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Disallowance of Cash Payments exceeding Section 40A(3) exception Rule 6DD

1. History of section 40A(3):  Section 40A(3) was introduced by the Finance Act 1968 as a provision designed to counter evasion of tax through claims for expenditure shown to have been incurred in cash with a view to frustrating proper investigation by the Department as to the identity of the payee and the reasonableness of the payment.

The section has over the years gone many changes and vide the Finance Act of 2008 w.e.f. 1-4-2009 substantial changes in the whole scheme of Section 40A(3) have been made. Many of the issues relating to Section 40A(3) have been settled vide these latest amendments. For the sake of brevity this note does not delve into the legislative history of amendment to Section 40A(3) and concentrates on issues relevant for AY 2009-10 and beyond.

2. Scheme of Disallowance in Respect of Cash Payments
  • Disallowance under Section 40A(3): No deduction is allowed in respect of which a payment or aggregate of payments exceeding rupees twenty thousand are made to a person in a day otherwise than by an account payee cheque drawn on a bank or account payee bank draft.The disallowance under Section 40A(3) are relevant for computation of income under the head “income from business or profession” and by virtue of Section 58(2) these provisions also apply to computation of income under the head “income from other sources”.
  • Subsequent disallowance due to violation of Section 40A(3) in a year other than the year of allowance of deduction of expenses [Section 40A(3A)] : Where an allowance has been made in the assessment for any year in respect of any liability incurred  by the assessee for any expenditure and subsequently during any previous year a payment is made in violation of Section 40A(3) then such payment is deemed to be the profits and gains of business or profession and accordingly is chargeable to income-tax as income of the subsequent year.
  • No disallowance under circumstances prescribed in Rule 6DD
  • Higher exemption limit of rupees thirty five thousand for cash payment in case of transporters
3. Applicable Rule of Statutory Interpretation

Being a provision specifically designed to counter evasion of tax the principle of strict literal interpretation generally applicable to Taxing Statutes shall not apply. A provision or statute designed to prevent fraud upon the revenue is more properly a statute against fraud rather than a taxing statute and for this reason is liable for liberal construction in favour of revenue.

State of Tamil Nadu vs Kandaswamy AIR 1975 SC 1871 (para 26) & Hotel Balaji vs State of AP, AIR 1993 SC 1048.


4. Burden of proof

Whereas the burden of proof for establishing that payments exceeding rupees twenty thousand are made to a person in a Expenses or Payments not deductible under day otherwise than by an account payee cheque drawn on a bank or account payee bank draft lies on revenue the burden of establishing that the case falls under the exclusionary provisions of Rule 6DD lies on the assessee.

5. Crossed cheque versus account payee cheque

Over the years the provisions of Section 40A(3) have been made stringent. With effect from 13th July, 2006 vide the Taxation Laws (Amendment) Act, 2006 the change over from crossed cheques to account payee cheques was made. 

  • 5.1 Rationale of changing over to account payee explained: A crossed cheque or crossed bank draft is not a non-negotiable instrument. This has, at times, resulted in crossed cheques being endorsed making it difficult to trace final payee and thus defeating the provisions of Section 40A(3). However, as per the RBIs instructions to commercial banks, an account payee cheque or account payee bank draft cannot be credited to any account other than the account of the payee. The Act has accordingly amended the aforementioned subsection (3) and sub-section (4) to substitute the expression a crossed cheque drawn on a bank or by a crossed bank draft, in both the sub-sections, by an account payee cheque drawn on a bank or account payee bank draft in both the sub-sections, by an account payee cheque drawn on a bank or account payee bank draft.  CIRCULAR NO. 1/2007, DATED 27-4-2007
  • 5.2 Crossed cheque: As per Section 126 of the Negotiable Instruments Act, 1881 a crossed cheque is a cheque which is payable only through a collecting banker and not directly at the counter of the bank. Crossing ensures security to the holder of the cheque as only the collecting banker credits the proceeds to the account of the payee of the cheque. When two parallel transverse lines, with or without any words, are drawn generally, on the left hand top corner of the cheque. A crossed cheque does not affect the negotiability of the instrument and thus these can be endorsed but unlike a bearer cheque it cannot be encashed across the counter.
  • 5.3 Account payee cheque: Account payee cheques are not defined under the Negotiable Instruments Act, 1881. Making a cheque A/c payee is a result of custom, use and practice and the same is now legally accepted. As per English Law in this type of crossing the collecting banker is supposed to credit the amount of the cheque to the account of the payee only. The cheque remains transferable but the liability of the collecting banker is enhanced in case he credits the proceeds of the cheque so crossed to any person other than the payee. This position was endorsed in India vide Reserve Bank of India (RBI) circular DBOD.NO.BC.23/21.01.001/92 dated September 9, 1992 which said that banks which credited cheques drawn in their favour by other banks marked ‘A/c. payee’ to the accounts of constituents who were not named payees therein, without proper mandate of the drawer did so at their own risk and were held responsible for the unauthorized payment.
  • 5.4 After receiving complaints after the IPO (Demat) Scam, the RBI vide circular DBOD.BP.BC No. 56/21.01.001/ 2005-06 dated January 23, 2006 has prohibited the banks from crediting ‘A/c payee’ cheque to the account of any person other than the payee named therein. The RBI has since directed that banks that should not collect A/c payee cheques for any person other than the payee constituent and where the drawer/payee instructs the bank to credit the proceeds of collection to any account other than that of the payee, the instruction being contrary to the intended inherent character of the ‘A/c payee’ cheque, the bank should ask the drawer/payee to have the cheque or the account payee mandate thereon withdrawn by the drawer. After this an ‘A/c. payee’ is no longer transferable.
  • 5.5 The CBDT have clarified that the word ‘cheque’, which  is not defined in the Income-tax Act, will have the same meaning as in Section 6 of the Negotiable Instruments Act, viz., ‘a bill of exchange drawn on a specified banker and not expressed to be payable other than on demand’. It has also been clarified that the word ‘bank’ as used in Section 40A(3) is wide enough to include any person carrying on the business of banking, and thus would include a co-operative land mortgage bank or any other co-operative society carrying on the business of banking. Indigenous money-lenders’ banks are also ‘bank’, provided they are specifically notified under Section 49A of the Banking Regulations Act Circular No. 6-P, dated 6-7-1968
6. Law as on the date of making of payment to apply:

