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Monday, September 1, 2014

SBI signing 2986 probationary officers

State Bank of India has notified recruitment of 2,986 probationary officers to work in its group of banks across the country.
The online registration can be done during September 1 – 18, 2014. The written examination would be conducted tentatively in November 2014.
Graduates who are in the age group of 21-30 years are eligible to apply and age relaxation would be extended as per the Government norms.
The total emoluments vary depending upon the place of posting and the perquisites by individual banks. Those posted in Mumbai, for instance, would get an average monthly salary of Rs. 65,000, SBI said in its notification.
Meanwhile, SBI had also declared results of the written examination for the recruitment of probationary officers held in June/July this year. The group discussions and interviews for the same will commence from October 8, 2014.

DDA housing scheme open today for 25034 flats

The DDA announced the opening of its Housing Scheme 2014 on Monday. The authority is offering 25,034 flats in Delhi, New Delhi and Delhi Cantt area to people who don't have a flat in Delhi.

 The forms for the scheme were put on sale from 9:30 am at DDA office (Vikas Sadan) and also at 13 empanelled banks and will close on October 9.  The draw of the lot is expected to be held within 20 days of the scheme's closure.

The 13 banks are Punjab National Bank, State Bank of India, Central Bank of India, Corporation Bank, Syndicate Bank, Union Bank of India, Indusland Bank, Kotak Mahindra Bank, IDBI Bank, ICICI Bank Ltd, Yes Bank, HDFC Bank and Axis Bank. The forms are to be submitted at these banks.

"We are offering 25,034 flats in the 2014 scheme out of which 22,627 would be one-bed room apartments. Among others, 896 flats are constructed after 2010, with green technology," said Balvinder Kumar, Vice-chairman, DDA.

The new scheme offers flats ranging from Rs 7 lakh to Rs 1.2 crore across categories, viz - EWS, LIG, MIG, HIG, Janta flats and one-room apartments and would be rolled out from September 1.

The registration fee for all other categories is Rs 1 lakh, and Rs 10,000 for EWS (Economically Weaker Section) category, the official said, adding a ceiling of Rs 1 lakh of annual income has been prescribed for those applying under the EWS category.

The one-bedroom apartment flats are in Dwarka, Rohini, Narela and Siraspur areas, priced above 14 lakh onwards, depending on the location and plinth area, the DDA said.

Out of 896 newly-built flats, 512 are MIG flats and 384 Janta flats, located in Mukherjee Nagar, Narela, Rohini and Kalyan Vihar areas. The MIG flats would range from Rs 41.30 lakh and Rs 69.90 lakh and the Janta flats - one room tenement with a kitchentte - would cost a little over Rs 10 lakh, it said.

DDA is offering 700 flats for EWS category, which are part of the housing complex at Swatantra Bharat Mills premises at Rohtak Road. The flats have been developed by a private builder as part of a Memorandum of Understanding (MoU) signed between the DDA and the builder.

The EWS flats priced from Rs 7 lakh to Rs 11 lakh, the urban body said.

Over 800 old flats located under different categories are also being offered, on account of them being cancelled or surrendered.

These flats (older) consists of 21 HIG flats, 49 MIG, 451 LIG, 129 expendable and 161 Janta flats. The cost ranges from Rs 1.2 crore for HIG flats to Rs 5.4 lakh for Janta flats, the DDA said.

The DDA had earlier said that the total number of flats on offer was over 26,000 but on Friday said the figure has been revised to over 25,000.

For the first time, DDA has also decided to do away with attachments along with the application forms and now only a photocopy of PAN card would be needed for the process, she said.

There is no income limits on one-bedroom apartments and any eligible candidate can apply. For EWS category, there will also be an option to pay the cost of the flats in instalments, she added.

For unsuccessful applicants, the DDA would return the registration amount within 90 days of the draw of lots and for delays beyond 90 days, interest would be paid to the applicants.

In case of successful applicants, who decide to surrender their allotments, refund amount has been rationalised wherein the maximum amount recovered has been restricted to Rs 50,000.

