Consolidated file request functionality will not be available for deductors from 25th June,2013 to 7th July,2013 on TRACES.The functionality will be resumed from 8th July,2013 onwards as new TDS forms are being implemented.
Monthly Archives: June 2013
All Deductions under Chapter VI-A for Salaried Employee in Asstt. Year 2013-14
Policy issued before 1st April 2012
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20% of the actual capital sum assured
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Policy issued on or after 1st April 2012
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10% of the actual capital sum assured
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Sl. No.
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Persons for whom payment made
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Nature of payment
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Mode of payment
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Allowable Deduction (in Rs.)
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1
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Employee or his family
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♦ the whole of the amount paid to effect or to keep in force an insurance on the health of the employee or his family or
♦ any contribution made to the CGHS or
♦ any payment on account of preventive health check-up of the employee or family, [restricted to Rs. 5000/-; cash payment allowed here]
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any mode other than cash
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Aggregate allowable is Rs. 15,000/{For Senior Citizens it is Rs. 20000/-}.
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2
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Parent or Parents of employee
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♦ the whole of the amount paid to effect or keep in force an insurance on the health of the parent or parents of the employee or
♦ any payment made on account of preventive health check-up of the parent or parents of the employee [restricted to Rs. 5000/-; cash payment allowed here]
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any mode other than cash
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Aggregate allowable is Rs. 15,000/ than {For Senior cash Citizens it is Rs. 20000/-}
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Sl. No.
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Donations made to persons
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Approval /Notification under Section
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Authority granting approval/ Notification
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1
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To a research association which has as its object the undertaking of scientific research or to a University, college or other institution to be used for scientific research
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u/s 35(l)(ii)
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Central Government
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2
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To a research association which has as its object the undertaking of research in social science or statistical research or to a University, college or other institution to be used for research in social science or statistical research
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u/s35(l)(iii)
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Central Government
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3
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To an association or institution, which has as its object the undertaking of any programme of rural development, to be used for carrying out any programme of rural development approved for the purposes of section 35CCA
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furnishes the certificate u/s 35CCA (2)
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Prescribed Authority under Rule 6AAA
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4
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an association or institution which has as its object the training of persons for implementing programmes of rural development.
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furnishes the certificate u/s 35CCA (2)
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Prescribed Authority under Rule 6AAA
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5
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To a public sector company or a local authority or to an association or institution approved by the National Committee, for carrying out any eligible project or scheme.
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furnishes the certificate u/s 35AC(2)(a)
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National Committee for Promotion of Social & Economic Welfare
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7
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To a rural development fund
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notified u/s 35CCA (1)(c)
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set up and notified by the Central Government
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8
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To National Urban Poverty Eradication Fund
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notified u/s 35CCA(l)(d)
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set up and notified by the Central Government
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Enhancement in the rate of used Medical Allowance from Rs. 1200/- to Rs. 2000/- p.m. w.e.f 01.03.2013
(Ministry of Labour and Employment, Government of India)
No, HRM-8/V/12/1/2003/FMA/Vol-117/6160
To,
All Addl. Central P F. Commissioner (Zones)
Director (NATRSS)
All RPFCs-In-Charge of the Region/ZTIs
RPFC (ASDL), Head Office
All Officer-in-charge of SROs
Sir,
I am directed to convey the approval of the 76th Executive Committee, CBT, EPF held 25/02/2013 and Hon’ble Labour & Employment Minister, Government of India for enhancement of the Fixed Medical Allowance (FMA) forpensioners and employees of EPFO from Rs. 1200/- p.m. to Rs 2000/- p.m w.e.f. 1st March, 2013, subject to the following conditions :-
(i) The enhancement of fixed medical allowance will be available to serving employees and pensioners (including family pensioners) of the Employees Provident Fund Organization. The serving employees of the Organization who are in the Head Office at New Delhi and Regional/Sub Regional Office at Delhi and at stations which are covered by the Central Government Health Scheme will not be eligible for Fixed Medical Allowance. As soon as any employee is covered by Central Government Health Scheme, the fixed medical allowance admissible to him/her shall be stopped.