One of the new issues being raked up now is that wherein liabilities were incurred prior to 13.7.2006 and payments after this date have been made by crossed cheques no disallowance can be made as in the year of incurring of liability payment by crossed cheques was allowable. This is an erroneous proposition as 
  • (a) Section 40A(3) being an anti-evasion measure a purposive interpretation that curbs the mischief has to be given to the Section 
  • (b) In no way can it be held that the assessee gets a vested right in making a payment by crossed cheques in subsequent years as this mode of payment has been held by the Parliament to have defeated the purpose of introduction of the section itself. 
  • (c) In past whenever the limit of cash expenses in Section 40A(3) was enhanced the enhanced limit was made applicable to all payments made subsequent to this date irrespective of the fact that in the year in which the liability was incurred a lower limit might have been in place 

7. Provision is constitutionally valid –

Section 40A(3) cannot be said to be invalid on the ground that it places a restriction on the right to carry on business and is arbitrary [Attar Singh Gurmukh Singh v. ITO [1991] 191 ITR 667 (SC).]

Even after the deletion of sub-clauses (1) and (2) of rule 6DD(j), Section 40A(3) cannot be considered as constitutionally invalid. On the contrary, the objects of curbing the circulation of black money and regulating the business transactions become more strengthened and it avoids any undue advantage being taken by unscrupulous assesses or litigation being multiplied. 

One cannot plead ignorance of law and make cash payments contrary to law. It is too late in the day to accept any such proposition. In the present day banking scenario the mode of payment by way of crossed cheques or demand drafts cannot be said to be an onerous duty cast on an assessee, which can be made a foundation for attacking the validity of the provision [Smt. Ch. Mangayamma v. Union of India [1999] 106 Taxman 339/239 ITR 687 (AP).]

8. Meaning and scope of word ‘expenditure’ for purposes of Section 40A(3) :

Section 40A(3) refers to the expenditure incurred by the assessee in respect of which payment is made. It means all outgoings are brought under the word ‘expenditure’ for the purpose of the sub-section. The expenditure for purchasing the stock-in-trade is one of such outgoings. [Attar Singh Gurmukh Singh v. ITO [1991] 191 ITR 667 (SC). ]

Even if the payments were made by way of advances and were ultimately treated as discharging the liability to pay the price of the goods purchased, the payments so made must be considered to fall within the expression ‘expenditure’ incurred for payment of the price of the goods –Kejriwal Iron Stores v. CIT [1988] 169 ITR 12 (Raj.).

Payment for purchase of goods covered by 40A(3) –Argument that Section 40A(3) deals with only deductions dealt with in Sections 30 to 37 and cost price of goods is covered by Section 28 and hence Section 40A(3) will not apply, was rejected – The expression ‘expenditure’ used in Section 40A(3) should not be given too narrow a meaning to restrict it from applying to payments for purchase of goods – To give such a narrow interpretation to the expression ‘expenditure’ and to exclude from its meaning payments made for goods purchased is to make it difficult for the revenue to properly investigate the payments, to open the door wide to allow evasion and thus to defeat the very object which the provision was designed to achieve.

CIT VS Grewal group of Industries (P&H) 110 ITR 278 U.P. Hardware Store Vs CIT (All) 104 ITR 664
CIT Vs Kishan Chand Maheshwari Dass (P&H) 121 ITR 232
Sajowanlal Jaiswal Vs CIT (Ori) 103 ITR 706
Hari Chand Virender Paul Vs CIT (P&H) 140 ITR 148

9. Payment made in advancing loans and returning the principal amount of borrowed money not covered by Section 40A(3) :

Advancing of loans or repayment the principal amount of the loan do not constitute expenditure deductible in computing the taxable income. However, interest payments made in contravention of provisions of Section 40A(3) are disallowable, as interest is a deductible expenditure-Press Note : Dated 2-5-1969, issued by Ministry of Finance.

