Aug 31, 2009

INCOME TAX FORM ITR1 TO ITR8 WITH THEIR USE

1:20 PM 0
INCOME TAX FORM ITR1 TO ITR8 WITH THEIR USE

You should choose a return form according to your status and nature of income from the following:

ITR1

For Individuals having Income from Salary/ Pension/ family pension & Interest

ITR2

For Individuals and HUFs not having Income from Business or Profession

ITR3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

ITR4

For individuals & HUFs having income from a proprietary business or profession

ITR5

For firms, AOPs and BOIs

ITR6

For Companies other than companies claiming exemption under section 11

ITR7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

ITR8

Return for Fringe Benefits

ITRV

Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature

CRICKET MEATCH COMING UP HARBHAJAN TEAM VS. DHONI

1:17 PM 0
CRICKET MEATCH COMING UP HARBHAJAN TEAM VS. DHONI
Cricket lovers would be thrilled to know that an Indian Revenue Cricket
team [a combined team of Income-tax, Customs and Central Excise]
would be participating in the inaugural Corporate Cup Cricket
Tournament being organized by the BCCI. Our team is in Group ‘A’ and
would be fighting for a place in the semi-finals against ITC and Air India.
The day and night matches of 50 overs a side would be played at Mohali.
The Indian Revenue team is being led by former India player Amay
Khurasia. There are a number of current Ranji Trophy players in the team.
Air India is being led by test star Harbhajan Singh. The other stars in the
team are Indian captain M.S.Dhoni and current and former Indian players
like R.P.Singh and Mohd. Kaif. Our team would be playing its matches on
2nd and 3rd September, 2009. The match against Air India is on 3rd and
would be televised live on Neo Sports channel from 2.30 p.m onwards.

Aug 29, 2009

SOMETHING VERY USEFUL

5:09 PM 0
SOMETHING VERY USEFUL

It was a sports stadium.
Eight Children were standing on the track to participate in a running event.
* Ready! * Steady! * Bang !!!
With the sound of Toy pistol,
All eight girls started running.
Hardly had they covered ten to fifteen steps,
when one of the smaller girls slipped and fell down,

Due to bruises and pain she started crying.
When the other seven girls heard the little girl cry they
stopped running, stood for a while and turned back.
Seeing the girl on the track they all ran to help.
One among them bent down, picked her up and kissed her gently
And enquired as to how she was.
They then lifted the fallen girl pacifying her.
Two of them held her firmly while all seven joined hands together and walked together towards the winning post……….
There was pin drop silence at the spectator’s stand.
Officials were shocked.
Slow claps multiplied to thousands as the spectators stood up in appreciation.
Many eyes were filled with tears…
YES. This happened in Hyderabad in INDIA, recently!
The sport was conducted by National Institute of Mental Health !!!

All these special girls had come to participate in this event
They were spastic children.
Yes, they were Mentally Challenged.

What did they teach the WORLD?
Teamwork?
Humanity?
Equality among all??
Successful people help others who are slow in learning
So that they are not left far behind.

We will never do this because we have brains !!!!

Aug 25, 2009

HOW TO FILL INCOME TAX FORM 15CA

1:50 PM 0
HOW TO FILL INCOME TAX FORM 15CA

General

  • Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of the Income-tax Act, 1961. The information should be furnished after obtaining a certificate in Form 15CB from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961. The print out Form 15CA should be signed and submitted to the Reserve Bank of India/authorized dealer prior to remitting the payment.
  • The Form should be furnished at the website of the Tax Information Network www.tin-nsdl.com.
  • Fields marked with (*) are mandatory.
  • Select the values from the drop down wherever provided.
  • Each transaction detail should be filled in separately.

Guidelines for Part A of Form 15CA:

Remitter:

  • Permanent Account Number (PAN) and Tax Deduction and collection Account Number (TAN) allotted by the Income Tax Department should be mentioned. TAN is mandatory in cases where-
    • tax has been deducted or will be deducted at source;
    • the remitter has obtained an order under section 195 (2) of the Income-tax Act from the Assessing Officer.
  • In case an invalid PAN and/or TAN is filled in by the remitter, the Form will not be generated.
  • In case the remitter does not have a TAN, it is mandatory to quote PAN of the remitter.
  • PAN of the remitter should invariably be given. However, the same is mandatory if status of entity is Company or Firm. If PAN is not given in such cases, the remitter will not be allowed to generate the Form.
  • Details in at least two address fields for remitter shoule be mentioned.
  • Name of the entity should be mentioned in the “Name of remitter” field.
  • No value is to be provided in Area code, AO type, Range code & AO number. The fields will be entered by the system after validating the PAN and/or TAN.
  • Email id and mobile no., if any, should be provided.

