Jul 31, 2009

LOW VIRTUAL MEMORY IN THE SYSTEM

1:28 PM 0
LOW VIRTUAL MEMORY IN THE SYSTEM
Problems In your Computers

When you start any of the Microsoft Office 2007 or Microsoft Office 2003 programs, you may receive an error message that is similar to the following error message:


1) Your system is low on virtual memory. To ensure that Windows runs properly, increase the size of your virtual memory paging file. For more information, see Help.
If you click OK, you may receive the following error message:


2) Your system is low on virtual memory. Windows is increasing the size of your virtual memory paging file. During this process, memory requests for some applications may be denied. For more information, see Help.


Solutions:-

To resolve this behavior, increase the size of the paging file. To do so, follow these steps as appropriate for your operating system.
Note Microsoft Office 2007 requires Windows XP or higher.

Windows 2000

1. Right-click My Computer, and then click Properties.
2. In the System Properties dialog box, click Advanced
3. Click Performance Options.
4. In the Virtual memory pane, click Change to increase the paging file.

Windows 2000 requires an Initial value of 126 MB for debugging.
5. After you change the setting, click Set, and then click OK.
6. In the System Control Panel Applet dialog box, click OK to the following message:
The changes you have made require you to restart your computer before they can take effect.
7. Click OK to close the Performance Options dialog box, and then click OK to close the System Properties dialog box.
8. When you are prompted to restart your computer, click Yes.

Windows XP

1. Click Start, right-click My Computer, and then click Properties.
2. In the System Properties dialog box, click the Advanced tab.
3. In the Performance pane, click Settings.
4. In the Performance Options dialog box, click the Advanced tab.
5. In the Virtual memory pane, click Change.
6. Change the Initial size value and the Maximum size value to a higher value, click Set, and then click OK.
7. Click OK to close the Performance Options dialog box, and then click OK to close the System Properties dialog box

problem in e-filling registration

1:24 PM 0
problem in e-filling registration
If you have e filing registration problem and error is shown as wrong name then follow this points


1. Name on pan card shown is some time is different then recorded in the pan data base due to abbreviation used in the pan card.
2. If you are individual then Look at the fifth digit of the pan and reconcile it with your name detail fifth letter is represent surname suppose your pan name is rajan kumar gupta. and your pan 5th digit is 'G' then put gupta in to sur name
3. but if 5th digit of the pan is 'k' then put kumar gupta in the surname column and if 5th digit is "R" then put rajan kumar gupta in the surname so fifth digit is important of the pan.
4. If you are registering pan other then individual then put whole name in surname column and leave blank first name and middle name .
5. Look at forth digit of your pan if it is p then it is allotted to a individual (personal)
6. know about forth digit detail from pan structure check here
7. DOB is not remember, then mail your detail to ask@incometaxindia.gov.in and reply will be received in one- two days.
8. Date of Birth problem in case of HUF:In some cases of HUF registeration on pan dob is written as "ancestral" in this case what should be dob? in this case use default date as 01/01/0001 ,yes ,use this date and u will be able to register on e filling portal .if this is not worked then try to use 01/01/2001.


after reading the above now you are interested in how you can check pan detail (name) in pan data base we are explaining you how to misuse a service,means what we are giving you are not made for pan verification.Actually the link is to deposit online tax but we will tell you how you can use the link to verify the pan.Please open the link in new window/tab and follow the instruction as given below

1.first fill your mail in the box given below and click submit
2. select link given in challan itns 280, next screen appears ,
3. fill your pan in column/box of pan and press tab if pan is correct you will be able to fill the other detail on the page ,if pan is incorrect then a message will appear "pan invalid",
4.further if you want to verify the name of the pan holder then fill all the detail on that page ,not necessarily correct(like write aa,bb,cc any letter),just fill them .select code 21 from above and assessment year as 2008-09 and self assessment tax in middle and any state and any bank ,fill pin code in 6 digists and press submit
5.A message will appear that "as per income tax deptt database name against the pan is .............................".

that all, you have verified the pan, and have got the name on the pan card as per income tax data base so try now .(to follow the instruction given above , open the link given below in new window/tab)

Jul 28, 2009

AMENDMENTS TO FINANCE BILL 2009

4:15 PM 0
AMENDMENTS TO FINANCE BILL 2009

After debate on Finance Bill 2009 .In reply to question and queries raised during the Debate on the bill Finance minister has amended few provisions of the Finance Bill 2009(2).The major of these are Given below.The original proposal related to direct tax is available here in PPT