10. Limit applies to cash portion of payment –

Where the payment was made partly in cash and partly by way of post-dated cheques, Section 40A(3) will apply only if the cash payment exceeded the prescribed limit –

H.A. Nek Mohd. & Sons v. CIT [1982] 135 ITR 501 (All.).

11. Limit applies to all items in a bill, and not to individual items –

Section 40A(3) concentrates on the size of the payment and the manner of the payment. If different items are included Expenses or Payments not deductible under in a single bill, it would not be right to dissect the bill and find out whether each item of expenditure is above Rs. 10,000 (now Rs. 20,000); the proper way is to read the entries in a wholesome fashion

- Addl. CIT v. Shree Shanmuga Gunny Stores [1984] 146 ITR 600 (Mad.).

12. Genuineness of transaction not sufficient :

It would amount to defeating objective of enactment, if claim allowed on the basis of transaction is genuine, identity of party established etc. – Assessee has not been able to make out a case of unavoidable circumstances so as to claim benefit of Rule 6DD(j).

- T.G. Mutha Vs ITO (ITAT, Pune) 54 ITD 460

Assessee had bank account in the same place of customers –No reason to issue bearer cheques - Not merely genuineness of transaction, but existence of circumstances warranting cash payment to be proved.

Associated Engg. Enterprise Vs CIT (Gau) 216 ITR 366
Late Smt. Jyoti Chellaram Vs CIT (AP) 173 ITR 358
Evershine Platers Vs CIT (All) 295 ITR 349
Aggarwal Steel Traders Vs CIT (P & H) 250 ITR 738

Even if transaction is entered in the books of other party, unavoidable circumstances to be proven.

CIT Vs Assam Tribune (Gauhati) 221 ITR 488

Running account for commission in the books – Payments made out of them in excess of Rs. 2,500 in cash at various points – Section 40A(3) applies.

Porwal Udhyog (India) Vs CIT (MP) 135 ITR 591

In a place where banking facilities are available, exemption cannot be granted merely because recipient had not opened bank account – Addition under Section 40A(3) upheld.

ITO Vs Kenaram Saha & Subhash Saha (ITAT,SB-Kol) 116 ITD 

13. Provisions of Section 40A(3) will apply to transactions outside the books of accounts

Where income from an undisclosed business is brought to tax, provisions of Section 40A(3) will come into play. It was necessary to bear in mind that even if an exceptional or unavoidable circumstance was pleaded, the revenue must have data with it to verify the genuineness of the transaction and the identity of the recipient of the cash payment. If what the Tribunal stated was correct, the entire provision would be rendered otiose and that interpretation could never be placed on a provision. This case also held that Section 40A(3) would apply to Block Assessments.

In this case reasoning given by the ITAT while granting relief to the assessee in 48 ITD 202 (Ahd.) also included the rationale that provisions of Section 40A(3) would be inapplicable where income of assessee is estimated by invoking proviso to Section 145(1) on basis of gross profit by using comparative instances. While reversing this order,the Hon’ble High Court has impliedly also overruled this finding of the ITAT.

CIT Vs Hynoup Food and Oil Ind. P. Ltd. (Guj) 290 ITR 702

After considering the non obstante clause in s. 40A (1), we Expenses or Payments not deductible under hold that certain payments and expenses which would be otherwise deductible under Sections 28 to 43, would not be deductible if the conditions of Section 40A (3) of the Act, are satisfied. Thus, we reverse the conclusion of the CIT(A) on this legal proposition and hold that a disallowance under s. 40A (3) is permitted even in a case where the net profit has been estimated at a flat rate on the receipts.

ITO vs. D. D. HAZARE 45 ITD 595 (Bombay)

As regards Section 40A(3) not being taken into account where assessment is by estimation basis on GP rate, the principle invoked in the judgments relied upon is not of universal application. If the estimated income impliedly takes into consideration the expenditure incurred, the said principle may apply. If the expenditures which are legally not permissible has been taken into account, the same can certainly be disallowed. The judgments relied upon on behalf of the assessee did not discuss the issue of impermissible expenditure. 

Rule 6DD of the Rules allows cash expenditure to be taken into account if circumstances in which the expenditure is incurred can reasonably explained. In the present case, the assessee has not been able to cover its case under rule 6DD. In the circumstances, the Assessing Officer was justified in disallowing expenditures incurred in contravention of Section 40A(3). This case also held that Section 40A(3) would apply to Block Assessments. 

CIT vs. Sai Metal Works 241 CTR 377 (P & H)

Section 40A(3), read with Section 40(b), of the Income tax Act, 1961 - Business disallowance - Cash payment  exceeding prescribed limit - Assessment year 1989-90 - While computing total income of assessee-firm, Assessing Officer disallowed an amount of Rs. 5,15,000 under Section 40A(3) being amount of interest paid in cash to minor daughter of a partner - Facts revealed that there were no exigencies warranting payment in cash; that interest of Rs. 5,15,000 was paid on Rs. 10 lakhs for a period of four months showing that transaction was of a colourable nature; and that interest received by minor from firm actually represented amount received by partner and, thus, transaction was also hit by provisions of Section 40(b) - Whether on facts, Assessing Officer was justified in disallowing payment of interest - Held, yes.