Recipient of remittance:

  • Complete address of recipient of remittance, separated by coma, should be provided.
  • PAN, allotted by the Indian Income Tax Department should be mentioned.
  • If status of entity is “company”, then provide type of company i.e., “domestic” or “other than domestic”.
  • In the field “ Principal Place of Business”, the country of tax residence of the recipient of the remittance should be mentioned.

Information for accountant

  • Enter name of the Chartered Accountant in the field “Name of the accountant”.
  • Details in at least two address fields should be mentioned.
  • Date of certificate should not be a future date.
  • Registration no. should be numeric.
  • Details of accountant are not required if point no. 15 is selected i.e. any order u/s 195 (2)/ 195 (3)/ 197 of the Income-tax Act has been obtained from Assessing Officer.
  • Certificate number is an alphanumeric field.

Guidelines for PART B of the Form (Particulars of Remittance and TDS)

  • Provide the values as per the accountant certificate obtained in Form 15CB.
  • In case name of the country is not available in drop down list, select value “other” from the drop down and provide name of the country.
  • In case currency name is not available in drop down then select value ”other” from the drop down and provide name of the currency.
  • Proposed date of remittance should be current date or a future date.
  • Amount of TDS should be less than amount of remittance.
  • Actual amount of remittance after TDS should be less than amount of remittance.
  • BSR code of the bank through which the remittance is made should be mentioned.
  • Rate of TDS as per DTAA (if applicable) should be mentioned upto two decimal places.
  • Amount should be mentioned upto 2 decimal places.
  • Select any one out of fields 12, 13, 14 and 16. One form is to be filled for one type of remittance.
  • Details of “responsible person” should be mentioned for verification.
  • If no tax has been deducted then value “0.00” should be mentioned in “Amount of TDS” field (foreign currency and Indian Rs.)
  • Value for “rate of deduction as per the Income-tax Act” should be “0.00” if no tax has been deducted and “amount of TDS in Indian and foreign currency” should be “0.00”.

Generation of Form 15CA

  • After filling up the information, click “submit”. On submission of details if system shows any errors, rectify and re-submit the form.
  • A confirmation screen with all the data filled by the user will be displayed. The same can be either confirmed or edited.
  • On confirmation, a filled up Form 15CA with an acknowledgement number will be displayed. Print out of the Form should be taken, signed and submitted prior to remitting the payment.
  • Form 15CA can be re-printed by selecting the re-print option. For re-printing, please enter “acknowledgement no.”, “PAN” and/or “TAN” mentioned in the Form.

Aug 23, 2009

Withdraw cash from atm (other bank)

12:43 PM 0
Withdraw cash from atm (other bank)
Dear Friends,
RBI issued a notification in which it says that there is a limit of withdrawing cash from ATMs of other bank(except of home bank). Earlier it is free to withdraw the limit amount ( generally it is 25000-400000,depends on bank) from any bank ATM.

But now there is a limit which will in effect from 1st of October that maximum of 10000 of withdraw is allowed from other bank ATM.



Good news for all ,Now you can get cash against your Debit card from merchant (shop) where debit card is accepted.so If You have not found an ATM or ATM situated at a far place then go to merchant(point of sales) near to your place and collect cash against your Debit card.RBI has allowed to withdraw cash from POS(point of sale ) up to 1000 rs through Debit card.Further you can take cash from POS ,irrespective whether you have purchased any thing from shop or not.

The condition to start service for Cash withdrawal from point of sale (for Banks)are

1. This facility is available only against debit cards issued in India.

2. The maximum amount that can be withdrawn at POS terminals is fixed at Rs.1000/- per day.

3. This facility may be made available at any merchant establishment designated by the bank after a process of due diligence.

4. The facility is available irrespective of whether the card holder makes a purchase or not.

5. In case the facility is being availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn.

6. Banks offering this facility shall put in place a proper customer redressal mechanism. Complaints in this regard will fall within the ambit of the Banking Ombudsman Scheme.