Any Indian citizen, 18 years of age and above on the date of filing of the application for the flats is eligible for the scheme.

The applicants must not own any residential flats or plot in full or in part on leasehold or freehold in Delhi or New Delhi or Delhi Cantonment either in his/her own name or in the name of his/her minor or dependent children, the DDA said.

One person can submit one application only, it said, adding, both husband and wife can apply for flats subject to fulfilment of eligibility conditions with a stipulation that if both are found to be successful, only one of them shall retain the allotment of a flat.

Sunday, August 31, 2014

TDS paid but no quarterly statement filed as yet

 As per the records of the Centralized Processing Cell (TDS), you have made payments for Tax Deducted, however, no TDS Statements have been filed for any Quarter in FY 2013-14 as yet. In this regard, your urgent attention is invited to relevant CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES.

If you are not required to submit the relevant statement, you are requested to submit a declaration by taking appropriate action as suggested under "Action to be taken" in this communication. Otherwise, your urgent attention is invited to relevant CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES.

1. Mandatory filing of TDS Statements:

Please refer to the provisions of section 200(3) of the Income Tax Act, 1961 read with Rule 31A, which reads as follows:

Every person responsible for deduction of tax under Chapter XVII-B, shall, in accordance with the provisions of sub-section (3) of section 200, deliver, or cause to be delivered, the following quarterly statements to the Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems), namely:

Statement of deduction of tax under section 192 in Form No. 24Q; 
Statement of deduction of tax under sections 193 to 196D in-
 • Form No. 27Q in respect of the deductee who is a non-resident not being a company or a foreign company or resident but not ordinarily resident; and
 • Form No. 26Q in respect of all other deductees.
It is, therefore, advised to file the applicable TDS Statements at the earliest to comply with the above provisions.


2. Implications of Non/ Late filing of TDS Statements:
For Deductors: In case of late filing of TDS Statements, a fee shall be levied on the deductor u/s 234E of the IT Act which reads as under:
 • Where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues
For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees. They, therefore, will not be able to claim the credit for tax already deducted from the payments made to them. Please note that TDS Certificates will not be available until the TDS Statements are duly filed.

3. Actions to be taken:
Please file the relevant TDS Statement without any further delay.
If you are not required to file the same, please submit a declaration for Non-filing on TRACES. For this purpose, you can login to TRACES, navigate to "Statements/ Payments" menu and submit details under "Declaration for Non-Filing of Statements".
Issue TDS certificates after generating and downloading the same from TRACES. TDS Certificates downloaded only from TRACES Portal will be valid.
For any assistance, you can also write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344.
CPC (TDS) is committed to provide best possible services to you.

No TDS statement filed despite collecting deduction for FY 2013-14

Centralized Processing Cell (TDS) has observed from its records that you have not filed TDS Statements for Financial Year 2013-14, despite collecting lower deduction 197 Certificates from your deductees.

Please note that the obligation to report each transaction in the relevant quarter, including, where tax has been deducted at lower rates, falls on the deductor. Also, Rule 31A(4)(v) of Income Tax Rules specify to furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the Assessing Officer of the payee. 

About Certificate u/s 197:

Assessing Officer issues a certificate for lower deduction of tax:
To the deductee, if is a resident or
To the deductor, where the deductee is a non-resident
If the Assessing Officer is satisfied that the total income of the deductee justifies deduction of tax at a lower rate.

Accordingly, the clause provides that the deduction shall be made in accordance with the certificate, until such certificate is cancelled by the Assessing Officer or the expiry of the validity of the certificate, whichever is earlier.

Actions to be taken for reporting deduction of tax against certificate 197:
Please validate the PAN of the deductee submitting the certificate.
The Certificate should be valid for the PAN, Section and Rate which has been mentioned in the statement being filed.
Check that the certificate is valid for the relevant Financial Year.
Verify that the threshold limit for the certificate has not been exceeded in previous quarters.
Correct certificate number should be quoted in the statement. Example of Correct Certificate Number - 2XXXAH7XXE.
Raise the Flag "A" in the statement for a certificate u/s 197.
Please ensure that the Certificate Number is mentioned in the Deductee detail of the statement. (For F.Y.2013-14 Onwards)

It is therefore, suggested to file your TDS Statements and take appropriate action with respect to the above while filing.For any further assistance, you can also write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344.
CPC (TDS) is committed to provide best possible services to you.