CIT vs. Muthoot M. George Bankers 220 CTR 517 (Ker.)

14. Rule 6DD applicability of certain exceptional situations


The scope and applicability of certain exceptional situations spelt out in rule 6DD have been explained in CBDT circulars/ judicial decisions, and these are briefly summarised below:
  • Clause (a)- Payment made to institutions like RBI, SBI etc. :Rule 6DD(a) applies only for payments to institutions referred to therein and not for payment made to any party’s account maintained in such institutions – Payments made in cash to the account of the suppliers maintained with banks did not qualify for deduction. CIT Vs K. Abdu & Co. (Ker) 170 Taxman 297
  • Clause (b) – Payments made to Government under the rules requiring that such payment be made in legal tender. The CBDT have clarified that payments made to the Railways on account of freight charges or for booking of wagons, and payments towards sales tax/excise duty are to be considered under this clause. - Circular No. 34, dated 5-3-1970 
  • Clause (d)- Payments made by way of adjustment against the amount of any liability incurred by the payee for any goods supplied or services rendered by the assessee to such payee. This exemption is held to operate only when the adjustment is made directly in the payee’s account, and that the prohibition in Section 40A(3) is attracted to cases where book adjustments are not so directly made. CIT v. Kishan Chand Maheshwari Dass [1980] 121 ITR 232 (Punj. & Har.).
  • Clause (e) - Payments for agricultural produce - Under this sub-clause, payments for the purchase of agricultural or forest produce is excluded, only where the payments are to be made to the cultivator/grower/producer. If the produce undergoes change and then sold, the exclusion will operate.For example, payments made to a grower or producer of kapas ginned by him, or to a grower of paddy which has been converted by him into rice and then sold, the exclusion will still operate. Press Note, dated 2-5-1969 Payments to middlemen for the purchase of agricultural produce do not as such come under this sub-clause. Letter F. No. 1/22/69-TPL (Pt.), dated, 18-4-1969 Similarly, payments to arhatiyas do not fall for exclusion under this sub-clause. Similarly, payments to arhatiyas do not fall for exclusion under this sub-clause - Circular No. 34,  dated 5-3-1970. Circular No. 34, dated 5-3-1970 
  • Rule 6DD(e)(ii) provides relief from the operation of Section 40A(3), inter alia, where the payment exceeding a sum of Rs. 2,500 is made for the purchase of produce of animal husbandry to the producers of such articles. Where, however, the purchases were of hides and skins and the assessee had failed to establish that the payments were made to the producer, the aforesaid relief would not be available. Ideal Tannery v. CIT [1979] 117 ITR 34 (All.). Words ‘cultivator, grower or producer’ occurring at the end of Rule 6DD(e) qualify the words occurring in all the preceding four sub-clauses and not only in sub-clause (iv). Thus, the exemption is confined to grower or producer of forest produce and not available for purchases made from others. CIT v.Pehlaj Rai Daryanmal [1991] 190 ITR 242 (All.). Hoshiarpur District Co-operative Milk Producers Union Ltd. cannot be considered to be a producer of milk as its constitution does not permit individual producers to be its members and consequently, payment made by the assessee to the said union cannot be treated as payment made to producer of milk. Chanchal Dogra Vs ITO (HP) 67 DTR 108
  • Clause (j)- When bank is on holiday or on strike - This clause was inserted with effect from 1-12-1995, so as to exclude payments required to be made on a day on which the banks were closed either on account of holiday or strike. Prior to 1-12-1995 also, the exclusion was available under executive instructions - Circular No. 250, dated 11-1-1979 and Letter F. No. 142(14)/70-TPL, dated 28-9-1970. 
  • Clause (k)- payment made to agent : Employee is not ‘agent’ Dy. CIT v. Vijay Kumar Ramesh Chand & Co. [2007] 108 ITD 626 (Pune - Trib.) 

15. Return of paid cheques

In order to facilitate the production of paid cheques to the assessing authorities in order to prove that the payments have been made in the manner laid down in Section 40A(3), the CBDT have clarified that the banks must return the paid cheques to their constituents (i.e., the assessee) after obtaining a formal undertaking from them to the effect that they would retain the paid cheques for a period of 8 years, and produce them before the ITO whenever called upon to do so -Circular No. 33, dated 29-12-1969.

16. Documents /Information to be collected by the A.O.
  • i. Whether the payment of the cash is made directly to the farmer/ cultivator/ grower/ producer etc. or Brokers/Adhatiyas? This can be done from the actual verification of vouchers.
  • ii. Whether the Goods were purchased through APMC?
  • iii. In some cases depending upon the facts, cash book can be called for verification to ascertain the quantum of cash payment.
  • iv. Recipients’ location and availability of Banks at the place of transaction.
  • v. Details of the actual account in which the cheques have been cleared can be obtained from Bank.
This post is based on Book given to assessing officer by Department in a certain state in India.

