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Wednesday, October 1, 2014

CBDT extends due date for depositing TDS to 10 October 2014

Extension of the due date of deposit of tax deducted at source/tax collected at source during the month of September, 2014. 

Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of Direct Taxes has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month of September, 2014 from 7th October, 2014 to 10thOctober, 2014 without entailing any consequential interest. 

2. However, the due date for filing of TDS/TCS statements for the 2nd Quarter of the F.Y. 2014-15 shall remain the same. 

Monday, September 29, 2014

Excel calculators for all financial calculations

In now a days it's necessary to calculate all the things to get a good amount of money in hands. So calculator gives us a very easy to calculate the things. But only only a hand calculator will do all the things you are looking for. There are some excel based calculators which will be very vital for the persons who like to calculate everything of their need. So look on these calculator and find out what you were looking for.

Saturday, September 27, 2014

Income tax extends due date for filing income tax to 30 November

The Income tax department extended due date for filing income tax return from 30 September 2014 to 30 November 2014 to the assessee who required to furnish audit report u/s 44AB of income tax act. An order issued dated 26 September 2014 in this regard. Full order is as under.

Section 44AB of the Income-tax Act, 1961 („the Act‟) read with rule 6G of the Income-tax Rules, 1962 („the Rules‟) requires certain persons to file tax audit report in Form No.3CA/Form No.3CB along with prescribed particulars in Form No.3CD. Vide Notification No. 33/2014 dated 25th July, 2014, the forms for filing tax audit report have been revised. As per section 44AB of the Act, the tax audit reporthas to be obtained and furnished electronically by 30th November of the Assessment 
year in case of an assessee who is required to furnish report under section 92E of the Act and 30th September of the Assessment year in case of other assessees. 

2. In view of the representations received by the Central Board of Direct Taxes („the Board‟), the due date for obtaining and furnishing of tax audit report under section 44AB of the Act for assessment year 2014-15 in respect of assessees who are not required to furnish report under section 92E of the Act has been extended from 30th September, 2014 to 30th November, 2014 vide Order No.133/24/2014-TPL dated 20th August, 2014 in exercise of power of the Board under section 119 of the Act. It has been further clarified that the tax audit report filed during the period from 
01.04.2014 to 24.07.2014 in the pre-revised forms shall be treated as valid tax audit report under section 44AB.

3. After the extension of the due date for obtaining and furnishing of tax audit report under section 44AB of the Act, a number of representations have been received in the Board requesting for extension of due date for furnishing of return of income for the assessees who are required to obtain and furnish tax audit report under section 44AB of the Act and for whom the due date for furnishing return of income under section 139(1) of the Act is 30th September, 2014. Writ petitions have also been filed in various High Courts for directing the Board to extend the due date for furnishing of 
return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of tax audit report. 

 4. In the High Court of Delhi, a writ petition No.5990/2014 has been filed on this issue. However, before the pronouncement of judgement, the petitioner withdrew the writ petition on 23rd September, 2014. The High Court of Madras passed interim order on 24.09.2014 in writ petitions No.25443 and 26306 to 26310 of 2014 and directed the Board to consider the request of the assessees in general and consider the extension of time for furnishing the return of income, in tune with the order passed by 
the Board in F. No.133/24/2014-TPL dated 20.08.2014. It has been reported that the High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh disposed the writ petition No.28159 and 28627 of 2014 with a direction to the Board to dispose of the representation of the petitioners. The High Court of Bombay disposed of writ petition No.2492 of 2014 vide order dated 25.09.2014 and directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

5. The Gujarat High Court allowed Special Civil Application No.12656 of 2014 with Special Civil Application No.12571 of 2014 and vide judgement dated 22.09.2014 directed the Board to modify the order under section 119 of the Act dated 20.08.2014 by extending the due date for furnishing the return of income to 30thNovember, 2014. It has also been further stated in the said order that it would be open for the Board to qualify such relaxation by extending the due date for all purposes, except for the purpose of Explanation 1 to section 234A of the Act. 