  1. New services Under the service tax act and scope of the services changes in case of earlier services will be applicable from 01.09.2009 .This is due to trade bodies , associations demand for time to adjust the accounting and software.(the list of new services is available here)
  2. Repairs and maintenance of road exempted from service tax net with immediate effect.Earlier department has come with a innovative clarification on this subject and taxed few type of services under service tax related to Repair & maintenance of road (Latest clarification is here)
  3. 80 E (deduction on Interest on study loan) is available to parents and person himself but now it is proposed to be available to Legal guardian also.
  4. Time period to avail deduction u/s 80(IA)(4)(iii) Industrial parks development ended on 31.03.2009 has been extended to 31.03.2009
  5. 80(IB) extended to natural gas bock commercial production from AY 2010-11
  6. Interest subsidy to House loan @1% if house is upto 20 lakh and loan is upto 10 Lakh for one year .Provision of 1000 crore created for this subsidy.
  7. Section 80(IB) (10) will be available to housing project approved between 01.04.07 to 31.03.2008 if complete on or before 31.03.2012.
  8. 80(I B) 11A will be available for business of preserving ,processing, packaging of meat products and poultry , marine and dairy products.
  9. 80U limit enhanced from 50000 to 75000 and 75000 to 100000.
  10. Tax code will be available for discussion by 20.08.2009.
 



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Jul 27, 2009

NEW RETURN FOR GOVERNMENT ACCOUNTS OFFICER

11:45 AM 0
NEW RETURN FOR GOVERNMENT ACCOUNTS OFFICER
PERSON LIABLE TO FILE THIS RETURN

--All Accounts Officers (AOs) in Government Department(s)(STATE/CENTER GOVT )
--Who process the bills prepared by Drawing and Disbursement Officers (DDOs),
-- And deposit TDS/TCS by adjustment of Book Entry,on those who deposit tax deducted/collected through bank ,this scheme does not apply.

FREQUENCY

-- To be Filed quarterly
-- Separate return for tds on salary deduction,tds on non salary deduction,tds on non salary non resident and one return for tcs.

Format
-- electronic(MANDATORY)

Name of the scheme:

EELECTRONIC TDS/TCS Book Adjustment Form (e-TBAF).

TBAF in excel(this is detail of form only not return prepration software)

DETAIL OF SCHEME

--In case of Central Government,

To be furnished by the Accounts Officer (AO) on the basis of the bills submitted by the Drawing and Disbursement Officers (DDOs) under his control.

--In case of State Government,

To be furnished by the Zonal Accounts Officer (ZAO) on the basis of the details of the tax transferred by the Drawing and Disbursement Officers (DDOs) as provided to him by the Accountant General of the State. In case one Zonal Accounts Officer (ZAO) is responsible for multiple states, he shall furnish separate e-TDS/TCS Book Adjustment Form (TBAF) for each state.


whether it can be filed on existing tan or new other type of account required

No,this return is not be filled but to be filled on new a unique seven digit Accounts Officer Identification Number (AIN) which is to be allotted by the Directorate of Income Tax (Systems), Delhi, to every AO. Each AO will be identified in the system by this number.
Each DDO will be identified in the system by a Tax Deduction and Collection Account Number (TAN). This number is allotted by Income Tax Department.

The list of Drawing and Disbursement Officers (DDOs) associated to a specific AO shall be intimated by him to the DIT (Systems), Delhi. The AO shall also intimate to the DIT (Systems),, any addition / deletion of Drawing and Disbursement Officers (DDOs) associated to him.. The Accounts Officer (AO) shall give details of only those DDOs who are associated to him.

HOW CAN APPLY FOR AIN
In order to obtain AIN, an AO is required to send his details together with the details of the DDOs associated with him to the 'Directorate of Income Tax (Systems), at ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055. This information is required to be sent as per Annexure III to the e-TBAF manual.

CORRECTION OF RETURN
In case of an error in the original e-TBAF statement, an AO shall be allowed to furnish a correction statement to rectify the same.

e-TBAF file preparation utility
NSDL e-TBAF Preparation Utility

DOWNLOAD UTILITY HERE

JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04 or IBM JRE: 1.4.1.0] should be installed on the computer where e-TBAF Preparation Utility is being installed. JRE is freely down loadable from http://java.sun.com/ and http://www.ibm.com/developerworks/java/jdk or you can ask your computer vendor (hardware) to install the same for you.

File Validation Utility(FUV)

After preparation of file you can verify correctness of data filled (format) by this utility ,can be downloaded free from here

instruction to install FUV(PDF)

How /WHERE it can filled.