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PREMIUM CHILD MARRIED PREMIUM child plan childeren name children education allownces chip based atm card cibil cibil for companies CII 2007-08 CII 2008-09 CII 2010 cii 2012-13 CII2011-12 cin CIRCULAR 3/2010 DT 2.03.2010 CIRCULAR 8-2010 CIT v. 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DEPRECIATION ON INTANGIBLE ASSETS depreciation rate depreciation rate 2009-10 DETAIL AFTER E FILLING DETAIL OF TIN Determination of value DIFFRENT TYPE OF TAXES digital signature din direct payment in bank account DIRECT SUBSIDY direct tax bill direct tax changes in budget direct tax code direct tax code 2009 Disability insurance discussion Paper distribution of salary dividend distribution tax dividend striping dnd do not call. document identification number document ientification number documents required for service tax registration domestic transfer pricing donation dot double taxation dow jones download download 89(1) relief calculator download direct tax code 2012 download form 16A download fvu download idfc INFRA BONDS FORM draft reply drawback rates dtaa dtc DUE DATE AY 2010-11 due date ay 2011-12 due date extended due date extended to 31.08.2012. due date for service tax return due date form 16 due date form 16a due date June due date march tax due date of return 2008-09 due date pf esi due date to deposit tds DUE DATES DUE DATES CALENDAR DUE DATES CALENDER DUE DATES INCOME TAX DUE DATES SERVICE TAX DUE FAMILY PENSION DULICATE PAN DUPLICATE TAN dvat e book Income Tax rules e book on service tax E ERA OF TAXES e filing do and don'ts e filing of audit report e filing processing status e filing software excel free e filing through evc e filing utilities e mode for notice to shareholder e notice to share holder e payment of epf E PAYMENT OF EXCISE DUTY e payment of income tax E PAYMENT OF SERVICE TAX e payment of tds E STAMP DUTY e tutorial for TAN registration E-1 FORM E-1 SALE e-commerce E-FILE SERVICE TAX RETURN e-Intermediary e-payment from friends account E-PAYMENT OF SERVICE TAX e-payment of taxes E-SEVA BY ICAI e-TDS/TCS statements earn from home earned leave Easy Exit Scheme ebay EBOOK EBOOK ON SERVICE TAX economic survey economic survey 2010 economic survey 2011 economic survey 2012 Edible Oils EDITABLE INCOME TAX FORM education cess EDUCATION LOAN eet EFFECTIVE DATE CST RATE REDUCTION effective date of allowncs efiling errors efiling free efiling income tax return efiling of excise return efiling registration problem Electricity act ELECTRONIC FOREX TRADING Electronic Verification Code (EVC) elegent card on holi ELSS EMANAGEMENT OF TAXES EMI CALCULATOR empanelment as branch auditor EMPLOYEE PROVIDENT FUND employee state insurance employee state insurance act 1948 employee state insurance act Limit employer e sewa eMudhra Consumer Services entries r off in 50 paisa entries rounded off in rs ENTRY TAX entry tax punjab epf epf challan epf claim epf e passbook EPF FAQ epf int rate 11-12 epf interest exemption epf interest rate epf interest rate for fy 2010-11 epf limit epf online EPF ONLINE CHALLAN GENERATION epf statement EPF TRUST epf withdrawals epfo equal monthly installments equity funds ER-1 ER-2 er4 form online error in etds return error in st-3 esi esi contribution esi limit 10000 esi limit 15000 esi limit from 01.05.2010 esi return ESOP ETABF ETAX etcs etds etds correction etds defualts etds due date ETDS FVU 3.1 ETDS PAYMENT ETDS Q4 ANN II etds retur with insufficient pan etds return ETDS RETURN DUE DATES etds return less deduction of tax. ETDS RTEURN SOFTWARE etds software etds without pan etrip Excel EXCEL 280 excel add in EXCEL CII excel form 16 EXCEL SHORT CUTS excel software excell add in EXCESS TDS Exchange-traded fund exci excise excise changes in budget EXCISE FORMS excise notification Excise on branded goods excise on utensils excise rate reduced EXCISE REGISTRATION exclusion from capital asset exempted capital gain exemption limit increased EXEMPTIONS IN FEW SERVICES exice duty on new items EXIDE CASE CALKUTTA HIGH COURT EXPANSION OF EXISTING SERVICE EXPLANATORY NOTES TO FINANCE ACT(2) 2009 export EXTENSIBLE BUSINESS REPORTING LANGUAGE extra level security in credit card face book url face book username facebook fake prize money family pension FAQ faq on fbt on esop FAQ VAT fast facts father can claim for son studies FAX FROM COMPUTER FBT FBT CALCULATOR fbt challan FBT ON ESOP fc(r) ACT fd interest rate fdi in insurance and telecom fdr FEMA FIGURES TO WORDS fii file free etds