(ii) If two or more members of family are working in the EPF Organization, only one of them will be eligible for the facility of fixed medical allowance.
(iii) In the case of an employee whose wife/husband spouse is an employee of a Government or any other organization (including private firm/office) he/she will be required to give an undertaking that his/her spouse is not availing of medical facilities in case, lf any granted by their respective employers.
(iv) The Fixed Medical Allowance will be in lieu of the medical facility available for outdoor treatment under the Central Services (Medical Attendance) Ruler 1944 as adopted by the FPF Organization for its own employees andpensioners.
(Authority: Ministry of Labour & Employment, Govt. of India letter no.G-25012/2/2011-SS-I dated 07.06.2013)
sd/-
(V.N. SHARMA)
Penalty Chart under the Income Tax Act, 1961
Given below is the chart which shows section under which penalty can be imposed, nature of default and quantum of penalty.
PENALTIES UNDER INCOME TAX ACT |
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Section | Nature of Default | Quantum of penalty |
Non Payment | ||
221(1) | Tax payments including Self Assessment Tax | Amount of tax in arrears |
Failure to comply | ||
271(1)(b) | with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) | Rs. 10,000 of each failure |
271(1)(b) | with direction u/s 142(2A) to get audited | Rs. 10,000 of each failure |
272A (1) | Failure to answer questions or sign statements | Rs. 10,000 of each failure |
Concealment | ||
271(1)(c) | Concealment of income or inaccurate particulars | 100 % to 300 % of tax sought to be evaded |
271AAA | Undisclosed income found during search intimation u/s 132 | 10% of undisclosed income |
Book, Audit, loans | ||
271A | Failure to maintain books or documents u/s. 44AA. | Rs. 25,000 |
271B | Failure to get accounts audited u/s. 44AB. | 0.5% of total sales, or Rs.1,50,000 whichever is less |
271D | Taking loan in contravention of Sec. 269SS | Equal to amount of loan taken |
271E | Repayment of loan in contravention of Sec. 269T | Amount of deposit or repaid |
271F | Failure to furnish Return of Income | Rs. 5,000 |
International transactions | ||
271AA | Failure to keep and maintain information and documents u/s. 92D. | 2% of value |
271BA | Failure to furnish a report as required u/s. 92E. | Rs. 1,00,000 |
TDS | ||
271C | Failure to deduct TDS in full and part | Equal to the amount failed to be deducted |
271CA | Failure to collect TDS in full and part | Equal to the amount failed to be collected |
272BB(1A) | Quoting false TAN in challan/ statements | Rs. 10,000 |
272BB(1) | Failure to apply for TAN | Rs. 10,000 |
271H | Failure to furnish e TDS statement | Rs 10,000 to 1 lacks |
272A(2) (g) | Failure to furnish TDS certificate | Rs 100 per day . |
272A(2) | Failure to comply with department letter | Rs. 100 for every day during which the failure continues. |
272AA(1) | Failure to furnish information required u/s. 133B | Rs. 1,000 |
272B | Failure to apply for Permanent Account Number (PAN) | Rs. 10,000 |
272BBB | Failure to apply for Tax Collection Account No. (TCN) | Rs. 10,000 |
e-Payment complete procedure of TDS on Sale of Immovable Property.
Step 1
- Log on to NSDL-TIN website (www.tin-nsdl.com).
- Click on the option “Furnish TDS on property”.
- Select Form for Payment of TDS on purchase of Property.
After selecting the form you will be directed to the screen for entering certain information.
Example:-
- Permanent Account Number (PAN) of Property Purchaser and Seller.
- Address of the Purchaser, Seller as well as the Property being purchased
- Financial Year during which the Purchase has been made
- Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
- Value of Property
- Date of agreement/booking
- Amount Paid/credited (Transaction amount)
- Rate of TDS
- TDS Amount
- Dates of payment/credit, deduction
- Select the option for “Payment of taxes immediately”
Step 3
After entering all the above detail, click on PROCEED button. The system will check the validity of PAN. In case PAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.
If PAN is available then TIN system will display the contents you have entered along with the “Name” appearing in the ITD database with respect the PAN entered by you.