--This return can be filled through tin facilitation centers(tin-fc)
COMPLETE LIST OF TIN-FC
-- Return is to be filled on cd or floppy along with statement statistics report generated by FUV.
--To be signed by Accounts Officer,by higher officer of Accounts Officer if Accounts Officer Is himself a DDO.
--Tin-fc will issue prn(provision receipt number)
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Jul 24, 2009

MORE THAN 2 CRORES RETURN PENDING FOR PROCESSING

2:19 PM 0
MORE THAN 2 CRORES RETURN PENDING FOR PROCESSING
The Income Tax department(I-T department) had more than 2.35 crore tax returns pending for processing at the beginning of this financial year, the Rajya Sabha was informed today. "There was a pendency of 2,35,74,618 income-tax returns for processing u/s 143(1) of the Income Tax Act 1961, as on April 1, 2009," Finance Minister Pranab Mukherjee told the Rajya Sabha in a written reply. On a query that if there is a system of periodical special drives to dispose of the pending returns, Mukherjee replied, "There is no such practice..." However, the process is a continuous activity and is regularly monitored at various levels through monthly reports, he added. Also, the I-T department has decided to move towards centralised mass processing of returns. For the purpose, the consolidation of regional databases into single national database was completed in December last year, he said. To another question in the Rajya Sabha, Minister of State for Finance S S Palanimanickam said that there have been cases of purchasing insurance policies by payment of large amount of cash and the investigations have been taken up regarding the same. However, there is no provision of re-examining assessees based on income criterion, in appropriate cases the assessments are reopened under the provisions in the Income Tax Act, the Minister said.

other Interesting factors about Indian income Tax(not part of reply)

  • Total Individual tax payers in India 3.20 Crore (in USA  5.00 crore)(source ET)
  • Peak Rate of Income Tax in various countries(source ET)
    • India-30%
    • US-35%
    • UK-40%
    • Japan-40%
    • Germany-45%
    • China-45%
    • Russia-13.5%
    • Brazil-27.5%
  • No of person filed return of income tax between 1 crore to 5 crore 
    • 2008-09 AY =26275
    • 2006-07 AY =15743

  • Net direct tax collections during first three months of the present fiscal (up to June 2009) stood at Rs.59,465 crore, up from Rs.57,373 crore in the same period last fiscal, registering a growth of 3.65 percent. Growth in Corporate Taxes was 3.31 percent (Rs.35,709 crore as against Rs.34,566 crore), while Personal Income Tax (including FBT and STT) grew at 4.38 percent (Rs.24,564 crore as against Rs.22,782 crore). Lower growth in net tax collection was mainly on account of higher tax refund outgo of 52.01 percent at Rs.17,600 crore in the present quarter as against Rs.11,578 crore in the first quarter last fiscal.
  • Fringe Benefit Tax (FBT) recorded a negative growth of 7.56 percent (Rs.1,031 crore as against Rs.1,115 crore) and Securities Transaction Tax (STT) declined by 9.90 percent (Rs.1,462 crore as against Rs.1,623 crore) compared to the corresponding period last fiscal.Net collections during the month as well as TDS growth, however, remained positive.
  • Net collection during June 2009 Rs.35,307 crore compared to net collection of Rs.34,533 croreduring June 2008. Growth in Corporate TDS was 12.1 percent (Rs.19,584 crore againstRs.17,477 crore last year) and non-government PIT TDS growth was 12.4 percent (Rs.21,188crore against Rs.18,849 crore last year).
 



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Jul 21, 2009

NEW TDS RATES AFTER BUDGET FY 2009-10

11:42 AM 0
NEW TDS RATES AFTER BUDGET FY 2009-10

 TDS rates has been proposed to be changed by Finance Minister in Budget 2009 .Basically following changes has been done in the TDS rates effective from 01.10.2009

  1. No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers..so now onwards(01.10.2009) Tax should be deducted on Basic rate only given in respective section.No education cess or Surcharge is to be deducted except in the case of salary where Tax should be deducted after including the Education cess.Surcharge on individual and HUF assessee has already been abolished for full year fy 2009-10.
  2. Basic TDS rates for section 194 C (Payment to contractors) and 194I (payment of rent) has been changed (given in table)
  3. Section 194C has been replaced with new section with less ambiguities.(details in coming post ) 
  4. The rate of TDS will be 20 per cent in all cases, if PAN is not quoted by the deductee w.e.f. 1.04.2010