statement file validation utility 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TAX ACT INCOME TAX ACT EBOOK income tax act tds 194C Income tax benefit in budget INCOME TAX CALCULATOR INCOME TAX CALCULATOR 09-10 income tax calculator 12-13 Income tax calculator 2011-12 income tax case selection income tax changes in budget 2010 income Tax circular income tax circulars from 1961 income tax code 2009 income tax due date extended INCOME TAX FORM FILLABLE income tax forms income tax help tool bar income tax notice on late deposit of tds Income tax notification income tax notification from 1961 income tax office income tax payment through atm income tax rate chart. i tax rates 12-13 income tax rates after budget 2012 income tax rates fy 2013-14 income tax refund income tax return income tax return 2011-12 INCOME TAX RETURN 2015-16 income tax return due date INCOME TAX RETURN EXEMPTION income tax return form INCOME TAX RETURN FORM 12-13 INCOME TAX RETURN FORM EXCEL income tax return form itr-2 income tax return last date Income tax rules INCOME TAX SLAB income tax slab in dtc income tax slabs INCOME TAX SLABS AFTER BUDGET income tax ules 9th amendment INCOME WISE ITR FORMS INCOMETAX 6TH PAY inconsistancies in etds returns inconsistencies in etds returns INDEMNITY BOND India against corruption india budget INDIA VS AUS India win world cup INDIAN BANK CHARGES INDIAN INCOME TAX CALCULATOR 2007-08 indian rupee indirect tax proposals INDIVIDUAL HUF TAX RATES indusind bank INFLATION INDEXED NATIONAL SAVING SECURITIES infosys infra bonds limit increased infrastructure Bonds inoperative accounts INPUT SERVICES instruction no 9/2010 INSTRUCTION TO FILL ITR-2 Insurance insurance claim Insurance policy intangible assets INTER BANK MOBILE TRANSFER inter haed loss adjustment interest interest free laon Interest from bank interest on borrowing capital INTEREST ON HOUSE LOAN INTEREST ON LATE DEPOSIT INTEREST ON LATE GRATUITY PAYMENT interest on ppf account interest on self occupied house interest on small savings interest rate on late deposit interest rate on tds 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(154 ITR 148) meaning of transfer in capital gain meanings of finance terms medical insurance premium MEDICAL OFFICER medical u/s 80D MEET MENREGA merge ledger in tally MICR CODE Microsoft Microsoft Excel military pay minimum alternative tax minimum balance minimum experiance for bank branch auditor minimum experience for bank branch auditor minimum service minimum wages mip mis matching MISTAKES IN ETDS RETURN mistakes in itr mistakes in return filling Mobile Number Portability Money MONEY MATTERS CASE Money Mistake monthly income plans monthly income scheme MOTOR INSURANCE MRTP ms excel MS OFFICE multipal challan multiple pan Mutual Fund mutual funds and tax MVAT AUDIT mvat audit form 704 Nabard Bonds name break up in pan nandan nilekeni NATIONAL ELECTRONIC FUND TRANSFER National Identification Authority NATIONAL SAVING CERTIFICATE NAV NEFT NEGATIVE LIST FOR TAX ON SERVICES Net asset value net banking new excise return form new 194 c NEW BASE RATE INTEREST NEW BASIC AND GRADE PAY new basic formula new coin new cut off limit for TDS new da rate new deduction NEW EST-1 new etds requirement NEW EXCISE DUTY ITEMS New Foreign Trade Policy NEW FORM ITR FY 2010-11 new fuv 2.110 new fvu 2.128 new income tax act new income tax calculator NEW INCOME TAX RATES new income tax return form 2010-11 itr-1 new income tax return form 2010-12 itr-1 New Infosys Chairman new itr form NEW ITR FORM AY 2011-12 new itr forms NEW ITR FORMS EXCEL new jeewan dhalan NEW PAN APPLICATION NEW PAN CARD NEW PARTNER ADDED NEW PAY BAND NEW PAY SCALE FOR UNIVERSITIES COLLEGES NEW PAYSCALE FOR PROFESSOR LIBRARIAN DPE new pension scheme to govt employee NEW RUPEE SYMBOL new rupee symbol font new sahaJ tax form new section 44AF new service tax rate 12.36 NEW SERVICES UNDER SERVICE TAX new tax form NEW TAX RATES new tds rate 2010-11 new tds rates fy 2009-10 new tds rules applicable. 