the option falls under the same previous year .

1)As per section 15 of the income tax act salary is taxable on the due or received which ever is earlier basis

2)As per section 192 of the Income tax act Tax is required to be deducted from salary payment at the time of Payment.

so as per fact given by you ,your company had not calculated and decided about the LTA & Notice period salary payment .This line gives me indication that though the Notice pay & Lta is payable to the employee as per terms of employment but due to some decision making delay, it has been paid in th Month of January ,2009.

you have given three possible dates

1) 01.04.08 to 31.10.08(actual worked)

2) 01.04.08 to 31.01.09(date of payment)

3) 01.04.08 to 31.03.09(financial Year)

third date(complete financial year)  irrespective of period of actual working is not appropriate and ruled out.If this the case, then there is no need for the period column in form 16 at all.

I go far the period 01.04.08 to 31.10.08 as the salary given to employee,is related to the actual  period of working and payment of the same amount in January is a matter of late payment only.Due to late payment, period shown in Form 16 should not be extended.

The same column is also given in the Annexure II of form 24Q ,quarter IV etds return ,mentioning correct date in that form is more important .As per new rules of income tax ,Form 16 is now only for reference document for the employee and not required to be attach with the Income tax return. Income tax department will complete the Tax assessment of employee on the basis of the ETDS return submitted by the deductor.

Download Form 16/16A in excel & know due date to issue form 16

Please comment.

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