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Jul 16, 2009

3:21 PM 0

It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down from a renowned tax expert. It is very common for people to receive gifts from friends and relatives. In some cases, gifts are also received from NRls. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can achieve complete exemption from income tax in respect of the gifts during the current financial year. (The sections mentioned below refer to the Income Tax Act, 1961.)
Gifts are Taxable Only in the Case of Individuals and HUFs
Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as "income from other sources". However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs). Thus, if gift is received by any Trust or A.O.P., then it is not liable to income tax as "income from other sources". The provision of taxation of gifts became applicable in respect of gifts received on or after 1.9.2004 and before 1.4.2006 if the gift money exceeded Rs. 25,000. From 1.4.2006, this amount has been increased to Rs. 50,000 so that cash gifts and gifts by cheque or bank draft from non-relatives and from non-exempted categories can be fully exempt from income tax up to Rs.. 50,000 in aggregate in one financial year.
Gifts from Relatives are Tax-Exempt
Importantly, the provisions of the aforesaid Section 56(2)(vi) applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate are applicable for gifts received from non-relatives. Thus, any gift from relatives of any amount during the financial year is completely exempt from tax. Therefore, it's crucial to know the meaning of the expression 'relative' for this purpose. The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
  • Spouse of the individual;
  • Brother or sister of the individual;
  • Brother or sister of the spouse of the individual;
  • Brother or sister of either of the parents of the individual;
  • Any lineal ascendant or descendant of the individual;
  • Any lineal ascendant or descendant of the spouse of the individual; and
  • Spouse of the person referred to in clauses (ii) to (vi).


Gift of more than Rs. 50,000/- can be received from
below mentioned relatives without any taxes


Notes:
  1. Subject to clubbing provisions applicable for Gift received from Spouse and Father-in-Law.
  2. The individual can receive gifts without attracting tax also from lineal ascendants and decedents of the individual other than those mentioned in the above chart.
Thus, a gift received by an individual from his spouse, or from his brother or sister, or from the spouse's brother or sister, parents, or from any lineal ascendant or descendant of oneself or one's spouse would normally be fully tax-exempt. Similarly, any gifts of any amount whatsoever received from the spouses of any of these persons would also be completely exempt from income tax. For example, if Mr. A receives a gift of Rs. 200,000 in cash from his maternal uncle, that is, his mother's brother, it would be exempt since the maternal uncle would be brother of the parent of the individual concerned and would come within clause (iv) of the aforesaid Explanation. Hence, whenever you receive any gifts from relatives you must carefully apply the test to ascertain whether the person concerned falls within one of the seven categories of "relatives" or not. If a person who makes a gift does not fall within any of the above categories, then he would be considered as a non-relative and gifts from such people would be exempt only up to the extent of Rs. 50,000 in a financial year. It may be noted that since a Hindu Undivided Family can't have relatives, any gifts received by it in excess of Rs. 50,000 in a year would be liable to full income tax.
Tax-Smart 1: Exemption for Marriage Gifts
One very happy feature of the provision of of gifts is that any gift received from any person on the occasion of the marriage of the gift's recipient would not be liable to income tax at all. There is no monetary limit attached to this exemption, which is provided by the proviso to Section 56(2)(vi). However, it is not made clear by this provision whether the gifts should have been on the exact date of marriage, or a few days before or later. Normally, it should suffice if the gift is given just on the occasion of the individual's marriage, which means either on the day of the marriage itself or a day or two before or after. Practical common sense view would prevail in such cases.
Tax-Smart-2: Tax-Exempt Gifts from Other Persons
Besides gifts received from a relative or on the occasion of an individual's marriage, the following are the other gifts which are completely exempt from tax as provided in the proviso to Section 56(2)(vi) of the I.T. Act:
1. Gift received under a Will or by way of inheritance;
2. Gift in contemplation of death of the donor;
3. Gift from any local authority;
4. Gift from any fund or foundation or university or other educational institution or hospital or any trust or any institution referred to in Section 10(23C); and
5. Gift from any trust or institution, which is registered as a public charitable trust or institution under Section 12AA.
Thus, scholarships, stipends or charities received from a charitable institution would be completely exempt from income tax in the hands of the recipients without any limit provided the trust or institution giving the charity is registered under Section 12AA. Likewise, all gifts under a Will, and all amounts received on the death of a person as a part of the inheritance are fully exempt from income tax.
Tax-Smart 3: Gifts in Kind are Tax-Exempt
Here is a point which should be very carefully noted that the provisions relating to taxation of gifts from non-relatives and non-specified persons in excess of Rs. 50,000 would be liable to income tax only when the gift is a sum of money, whether in cash, by way of cheque or a bank draft. Thus, gifts in kind such as a gift of shares, gift of land, gift of house, gift of units or mutual funds, jewelery, etc. would not be liable to any income tax at all. A proper knowledge and understanding of the provisions of Section 56(2)(vi) relating to gifts is very helpful in order to get full tax-exemption in respect of gifts received during a financial year