Step 4
You can now verify the details entered by you. In case you have made a mistake in data entry, click on “EDIT” to correct the same. If all the detail and name as per ITD is correct, click on “SUBMIT” button. Nine digit alpha numeric ACK no. will be generated and you will be provided with an option to print an Acknowledgment slip.
Please be informed that the name and status of PAN is as per the ITD PAN Master. You are required to verify the name before making payment. In case any discrepancy is observed, please confirm the PAN entered by you. Any change required in the name displayed as per the PAN Master can be updated by filling up the relevant change request forms for PAN. If the name is correct, then click on “Confirm”.
Step 5
With the printout of the Acknowledgment slip, you may visit any of the authorized Bank branches to make the payment of TDS subsequently. The Bank will make the payment through its netbanking facility and provide you the Challan counterfoil as acknowledgment for payment of taxes. Based on the information in the Acknowledgment slip, the bank will make the payment only through net-banking facility by visiting tin-nsdl.com and entering the acknowledgement number duly generated by TIN for the statement already filled by the buyer in respect of that transaction.
In case you desire to make the payment through e-tax payment (netbanking account) subsequently, you may access the link ‘View/Payment of TDS on property” on the TIN website. On entering the details as per the acknowledgment slip, you will be provided an option to submit to the bank wherein you have to select the Bank through which you desire to make the payment. You will be taken to the netbanking login screen wherein you can make the payment online.
You may access the access the link ‘View/Payment of TDS on property” on the TIN website. On entering the details as per the acknowledgment slip, you will be provided options to either Print the Acknowledgment Slip.
In case you desire to make an online payment, on the same screen option for Submit to the bank is provided wherein you have to select the Bank for payment. You will be taken to the netbanking login screen wherein you can make the payment online.
File TDS on time or be ready to Pay Penalty Rs. 1 lakh
Failure to deposit timely and correct Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) will now attract a penalty ranging from Rs. 200 to Rs. 1,00,000 by theIncome Tax department.
All the TDS range offices of the department across the country have been asked by the Central Board of Direct Taxes (CBDT) to ensure compliance in this area and also inform and make aware the authorised deductors about this new action being initiated by the tax department.
According to the new instructionsissued, a deductor, either government or private, will have to submit a “compulsory” fine of Rs. 200 for delay in filing either TDS or TCS every day beyond the stipulated date of remittance of these category of taxes.
Similarly, the penalty would be between Rs. 10,000 to Rs. 1,00,000 for furnishing incorrectinformation or failure to file the collection statement within the due date.
“The assessing officer of the department will use sections 234E and 271H of the I-T Act to ensure that TDS or TCS collections are not delayed or faltered. The department, in many cases, has found that deductors delay for long the filing of these category of taxes even after deducting it from the salary of their employees,” a senior official said.
The TDS regime has to be strengthened and hence such measures are important, the official said.
A big chunk of 41 per cent, in the total tax collections in the last fiscal, came from the TDS category alone.
During financial year 2012-13, Rs. 2,30,188 crore tax was collected under the TDS category, while the total direct taxes collections stood at Rs. 5,58,970 crore.
The department, during its recent deliberations with top Income Tax and CBDT officials here, has also decided to strengthen its regime for obtaining TDS from salaries of employees in order tocollect more revenue under this category.
Procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details
E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the authorized banks. Please follow the steps as under to pay tax online:-
Step 1:
a) Log on to NSDL-TIN website (www.tin-nsdl.com).
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.
Step 2:
After selecting the form you will be directed to the screen for entering certain information.
Example:-
a) Permanent Account Number (PAN) of Property Purchaser and Seller.
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”
It is important to ensure that PAN of Buyer and Seller are correctly mentioned in the form. There is no online mechanism for subsequent rectification. Deductor will have to approach the Assessing Officer or CPC-TDS for rectification of errors.
Step 3:
After entering all the above detail, click on PROCEED button. The system will check the validity of PAN. In case PAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.
If PAN is available then TIN system will display the contents you have entered along with the “Name” appearing in the ITD database with respect the PAN entered by you.