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TAX profession tax PROFIT RATE UNDER 44AF provident fund dues PROVISION OF FBT ON ESOP provisioning of npa PSPCL PSTCL PSU PAY HIKE public limited company public provided fund PUBLIC SHARE HOLDING IN LISTED COMPANY punjab govt arrear calculator PUNJAB VAT punjab vat notification purchase of residential house pure agent qfi quarterly statement status rail freight railway budget railway budget 2012 railway ticket RAILWAYS BUDGET 09-10 RAILWAYS BUDGET 11-12 rajiv gandhi equity saving scheme RAJKUMAR S ADUKIA ramalingam Rate of return RATES AFTER BUDGET rates of service tax rbi RBI ACT RBI Circular on e-payment of taxes RBI FALSE CALLS RBI FALSE MAIL RBI INSTRUCTIONS GAR-7 RBI MONETARY POLICY rbi monetary policy 2012 RBI NOTIFICATIONS rbi report on customer services ready reckoner income tax REAL ESTATE Real Estate Investments REAL TIME GROSS SETTELEMENT reason for mis matching REBATE ON INPUT GOODS AND SERVICE REC Bonds rec infra bonds rec tax free bonds recent rectification of return online reducction in crr refinance calculator refund refund due to diff in valuation of perquisites refund of service tax on cancellation of tickets refund pilot scheme refund without matching registration charges tax saving RELIANCE COMMERCIAL FINANCE RELIANCE GOLD LOAN RELIANCE LIFE INSURANCE RELIANCE MUTUAL FUNDS relief calculator 2010-11 relief calculator fy 2011-12 REMUNERATION TO PARTNERS RENT rent a cab RENT RECIPT RENTING OF IMMOVABLE PROPERTY AFTER 01.07.2012 RENTING OF IMMOVABLE PROPERTY AFTER BUDGET 2010 repayment of housing loan REPLY TO CPC FOR NOTICE REPO RATE Reserve Bank of India reset password RESIDENTIAL STATUS RESOLUTIONS RESTAURANT restricted leave retail investor retirement planning retirement steps Retiring early retrospective amendment RETURN EXEMPTION SALARIED CLASS UP TO 5 LAKH RETURN FILING DATES return filing in odd conditions return for contractors tax deducted return not required with pan return of income RETURN PROCESSING RETURN UP TO 5 LAKH RETURN UPTO 5 LAKH REVENUE STAMP ON CHEQUE PAYMENT REVENUE STAP ON RECEIPT reverse charge on works contract reverse charge of service tax reverse mortgage reverse of 80C benefits REVERSE REPO RATE REVISE RETURN revised option date revised pay calculator revised return REVISED SCALE rgess rich right to reject RPF rpu rpu 1.7 rpu 2.2 rpu 2.5 rpu 2.7 RPU 3.00 rpu 3.1 RPU ITR 2011-12 rpu2.8 RTGS rti rti fees rule 12 of income tax return. RULE 2A rule 4A rule 6(4A) rule 6(b) rule 6DD rule3 rule40BA RUPEE SYMBOL s safety tips for atm SAHRE SHORT TERM CATIAL GAIN salary calculator SALARY ETDS Q4 salary in new direct tax code salary structure salary tds sale in transit sale of agriculture land SALE OF DEBENTURE sale of residential house SALES MEANING 44AB Sales tax samsung case saral 2 saral II SARAL II IN EXCEL Satyam Satyamevjayate SAVE TAX SAVING ACCOUNT saving bank interest saving bank interest rate saving linit u/s 80c saving more than income SAVING PASSBOOK sbi 9.75 % bonds SBI bonds sbi home loan SBI interest rates sbi net banking sbi rates SBIOAHC SCAM schedule VI companies act SCOPE OF ETDS STATEMENT SCOPE OF SERVICE ENLARGED SCOPE OF SERVICES WIDENED scrutiny fy 11-12 scrutiny selection search income tax seat wise/constituencies wise and party and party candidate wise latest position sebi SEC 194 C SEC 194 I sec 194 J secion 80c SECRETARIAL STANDARD secrutiny of itr section 10(10AA) SECTION 10(13A) section 10(38) SECTION 10(5) section 139(1) section 139(4) section 139(5) Section 14 SECTION 145 section 154 return online income tax section 16(iii) section 189 section 192 section 194-J SECTION 194A section 195 SECTION 195A section 197 SECTION 2(37A) section 201(1A) section 203(3) section 206(C)(5) section 205 SECTION 24(b) section 269SS 269T section 271(1)(c) section 282B Section 36(1)(vii) section 40(a)(ia) SECTION 40A(3) section 43(5) SECTION 44AB 2007-08 LAST DATE section 44AB limit SECTION 44AE SECTION 44AF Section 50 Section 50C section 54 section 54f SECTION 60 section 616(c) SECTION 64 section 66B service tax section 68 Section 73 section 80 M section 80c section 80CCF section 80D section 80E secured code master card Securities and Exchange Board of India security features sehaj self assessment tax Seminar on service tax changes Senior citizen Senior Citizens Savings Scheme 2004 service ta SERVICE TAX service tax code Service Tax (Removal of Difficulty) Order SERVICE TAX 2010 service tax ac class service tax accounting code service tax adjustment service tax audit SERVICE TAX CHANGES FROM 01.07.2012 service tax changes in budget Service TAX CLARIFICATION SERVICE TAX COMPLIANCE SERVICE TAX DEPOSIT DUE DATE SERVICE TAX DUE DATE Service Tax excel pdf word SERVICE TAX EXEMPTION LIMIT Service Tax Form excel pdf word SERVICE TAX FORMS service tax internet banking service tax notifications SERVICE TAX ON LAW FIRM ADVOCATES service tax on transportation of passengers by air service tax on advocates SERVICE TAX ON BROKERAGE service tax on ca service tax on coaching service