7. Banks offering this facility shall on approval by their respective Boards obtain one time permission of Reserve Bank of India, Department of Banking Operations and Development under Section 23 of the Banking Regulation Act, 1949


Aug 13, 2009

NEW DIRECT TAX RATES NEW CODE

5:08 PM 1
NEW DIRECT TAX RATES NEW CODE
INCOME TAX RATES IN NEW TAX CODE
49

By FREEWORKING

NEW RATES IN DIRECT TAX CODE

Ministry of Finance, has released a new DIRECT TAX CODE which will be applicaple in F.Y. 2011-12 and will replace the old act.The features of New direct tax code are:-

1-Tax rates will be uniform.

2-Saving limit will be 3 lakhs.

3-Most of the exemption will be abolished, and with some exemption there is the need to mention in Income head instead of showing another head.

4-STT(Security transaction tax) will be abolished.

5-Business loan can be carried forward.

6-Taxes rates are 10% upto 10 lakhs.

7-Company tax rates are 25% instead of 30%

8-Exemption limit will remain same 160000 for male,190000 for female and 240000 for senior citizen.


The direct taxes would be in new tax codde

FOR INDIVIDUAL man

UPTO 160000 NIL

160000 TO 1000000 10 %

1000000 TO 2500000 84000+ 20%<1000000

EXCESS 2500000 384000+30%<2500000

THE EXEMPTED RATES FOR WOMAN (LESS THAN 65 YEARS)IS 190000 SO 190000----NIL

190000 TO 1000000 10%

1000000 TO 2500000 81000+20%<1000000

EXCESS 2500000 381000+30%<2500000

SENIOR CITIZEN:

240000--NIL

2400000 TO 1000000 10%

1000000 TO 2500000 78000+20%<1000000

EXCESS 2500000 376000+<2500000

Aug 5, 2009

NEW PAN APPLICATION

12:12 PM 0
NEW PAN APPLICATION
Friends,
The persons who are newly applying for PAN CARDS BEWARE!!!!!!!!!!11

Identity and address of a certain percetange of PAN applications are verified by visiting the PAN applicants. Hence, an authorized third party agency may visit the PAN applicant to verify the identity and address provided in the PAN application

So dont do fraud or any type of mislead.

Thanks
NITIN

Aug 4, 2009

15CA & 15CB INCOME TAX FORMS

1:01 PM 0
15CA & 15CB INCOME TAX FORMS
FRIENDS,
If u need to download income tax 15CA & 15CB FORMS THERE IS A LINK

DOWNLOAD 15CB

DOWNLOAD 15CA

thanks

Aug 2, 2009

NEW SECURITY CODE FOR CREDIT CARDS PAYMENT

3:43 PM 0
NEW SECURITY CODE FOR CREDIT CARDS PAYMENT

From 1st of August, there is a new verified by visa secure code for all the online transaction either you are making the payment with debit cards or credit cards, one need to be register for making the payment with extra level of security.It applies on visa as well as master card which is called 'Master Card Secure Code'.

There are two ways to register:

1- Go to the bank site and register yourself.

2- While making payment you can register yourself. If someone is already registered there is no need to reregister.

Once you register you will get a six digit password and you need to enter this password on all the transactions you made either with debit card or credit cards.

Now it's very secure making the payment on net as the SECURE CODE works very well and we are very confident paying on net as it has very little chances of fraud or hacking.It is totally free and it's only for securing the online payments.




VIEW RBI CIRCULAR BELOW TO KNOW MORE

The use of Credit/Debit Cards has been increasing in the country. We have been reviewing various options to enhance the security of online card transactions. After extensive consultations with banks/card companies, it has been decided as under:

2. It would be mandatory to put in place with effect from August 01, 2009:

i) A system of providing for additional authentication/validation based on information not visible on the cards for all on-line card not present transactions except IVR transactions (for which separate instructions will follow).

ii) A system of "Online Alerts" to the cardholder for all 'card not present' transactions of the value of Rs. 5,000/ and above.

3. Banks are advised to strictly adhere to the instructions and time discipline indicated in this circular. Non-adherence to the directives shall attract penalties prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

4. This directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).

5. Please acknowledge receipt.