6. In compliance to the judgement of High Court of Gujarat and after considering the representations made for extension of due date for furnishing of return of income in compliance with the directions of the other High Courts, the Board, in exercise of power conferred by section 119 of the Act, hereby extends, subject to para 7 below, the `due-date‟ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the assessment year 2014-15 for all purposes of the Act, in 
case of an assessee, who, 

(i) is required to file his return of income by 30th September, 2014 as per clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961; and 

(ii) is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act. 

7. There shall be no extension of the “due date” for the purposes of Explanation1 to section 234A (Interest for defaults in furnishing return) of the Act and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act. 

 8. For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish tax audit report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish tax audit report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

Thursday, September 25, 2014

Nil TDS deposited FY 2014- TRACES follow up

 As per the records of the Centralized Processing Cell (TDS), it has been observed that there is "No Tax Deposited" during the period April 1 to August 31, 2014 while tax has been deposited in the corresponding period in Financial Year 2013.

It may be possible that either the Tax may not have been deducted at source or the Tax deducted may not have been deposited, within stipulated time. In such case, this may lead to Short / Late Deduction and / or Short / Late Payment Defaults.

Please make note of the following important information :

• Please note the provisions of section 200(1) of the Income Tax Act, 1961; in this regard: 

Duty of Person deducting Tax:

Any person deducting any sum in accordance with [the foregoing provisions of this Chapter] shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board directs.

Any person being an employer, referred to in sub-section (1A) of section 192 shall pay, within the prescribed time, the tax to the credit of the Central Government or as the Board directs.

Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this Chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time,[prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority or the person authorized by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.]

 • If the tax is not paid in accordance with the provisions of the Act, it may attract penal Interest u/s 201(1A) and 220(2) of the Act.

 • Any such interest paid above will not be considered as deductible expense under the provision of section 43(ia) of the Act.

Actions to be taken:

 • If any amount needs to be deducted and/ or deposited, immediate action may be taken at the earliest.

 • Please inform us with the reason for "No Tax Deposited" at info@tdscpc.gov.in.

Substantial reduction in TDS deposited FY 2014- TRACES follow up

As per the records of the Centralized Processing Cell (TDS), it has been observed that there is substantial reduction in the amount of Tax Deposited during the period April 1 to August 31, 2014 as compared with the corresponding period in Financial Year 2013.

It may be possible that either the Tax may not have been deducted at source at appropriate rates or the Tax deducted may not have been deposited, within stipulated time. In such case, this may lead to Short / Late Deduction and /or Short / Late Payment Defaults.

Please make note of the following important information :

• Please note the provisions of section 200(1) of the Income Tax Act, 1961; in this regard:

Duty of Person deducting Tax:

Any person deducting any sum in accordance with [the foregoing provisions of this Chapter] shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board directs.

Any person being an employer, referred to in sub-section (1A) of section 192 shall pay, within the prescribed time, the tax to the credit of the Central Government or as the Board directs.

Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this Chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time,[prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority or the person authorized by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.]

• If the tax is not paid in accordance with the provisions of the Act, it may attract penal Interest u/s 201(1A) and 220(2) of the Act.

 • Any such interest paid above will not be considered as deductible expense under the provision of section 43(ia) of the Act.

Actions to be taken:

 • If any amount needs to be deducted and/ or deposited, immediate action may be taken at the earliest.

 • Please inform us with the reason for "No Tax Deposited" at info@tdscpc.gov.in.

Wednesday, September 24, 2014

Latest FVU version 4.4 e-TDS software free download

Tin.nsdl has launched latest FVU version 4.4 on 23 September 2014. This is the latest version of FVU 4.4  and FVU 4.4 is mandatory for statements pertain to financial year 2010-11 and onwards.

There are many new features added in this fvu 4.4 which are as under.

1- Lower/ Non-deduction Certificate number issued by Assessing Officer (in deductee details): Length of field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details (i.e. in Annexure I) has been restricted to 10 digits. Certificate number to be quoted only in case of lower deduction/no deduction. This validation is applicable to regular and correction (C3 & C9)statements pertaining to FY 2013-14 and onwards.

2- Amount paid/ credited (in deductee details): Value in field “Amount paid/ Credited” to the deductee in case of Form no. 24Q should be less than or equal to 999999999.00. This validation is applicable to regular and correction (C3 & C9) statements pertaining to all FYs.