tax on construction services service tax on director services SERVICE TAX ON DISTRIBUTION OF ELECTRICITY SERVICE TAX ON EDUCATIONAL SERVICES service tax on gta service tax on health services service tax on hotel clarification SERVICE TAX ON HOTEL ROOM RENT service tax on invoice basis service tax on lawyers SERVICE TAX ON LEASING SERVICE TAX ON PACKAGE SOFTWARE service tax on railway freight SERVICE TAX ON RENT service tax on road service tax on transmission distribution of electricity service tax on work contract tax service tax on wrong head service tax onr eimbursements SERVICE TAX PAYMENT SERVICE TAX PROCEDURES SERVICE TAX RATE CHART service tax rate effective date service tax rate reduced service tax rates increased SERVICE TAX REGISTRATION SERVICE TAX REGISTRATION LIMIT SERVICE TAX RETURN SERVICE TAX RULES service tax section 65(105)m SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME SERVICES CHARGES OF BANKS SERVICES TAXABLE servicetax set off in same head or other head. sevice tax on associate enterprises sez share share market SHARE SHORT TERM Capital GAIN share transfer share your thoughts SHOME COMMITTEE REPORT Short term capital gain depreciable Assets SHORT TDS SHORT TERM ACCOMMODATION short term capital gain 15 % SIM CARD SIMPLE TAX CALCULATOR single premium policy sip SIXTH COMMISSION sixth pay commission skimming slider based EMI calculator SLR small saving schemes small service provider smart buying tips software import son eduction loan father speak asia speak asia fraud speak asia online speed clearing spending habits SPF splitting of wages Spreadsheet SRVICE TAX CLARIFICATION ss patta ST-1 EXCEL ST-2 ST-3 stamp duty standing committee status of return STATUS OF TAX DEDUCTED statutory audit stay on demand notices STCG 10% 15% STGC Stock STOCK EXCHANGE STOCK MARKET FROM 9.00 AM. STOCK MARKETS stp STRUCTURE AND VALIDATION OF PERMANENT ACCOUNT NUMBER stt stt challan sub contractor SUBPRIME CRISES success secrets sugam Sukanya Samriddhi Account SUPREME COURT RENT sur name in pan surcharge cess on tds Surrender-Cancellation of Service Tax Registration survey income tax swiss bank Systematic Investment Plan tally 7.2 tally 9 tally easy tally erp9 tally recycle bin tally shortcut tally simple tally tips TAN TAN STRUCTURE Tariff Value Tax saving tax accounting standards TAX AMNESTY SCHEME tax benefit from budget TAX CALCULATION TAX CALCULATION 2008-09 TAX CALCULATION FORMULA ADDIN EXCEL TAX CALCULATOR tax calculator 10-11 TAX CALCULATOR 2008-09 tax calculator 2010-11 tax calculator after budget 2011 tax calculator financial year 10-11 tax calculator fy 11-12 tax calculator income tax tax collection Tax credit TAX DEDUCTED AT SOURCE CALCULATOR (TDS)2007-08 tax deducted at source return etds Tax deduction tax deduction at source chart TAX EVASION Tax free bonds TAX ON ARRERS tax on due date by cheque tax on perquisite TAX ON PROVIDENT FUND tax payment by internet tax payment from other's account tax payment online tax planning for salary TAX RATES tax rates changes in budget 2011 tax rates in new tax code tax return preparer tax saving capital gain tax saving mutual funds TAX SLABS tax through atm tax yogi taxable allowances Taxation Taxation in India TAXES BY INTERNET TAXMANN TAXPRO CHALLAN tcs on gold tcs on jewellery TCS ON MINERALS tcs rate chart TCS RATES tds certificate tds 194I Limit for deduction tds at less rate tds calculations tds calculator tds calculator after 1.10.2009 TDS CERTIFICATE tds challan 281 tds chart TDS CORRECTION TDS CREDIT MORE TAN ONE YEAR tds cut off limit changed tds deducted in march TDS DEFAULT BY EMPLOYER tds deposited on time tds due date tds man tds matching tds noitce tds not deducted penalty tds not paid TDS ON BANK INTEREST tds on car charges TDS ON COLD STORAGE RENT tds on commission tds on discount on prepaid cards TDS ON EPF tds on fees tds on immovable property TDS ON INTEREST tds on job work tds on Non resident tds on players tds on professional services tds on rent tds on royalty TDS on salary tds on sale purchase of property tds on service tax tds on service tax on professional services tds on service tax u/s 194-J tds on taxi hire charges tds on technical services tds on transporter tds on transportor tds on travel agent tds on umpires tds on vehicles tds online tds payment online tds payment online mandatory TDS PRESENTATION tds professionals TDS PROVISIONS TDS RATE 10-11 -TDS DEPOSIT TDS RETURN DUE DATE DOWNLOAD PDF tds rate 2011-12 tds rate 2012-13 tds rate after budget tds rate chart