Changes Proposed In new Budget 2009 from 01.10.2009
Individuals receiving shares, jewellery, valuable artefacts or even property valued at over Rs 50,000 as gifts from non-relatives, will have to start paying tax from October 1,2009 The budget has extended the provision to tax cash gifts in the hands of the recipient to all non-cash gifts as well. These will include shares, jewellery, archaeological collections, valuable drawings, paintings or sculptures. If the value of these assets exceeds Rs 50,000, it will be treated as income for the recipient and taxed according to his or her taxslab. Not just this. Realty deals among nonrelatives for "inadeaqute consideration" will also come under the tax net, going by the finance bill 2009. If the property is sold for a song, tax will be imposed on the difference between the state government notified rate and the purchase price. Again, the recipient will have to pay tax. For jewellery or valuable artifacts, received from a non-relative for little or no consideration, a fair market value will be arrived at to determine the tax liability in the hands of the recipient.So above Tax smart Tip3 is effective only up to 30.09.2009.and from 01..10.2009 ,gift in kind from non relative will also be considered towards 50000 Limit /pa.
Updated on 09/07/2009 after Budget 2009
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3:20 PM 0
Amendments proposed by Finance Bill, 2009 SERVICE TAX


(A)     Following New Services are brought under Service Tax Net,
(i)                  Transport of goods by rail,
Transport of Goods through Rail
Presently, transportation of goods in containers by rail, by other than Government railways is taxable under Section 65(105)(zzzp) of the Finance Act, 1994 ('the Finance Act') since 2006. It is now proposed to impose service tax on goods transported by railways, whether in containers or otherwise.After application of this clause the Freight on all good through railway will be cost more .


(ii)                Transport of,
·                    Coastal goods; or
·                    Goods through national waterway; or
·                    Goods through Inland water
(iii)               Service in relation to Cosmetic surgery or Plastic surgery
This service proposes to cover cosmetic surgery and plastic surgery undertaken to preserve or enhance physical appearance or beauty. However, any surgery undertaken to restore or reconstruct one's anatomy or bodily functions affected due to congenital defects, developmental abnormalities, degenerative diseases, injury or trauma is outside the scope of this service.
(iv)              Services in relation to Advice, Consultancy or assistance in any branch of law, provided by any business entity not being an individual
Service provided in the field of law except in case where service provider or service recipient is an individual. Thus tax would be limited to services provided by a business entity to another business entity and services provided by an individual advocate either to an individual or even to a business entity and by a corporate legal firm to an individual would be outside the purview of taxable service. Further service of appearance before any court of law or any statutory authority is also outside this levy.
Proposed clause is

"(zzzzm) to a business entity, by any other business entity, in relation to advice, consultancy or assistance in any branch of law, in any manner:
Provided that any service provided by way of appearance before any court, tribunal or authority shall not amount to taxable service.
Explanation.—For the purposes of this sub-clause, "business entity" includes an association of persons, body of individuals, company or firm, but does not include an individual;"


The date of effect of the above new services will be Notified in the notification.(not known yet)

(B)     Following amendments have been proposed in relation to existing service

  • (i) The definition of stock-broker has been amended so as to exclude the sub-broker from its net. Hence, sub-broker shall not be liable to service tax anymore. 
The words 'sub-broker' has been deleted from charging provisions of the Finance Act, which defines 'stock broker' .  This has been necessitated as in terms of the amended provisions of SEBI Rules, sub-broker has no independent role as he is not authorized to raise any bill on the clients.


  • (ii) The definition of "Information Technology Software Services" has been amended to replace the word 'acquiring' with 'providing'. This amendment is being given retrospective effect, 
Exclusion clause in this service has been modified to provide that it would apply only if the activity results in manufacture of 'excisable goods'. The impact of this change would be that even if a process of manufacture is undertaken for the customer, but the resultant product does not fall under the category of excisable goods, such as alcoholic beverages, service tax would be attracted.
  • (iii) The definition of "Business Auxiliary Services" has been amended so as to provide that only those processes which result in the manufacture of excisable goods, are excluded from the purview of Business Auxiliary Services
Exclusion clause in this service has been modified to provide that it would apply only if the activity results in manufacture of 'excisable goods'. The impact of this change would be that even if a process of manufacture is undertaken for the customer, but the resultant product does not fall under the category of excisable goods, such as alcoholic beverages, service tax would be attracted.


(C)    The following amendments has been proposed in the rules and notifications
(1)        Rule 6(3) of Cenvat Credit Rules, 2004 has been amended to prescribe that the provider of both taxable and exempted services, and who does not maintain separate books of accounts relating to inputs, shall pay an amount equal to 6% of the value of exempted services instead of 8%.
(2)        Rule 3(5B) of Cenvat Credit Rules, 2004, is being amended to provide that a service provider shall pay back the amount of credit taken on inputs/capital goods fully written off.
(3)        Explanation provided in the Works Contract Rules, 2007 is being modified so as to allow the benefit of optional composition only to such works contracts where the tax payer declares the entire value of goods (whether supplied under any other contract for a consideration or otherwise) and services used in the execution of works contracts as the 'gross value charged' for the works contracts. This restriction shall not be applicable to current works contracts where either the execution has commenced or any payment has been made on or before 07.07.2009.