TDS statement filed in FY 2012-13 but not in FY 2013-14

As per the records of the Centralized Processing Cell (TDS), you have filed TDS Statements in FY 2012-13, however, no TDS Statements have been filed for any Quarter in FY 2013-14 as yet. In this regard, your urgent attention is invited to relevant CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES.

If you are not required to submit the relevant statement, you are requested to submit a declaration by taking appropriate action as suggested under "Action to be taken" in this communication. Otherwise, your urgent attention is invited to relevant CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES.

1. Mandatory filing of TDS Statements:
Please refer to the provisions of section 200(3) of the Income Tax Act, 1961 read with Rule 31A, which reads as follows:

Every person responsible for deduction of tax under Chapter XVII-B, shall, in accordance with the provisions of sub-section (3) of section 200, deliver, or cause to be delivered, the following quarterly statements to the Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems), namely:

Statement of deduction of tax under section 192 in Form No. 24Q;
Statement of deduction of tax under sections 193 to 196D in-
  • Form No. 27Q in respect of the deductee who is a non-resident not being a company or a foreign company or resident but not ordinarily resident; and
  • Form No. 26Q in respect of all other deductees.
It is, therefore, advised to file the applicable TDS Statements at the earliest to comply with the above provisions.


2. Implications of Non/ Late filing of TDS Statements:
For Deductors: In case of late filing of TDS Statements, a fee shall be levied on the deductor u/s 234E of the IT Act which reads as under:
  • Where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues
For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees. They, therefore, will not be able to claim the credit for tax already deducted from the payments made to them. Please note that TDS Certificates will not be available until the TDS Statements are duly filed.

3. Actions to be taken:
Please file the relevant TDS Statement without any further delay.
If you are not required to file the same, please submit a declaration for Non-filing on TRACES. For this purpose, you can login to TRACES, navigate to "Statements/ Payments" menu and submit details under "Declaration for Non-Filing of Statements".
Issue TDS certificates after generating and downloading the same from TRACES. TDS Certificates downloaded only from TRACES Portal will be valid.
For any assistance, you can also write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344.
CPC (TDS) is committed to provide best possible services to you.

Wednesday, August 27, 2014

EPFO retain 8.75% interest on PF for FY 2015

The Employees' Provident Fund Organisation (EPFO) has decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 per cent.

"It has been decided to pay 8.75 per cent interest in the current fiscal," Central Provident Fund Commissioner (CPFC) KK Jalan told PTI after the meeting of the Central Board of Trustees (CBT), the apex decision making body of EPFO.

The retirement fund body has about 5 crore subscribers and the decision will have a bearing on their retirement fund.

The decision to retain the interest rate on the provident fund deposits at last year's level was taken despite some protest by the trade union members of the CBT, sources said.

The final notification for payment of the interest rate for the current financial year will be issued by the Finance Ministry later.

EPFO had provided 8.75 per cent rate of interest on PF deposits for 2013-14 and 8.5 per cent on deposits for 2012-13.

Determination of rate of exchange for service tax

Service tax department issued a notification no. 19/2014 dated 25 August 2014 about determination of rate of exchange for service tax. Full notification is as under.

G.S.R..... (E). – In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:—

1. (1) These rules may be called the Service Tax (Second Amendment) Rules, 2014. 
 (2) They shall come into force on the 1st day of October, 2014. 
2. In the Service Tax Rules, 1994, after rule 10, the following rules shall be inserted, namely:-

―11. Determination of rate of exchange.– The rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011.

12. Power to issue supplementary instructions.– The Board or the Chief Commissioners of Central Excise may issue instructions for any incidental or supplemental matters for the implementation of the provisions of the Act.‖.