Step 4:
You can now verify the details entered by you. In case you have made a mistake in data entry, click on “EDIT” to correct the same. If all the detail and name as per ITD is correct, click on “SUBMIT” button. Nine digit alpha numeric ACK no. will be generated and you will be directed to the net-banking site provided by you.
Please be informed that the name and status of PAN is as per the ITD PAN Master. You are required to verify the name before making payment. In case any discrepancy is observed, please confirm the PAN entered by you. Any change required in the name displayed as per the PAN Master can be updated by filling up the relevant change request forms for PAN. If the name is correct, then click on “Confirm”
Step 5:
After confirmation an option will be provided for submitting to Bank. On clicking on Submit to Bank deductor will have to 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.
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.
Procedure for paying the TDS amount into the Bank
The procedure for paying the TDS amount into the bank subsequently, i.e. not immediately after furnishing the purchase transaction details online are:
Using this facility deductor (Buyer) can furnish the details online and make the payment of taxes subsequently either through net-banking account or by visiting any of the authorized bank branches. Following are the steps to avail this facility:
Step 1:
a) Log on to NSDL-TIN website (www.tin-nsdl.com).
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.
Step 2:
After selecting the form you will be directed to the screen for entering certain information.
Example:-
a) Permanent Account Number (PAN) of Property Purchaser and Seller.
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”
It is important to ensure that PAN of Buyer and Seller are correctly mentioned in the form. There is no online mechanism for subsequent rectification. Deductor will have to approach the Assessing Officer or CPC-TDS for rectification of errors.
Step 3:
After entering all the above detail, click on PROCEED button. The system will check the validity of PAN. In case PAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.
If PAN is available then TIN system will display the contents you have entered along with the “Name” appearing in the ITD database with respect the PAN entered by you.
Step 4:
You can now verify the details entered by you. In case you have made a mistake in data entry, click on “EDIT” to correct the same. If all the detail and name as per ITD is correct, click on “SUBMIT” button. Nine digit alpha numeric ACK no. will be generated and you will be provided with an option to print an Acknowledgment slip.
Please be informed that the name and status of PAN is as per the ITD PAN Master. You are required to verify the name before making payment. In case any discrepancy is observed, please confirm the PAN entered by you. Any change required in the name displayed as per the PAN Master can be updated by filling up the relevant change request forms for PAN. If the name is correct, then click on “Confirm”.
Step 5:
With the printout of the Acknowledgment slip, you may visit any of the authorized Bank branches to make the payment of TDS subsequently. The Bank will make the payment through its netbanking facility and provide you the Challan counterfoil as acknowledgment for payment of taxes. Based on the information in the Acknowledgment slip, the bank will make the payment only through net-banking facility by visiting tin-nsdl.com and entering the acknowledgement number duly generated by TIN for the statement already filled by the buyer in respect of that transaction.
In case you desire to make the payment through e-tax payment (netbanking account) subsequently, you may access the link ‘View/Payment of TDS on property” on the TIN website. On entering the details as per the acknowledgment slip, you will be provided an option to submit to the bank wherein you have to select the Bank through which you desire to make the payment. You will be taken to the netbanking login screen wherein you can make the payment online.
Banks authorised to accept TDS Payment U/s. 194IA
Following Banks are authorised to accept TDS payment u/s. 194IA?
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Jammu & Kashmir Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Free Download Latest PDF Converter of Form-16 or 16A For Asstt. Year. 2013-14
TRACES Justification Report Generation Utility V 1.0 (NeedsExcel 2010 or later – Size ~400Kb)
- TRACES Justification Report Generation Utility V 1.0
- Download the zip file from ‘Requested Downloads’ screen and save to your local machine
- Unzip the file using Winzip. Password to unzip is ‘JR____’, e.g., JR_AAAAA1235A_24Q_Q3_2010-11. This will save the Justification Report as a text file
- Download the macro utility for Justification Report from this screen
- Double-click the utility, excel sheet will open
- Click on ‘Enable Content’ in the warning message to enable macros
- Select the Justification Report text file and the folder to save the output excel file and click on button ‘Generate TDS CPC Justification Report’
- The text file will be converted into excel spreadsheet and saved in the selected folder
- Open the Justification Report excel file from the folder in which it has been saved