23/2009 - Service Tax, dated 07-07-2009
Amends the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007.
(D) The following other important amendments have been proposed :

Exemption Scheme

(1) To simplify the Scheme of Zero-rate export and refund of service tax paid after clearance of exportable goods from the factory, Following major changes have been proposed;

  • (i) Services received by exporters from goods transport agents and commission agents, where the liability to pay service tax is ab initio on the exporter, would be exempted from service tax. Thus, there would be no need for the exporter to first pay the tax and later claim refund. 
  • (ii) For other services received by exporters, the exemption would be operated through the existing refund mechanism based on self-certification of the documents where such refund is below 0.25 per cent of fob (free on board) value, and certification of documents by a Chartered Accountant for value of refund exceeding the above limit. 

(2) Exemption from levy of service tax on the membership and other fees colleted by Export Promotion Councils and Federation of Indian Export Organization (FIEO) till 31st March, 2010

16/2009 - Service Tax, dated 07-07-2009
Exempts the taxable service, referred to in sub-clause (zzze) of clause (105) of section 65 of the Finance Act, provided or to be provided by the certain associations, from the whole of the service tax leviable thereon under section 66 of the said Finance Act.
(3) Exemption from levy of service tax to the passenger vehicle run by private undertakings: In order to bring uniformity with the vehicles having "Stage Carriage Permit" and run by State Government, which are exempted from service tax, the vehicle having "Contact Carriage Permits" and run by private undertakings are also being exempted from service tax.

20/2009 - Service Tax, dated 07-07-2009
Exempts the taxable service referred to in sub-clause (n) of clause (105) of section 65 of the Finance Act. 
Download Budget Related Notification 

23/2009 - Service Tax, dated 07-07-2009
Amends the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007.
22/2009 - Service Tax, dated 07-07-2009
Amends the Taxation of Services (Provided from outside India and Received in India) Rules, 2006.
21/2009 - Service Tax, dated 07-07-2009
Amendments in Notification No. 1/2002 – Service Tax, dated the 1st March, 2002.
20/2009 - Service Tax, dated 07-07-2009
Exempts the taxable service referred to in sub-clause (n) of clause (105) of section 65 of the Finance Act. 
19/2009 - Service Tax, dated 07-07-2009
Exempts the taxable service, referred to in sub-clause (zm) or (zzk)  of clause (105) of section 65 of the Finance Act.
18/2009 - Service Tax, dated 07-07-2009
Exempts the taxable service  pertaining to sub-clause  (zzb) and (zzp) of clause (105) of section 65 of the Finance Act. 
17/2009 - Service Tax, dated 07-07-2009
Supersedes notification No.41/2007- Service Tax, dated the 6th October, 2007.
16/2009 - Service Tax, dated 07-07-2009
Exempts the taxable service, referred to in sub-clause (zzze) of clause (105) of section 65 of the Finance Act, provided or to be provided by the certain associations, from the whole of the service tax leviable thereon under section 66 of the said Finance Act.
 
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3:19 PM 0

Finance Minister has abolished the FBT(fringe benefit tax ) wef AY 2010-11means from current financial Year ,A welcome step by the Govt but bad news is that now perquisites is now taxable in employee's hands which has been shifted earlier to FBT .There are few important points which relates to this amendments which I will try to cover in following paragraph.
  1. Applicable date:The finance Minister proposed to abolish this clause from AY 2010-11(FY 2009-10) and onwards assessment year .But many assesses have already deposited the FBT advance tax on 15 June ,2009 for the FY 2009-10.
    • what will be the fate of the advance FBT they have deposited?
    • will they have to file their return of FBT for Fy 2009-10 to claim the refund?
    • Can Advance FBT deposited be adjusted against Advance Income tax at the time of second quarter advance tax .All these issues has not been addressed at all.
  2. ESOP taxable in employee hand :Consequent to the withdrawal of FBT, following changes have been introduced in taxation of salary income.Presently, FBT is levied on the employer in respect of any allotment or transfer (directly or indirectly) of any specified securities or sweat equity shares to its employee (including former employee). Now, such benefit will be subject to tax as a perquisite only in the hands of the employee as under:
    • The perquisite value taxable in the hands of the employee will be the difference between the FMV of the specified security or sweat equity shares on the date on which the option is exercised and the amount actually paid by/ recovered from the employee. FMV will be computed in accordance with the method to be prescribed.
    • Presently, in case of shares/ debentures/ warrants acquired under an ESOP prior to enactment of FBT, the value considered for computing perquisite in the hands of the employee is considered as cost of acquisition(for calculating capital gain) on sale. Now, FMV considered for computing the perquisite value will be considered as cost of acquisition on sale of such specified security or sweat equity shares.
    • Now employee have to pay tax at on FMV-amount paid for ESOP on the date of option even though he had not realized any thing means has not sold any share or shares may have lock in period before which it can not be sold.
  3. Contribution to superannuation Fund:Presently ,conrtribution by the employer to an approved superannuation Fund for employee in the excess of Rs 100000 for each employee is subject to FBT in hands of employer .Now such excess will be taxable perquisite in the Hand of the employee
  4. Other perquisites:Further it is proposed in the budget that more fringe benefit which was liable to FBT or may not even liable to Fbt will be prescribed .These new List (yet to come) will also be included in salary income as perquisites.However some of the Fringe benefit autometically now included in salary as these expenses has not been included on the condition that employer has paid FBT on that expenses.Read section 17(2)(iv) with rule 3(7)
    • Meals ,Lunch and refereshments to employees subject to some exemption as prescribed
    • Travelling ,Touring,accommodation
    • Gift ,voucher Token
    • Credit card payment by employer on behalf of employee
    • Club expenses.
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3:17 PM 0
I have come to know from sources that dept. will sent refund order through UPC instead of registered post earlier,and you can forecast yourself how many refund order will be lost in transit,and how much difficult to get refund order from income tax deptt. second time ???.so what we should do ????