3- Total Taxable income (in salary details – Annexure II): Value in field “Total Taxable Income” to the deductee in case of Form no. 24Q-Q4 should be less than or equal to 999999999.00. This validation is applicable to regular and C4 correction statements pertaining to all FYs.

4- Deductee reference number and Employee serial number (in deductee details): It is mandatory to quote in the field “Deductee reference no.” (In case of Form no. 26Q) and “Employee serial no.” (In case of Form no. 24Q), where PAN of the deductee is invalid. This validation is applicable to regular and correction (C3 & C9) statements pertaining to all FYs.

5- Total tax deducted amount (in deductee details): In case of Form no. 24Q, value quoted in field “Total Tax deducted amount” should be less than or equal to value quoted in field “Amount paid/ credited” under deductee details. This validation is applicable to regular and correction (C3 & C9) statements pertaining to all FYs.

6- Accounts Office Identification Number (AIN): It is mandatory to quote the AIN in case of Form no. 24Q and 26Q for deductor category “Central Government” & “State Government”. This validation is applicable to regular and correction (C1 & C2, C3 (if deductor details are updated)) statements pertaining to FY 2013-14 onwards.

7- Collection code “J” (Sale of certain Minerals) and “K” (Cash case of Bullion and Jewellary): Collection code “J” and “K” is applicable only for TCS (Form no. 27EQ) regular and C9 correction statements pertaining to Q2 of FY 2012-13 onwards.

8- Remarks for higher deduction (in deductee details): Remarks for higher deduction in  deductee details i.e., flag “C” to be mentioned only if the deductee PAN is structurally invalid. This validation is applicable to regular statement and correction (C3 & C9) statements pertaining to FY 2010-11 onwards.

9- Country name (in deductee details): In case of Form no. 27Q, the country name “MEXICO” has been updated to “UNITED MEXICAN STATES”. This change is applicable to regular and correction (C3 & C9) statements pertaining to FY 2013-14 onwards.

10- Applicability of FVU version:
From September 23, 2014, FVU version 4.4 would be mandatory for statements pertain to FY 2010-11 onwards

Download FVU version 4.4
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Latest RPU version 4.1 for e-TDS statements free download

Tin.nsdl has launched latest RPU version 4.1 for e-TDS statements on 23 September 2014. RPU prepares regular as well as corrective statements pertaining to financial year 2011-12 and onwards. 

There are many new features added in this latest rpu 4.1 which are as follows.

1- Lower/ Non-deduction Certificate number issued by Assessing Officer (in deductee details): Length of field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details (i.e. in Annexure 1) has been restricted to 10 digits. Certificate number to be quoted only in case of lower deduction/no deduction.

2-  Amount paid/ credited (in deductee details): Value in field “Amount paid/ Credited” to the deductee in case of Form no. 24Q should be less than or equal to 999999999.00. 

3-Total Taxable income (in salary details – Annexure II): Value in field “Total Taxable Income” to the deductee in case of Form no. 24Q, Q4 should be less than or equal to  999999999.00. 

4- Accounts Office Identification Number (AIN): It is mandatory to quote the AIN in case of Form no. 24Q and 26Q for deductor category “Central Government” & “State Government”.

5- Deductee reference number and Employee serial number (in deductee details): It is mandatory to quote in the field “Deductee reference no.” (In case of Form no. 26Q) and “Employee serial no.” (In case of Form no. 24Q), where PAN of the deductee is invalid.

6- Total tax deducted amount (in deductee details): In case of Form no. 24Q, value quoted in field “Total Tax deducted amount” should be less than or equal to value quoted in field “Amount paid/ credited” under deductee details.

7- Remarks for higher deduction (in deductee details): In case of 'C' (i.e. for higher deduction) remark in Deductee details (Annexure I) only below details will be allowed to be updated in correction statements:

o Deductee PAN
o Amount of payment
o Date of payment

8- Country name (in deductee details): In case of Form no. 27Q, the country name “MEXICO” has been updated to “UNITED MEXICAN STATES”. 

9- State name: State name “UTTARANCHAL” has been updated to “UTTARAKHAND”.

10- Incorporation of latest FVU Version 4.4 and 2.140

Download latest RPU version 4.1
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