1. Send a request to FINANCE MINISTER to send refund order by REGT POST !!!!!!!?????

2. Fill your bank branch MICR code in INcome Tax Return & get the refund directly in bank account.

I think 99% people opts for 2nd choice.if you are with mass ,than you whould like to know what is micr code???.


WHAT IS MICR CODE

Full text of MICR code is :

MAGNETIC INK CHARACTER RECOGNITION (MICR)

In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations.

MICR code consist of 9 digit

First three digit denotes city and are same/identical first three digit of your pin code
for example for New Delhi =110 so first three digit of MICR code of all the bank branches located in NEW delhi irrespective of bank or bank branches will be110.

4-6 digit denotes for Bank
each bank has given a three digit code,4-6 digit is= bank code eg. SBI code is "002"so 4-6 digit of MICR CODE all the the branches of SBI is "002" irrespective of location in the india.

(7-9)Last three digit denotes branch code,it is in serial wise ,means if delhi has only one branch of sbi and its MICR code will be

110(FOR CITY)

002(FOR BANK)

001(FOR BRANCH)


"110002001"

so if you are located in delhi & your client has given you a Micr code of the bank located in New Delhi ,does't begin with "110",you can easily tell him your Micr code is wrong.

HOW CAN I KNOW MY BANK BRANCH MICR CODE

1. From your bank branch
2. from your cheque book ??
3. excel work book link is given below for Micr code for allmost all the branches located in India.

from cheque book ????yes ,if your bank branch has a Micr code than it is also printed on your cheque book,check your cheque book if there is a nine digit code and first three digit of the code=first three digit of your pin code than you can have got your MICR code.

so please fill MICR code to get the income tax refund directly into bank account.

WHETHER ALL THE BRANCHES IN INDIA HAVE MICR CODE?????
NO.

Is there any benefit for MICR code OTHER than ITR.

yes , now a days it is used by many organistions to send directly funds in customer account.

1. by mutual fund for sending sale receipt of the units to customer account
2.Refund of application money in shares .
3. Refund of taxes by other deptt also.
4. Refund of application money for real state/plot by govt/private organistion.

its use will increase only

MICR CODES OF BANK BRACHES IN INDIA(3.01MB)EXCEL

Micr Code in ZIP FILE(731 kb)updated 16/07/2008
other related term:



  1. What is Inter Bank Transfer?

    Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:


    • NEFT - The acronym "NEFT" stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account.
    • RTGS –The acronym "RTGS" stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a "real time" and on "gross settlement" basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.
  2. What is the minimum / maximum amount for RTGS /NEFT transactions?


    TypeMinimumMaximum
    RTGSRs. 1 LakhNo Limit
    NEFTNo LimitNo Limit
  3. When does the beneficiary get the credit for a RTGS payment?Under normal circumstances the beneficiary bank's branch receives the funds in real time as soon as funds are transferred by the remitting bank.
  4. When does the beneficiary get the credit for a NEFT payment?

    The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.
  5. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?

    Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary's bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch..
  6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

  7. Yes. If the money cannot be credited for any reason, the beneficiary's bank has to return the money to the remitting bank . Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.
  8. At what time during the day /week is the RTGS & NEFT service is available?

    Presently, NEFT is settled in six batches at 09:30 A.M., 10:30 A.M., 12:00 P.M., 1:00 P.M., 3:00 P.M. and 4:00 P.M. hours on weekdays and 09:30 A.M., 10:30 A.M. and 12:00 P.M. hours on Saturdays in RBI. OnlineSBP sends the transaction requests upto 3:30 P.M. on weekdays and upto 11:30 A.M. on Saturdays.

    RTGS transaction requests will be sent to RBI upto 2:30 PM. on weekdays and upto 11:30 AM on Saturdays.
  9. Timing given as on date of publishing , it may be change in future 
  10. What is the mandatory information required to make an RTGS & NEFT payment?The Remitter has to provide the following details:


    • Amount to be remitted
    • Account number which is to be debited
    • Name of the beneficiary bank
    • Name of the beneficiary
    • Account number of the beneficiary
    • Remarks or description, if any
    • The IFSC code of the beneficiary branch
  11. How to find the IFSC code of the beneficiary branch?Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.
  12. Do all bank branches in India provide RTGS & NEFT service?No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.
  13. How do I go about using this service?


    1. You should be an active Internet Banking user with transaction rights.
    2. Log on to www.onlinesbp.com by using your SBP Internet Banking ID and Password.
    3. Click on the 'Manage Interbank Payee' link in the 'Profile' tab.
    4. Select the 'Add' option and provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and transfer limit to register the Beneficiary.
    5. IFSC code of the Beneficiary's bank can be keyed in by two ways:

      1. Click the IFSC Code option and a textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank.
      2. Click the Location option, the following are retrieved and displayed.
    6. Beneficiary Bank Name – Dropdown Menu
    7. Location - Dropdown Menu
    8. Branch - Dropdown Menu
    9. The confirm button will be enabled only after clicking the accept button in the terms and conditions window.
    10. After providing all the details, the beneficiary will be added. It will be shown whether the added beneficiary bank is RTGS or NEFT enabled.
    11. After adding the Beneficiary you will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to authorize the Beneficiary. After a Beneficiary is authorized you can start transferring funds.
    12. You can proceed to make payments by clicking the 'Inter bank Transfer' link in the 'Payments/Transfers' tab.
    13. According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both.
    14. Select the Beneficiary from the list of registered Beneficiaries.
    15. You can either confirm or cancel the transaction.

  14. What are the service charges applicable for RTGS/NEFT transactions?
    Commission charges of Rs 25/- is applicable for all RTGS transactions, irrespective of the transaction amount. You can make NEFT transactions up to Rs. 50,000/- WITHOUT ANY COMMISSION CHARGES. For NEFT transactions above Rs. 50,000/- the charges are as listed in the following table:

    SchemeAmountRateMinimum ChargeMaximum Charge
    RTGS(RS.ONE LAKH AND ABOVE)
    Rs.25/- per transactionRs.25/-Rs.25/-
    NEFTUpto Rs.50,000NilNilNil

    Above Rs.50,000/-Rs.25/-Rs.25/-Rs.25/-


NOTE:THESE RATES ARE OF STATE BANK OF PATIALA . RATE OF OTHER BANK MAY BE SLIGHTLY DIFFERENT.



LIST OF BANK BRANCHES HAVING NEFT (2.9 mb)





Considering that more than 26,000 branches at more than 3,000 cities/ towns.COMPLETE LIST OF BANK BRANCHES IS of 2 GB ??????,SO LINK IS NOT PROVIDED ,CONTACT YOUR BRANCH .

List of BSR Codes

List of BSR codes of branches authorised to collect direct taxes (as informed by respective banks)(source :TIn-nsdl)
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank
Corporation Bank
Dena Bank
HDFC Bank
ICICI Bank
IDBI Limited


Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sindh Bank
Punjab National Bank
Reserve Bank of India
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of India
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
State Bank of Saurashta
Syndicate Bank
The Jammu and Kashmir Bank
UCO Bank
Union Bank of India
United Bank of India
UTI Bank
Vijaya Bank

bsr code of bank branch remain same in indirect taxes but some of bank braches are not authorised to deposit indirect taxes though authorised to receive Direct taxes.
 
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Jul 9, 2009

be aware

5:15 PM 0
be aware
A 10 year old boy, had eaten pineapple about 15 days back, and fell sick, from the day he had eaten. Later when he had his Health check done..... doctors diagnosed that he had AIDS. His parents couldn't believe it...Then the entire family under went a checkup... none of them suffered from Aids. So the doctors checked again
with the boy if he had eaten out....The boy said 'yes'. He had pineapple that evening. Immediately a group from the hospital went to the pineapple vendor to check. They found the pineapple seller had a cut on his finger while cutting the pineapple; his blood had spread into the fruit. When they had his blood checked...the guy was suffering from AIDS... But he himself was NOT aware. Unfortunately the boy is suffering from it now.
Please take care while u eat on the road side (particularly tasty vada pav & Paani Puri) and pls fwd this mail to your dear one's.
FRIENDS PLEASE TAKE CARE PERSONS YOU KNOW AS YOUR MESSAGE MAY SAVE ONE'S LIFE
 
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