No TDS on brokerage paid by agent to sub-broker for dealing on securities

No TDS on brokerage paid by agent to sub-broker for dealing on securities


Sub-brokerage paid by an agent to sub-agents for services rendered in connection with securities/mutual funds is outside the purview of section 194H

In the instant case, the assessee-firm, engaged as an agent of post office schemes, PPF, RBI Bonds, LIC, Mutual fund, etc., had claimed expenditure on account of commission paid to sub-brokers in respect of sale and purchase of mutual funds. The AO disallowed the claim as no tax under section 194H was deducted on above payments. According to him only the companies issuing securities were exempted from liability of deduction of tax under section 194H on payment of commission and not the brokers or sub-brokers dealing with the securities. However, on appeal, the CIT (A) deleted the impugned addition. Thus, instant appeal was filed by the revenue.

The Tribunal held in favour of assessee:
1) Commission or brokerage has been defined in the Explanation (i) to section 194H. A bare perusal of such Explanation clearly shows that if the commission or brokerage has been paid by a person acting on behalf of another person for services rendered in connection with securities then said commission or brokerage would be outside the purview of section 194H;

2) It is evident from clause (h) of section 2 of the Securities Contract Act, 1956 that mutual funds are not outside the ambit of the term 'securities'. The Explanation (i) to section 194H uses the term 'in relation to' which clearly implies that whenever any commission or brokerage is paid in relation to securities then it would be outside the ambit of section 194H. Admittedly, the assessee had paid sub-brokerage in relation to securities (mutual fund) and, therefore, it was outside the ambit of section 194H – ITO V. MITTAL INVESTMENT & CO. [2013] 33 taxmann.com 52 (Delhi - Trib.)
Tags-tds onj securities,tds section 194h,tds on brokerage,tds on mutual funds
Provision for free transport to employees is not a service

Provision for free transport to employees is not a service


Provision of free transport facility provided to employees for business purposes cannot be regarded as 'service' because work done and wages received are independent of use or otherwise of such facility by employees and, hence, a proportion of work performed by employee does not amount to consideration

In the instant case, the assessee-builder was engaged in construction work. It provided free transport facilities/services to its employees for their transport from residence to building sites and vice versa. Department argued that it was a service and consideration received by assessee-employer was work done by employee and therefore was liable to VAT under German law.

The European Court of Justice held as under:

1) Since work to be performed and wages received are independent of use or otherwise by employees of transport facilities provided to them by their employer, it was not possible to regard a proportion of work performed as being consideration for transport services;

2) Thus, there was no consideration which had a subjective value and a direct link with service provided. Consequently, it could not be charged to service tax/ Vat - JULIUS FILLIBECK SÖHNE GMBH & CO. KG V. FINANZAMT NEUSTADT [2013] 30 taxmann.com 433 (ECJ)
Tags-free transport service,free transport service to employees,service tax on transport to employees
Things to consider before taking a home loan

Things to consider before taking a home loan


Many of us dreams for buying a home today. Properties prices are neutral or down as well as the rate of interest on home loan. But there are many factors to be considered before applying for a home loan or buy a home as it is a major financial issue and requires a lot of financial planning. These are some factors which must analysis before taking a big step buying a home and taking a home loan.

 Loan amount- home loan amount is based on the cost of home. It also based on ability to pay EMI, business or job, age, other loan taken and some other financial parameter. Sometimes banks may offer higher loan than the net worth. One must plan for repaying the loan before taking the loan. One should not take such amount of loan which may lead to headache and harassment for paying EMI.  

Down payment- one needs to pay the down payment amount, which is minimum amount for applying for the loan. Banks decide the down payment and it includes in the property value on which banks give the loan. Such down payment is needed to be provided by the borrower himself as soon as loan granted. So one must need to arrange such money with his sources.

Interest rates- there are two options available in the interest rates which are fixed rate and floating rate of interest. In fixed rate option, interest rate remains unchanged for the entire tenure of the loan whereas in floating rate of interest, interest rates changes as per market rates. Fixed rates are preferred where interest rates are on rise, whereas floating rates are preferred where market rates declines. One must analysis the market conditions before deciding the interest rates factors as after approval, its hard to changes the interest rate option.

Remember Reserve bank of India has abolished the prepayment penalty and no banks can ask to pay more if you are paying the loan amount early. Check the fixed interest rate vs. diminishing interest rate calculator.

Repayment period- Period is also an important factor. Home loan is available up to 20 years depending on banks to banks. One needs to decide the repayment period rationally. It all depends on the ability to pay the EMI. If loan tenure is less, one needs to pay less interest on the loan. So it is always better to take the loan for short period but one should consider about how much one can easily pat EMI.

Formula is simple, more EMI, less interest you will pay on the same loan amount. Check this EMI, Loan tenure and rate of interest calculator.

Windfall gains- if someone has got some windfall gains, some unexpected profits, one can use it on repaying the loan amount. It really can save a lot of interest amount to be paid. Banks neither can levy prepayment penalty nor any charges against it.

Penalty & charges- These are the things people ignores while taking the loan. One should compare and know about charges and penalties of late payment, Bounce the EMI and cheque bounce. Banks are generally don’t tell these items and it is negotiable as well as different bank to bank. So it’s advisable to have a look on them.

Security- in home loan, the security is itself the home for which one is taking the loan. But in some condition like under-construction, the lender may ask for another security for the loan. Other security may be any property, shares, debentures, life insurance policies, FDR. One must have a look on credit rating which is very important to obtain a good score for approval a loan. Any default on loan or even late payment may lead to disapproval of the loan. For more information about credit ratings go to this link.

Insurance- One must insure your home for taking a loan. Banks must need it or they will pay the premium themselves and charge it to you.

Income tax benefits- home loan gives a lot of tax benefit. Benefits are available on both the principal as well as interest amount. A sum of Rs. 150000 is the maximum limit for deduction on interest payable on the home loan for self-occupied property. There is an extra deduction introduced in the last budget in which an additional deduction on interest up to 1 lakh is allowed on a loan up to Rs. 25 Lakh.  There is no limit on interest on home loan in the case of let out property under section 24(d) of income tax act. There is also deduction available up to Rs. 100000 on principal loan amount paid under section 80(c) of income tax act.

In case of joint name loan, but husband and wife are eligible for tax deduction on same home loan. Like if the home loan is taken on husband and wife name, both can claim deduction of 1.5 lakh on interest on home loan.

Home saver loan- there is another concept available in the market which called home saver loan. In this loan one can deposit the additional money in the current account linked with the home loan account. The deposited amount can be withdrawn anytime and one needs to pay interest on home loan-deposit on current account.

However the interest rate is some high with the normal home loan. For more info about home saver loan click here.

Default- In case when one can't pay the loan EMI at time there are some rescue available check the link.
Tags-home loan,home loan option,home loan factors,home loan deduction,factors to consider for home loan,home loan factors to consider,things to consider for home loan
Prepayment charges can be set off against any other income

Prepayment charges can be set off against any other income


Taxpayers get a big relief with a decision of Mumbai bench of the income tax Appellate Tribunal. This decision is about the prepayment penalty paid to early repayment for the home loan.

In the decision, the prepayment charges can be claimed deduction from the income under the head income from house property. These charges can be claimed from any other head of income like income from salary etc.

This is a big relief to the taxpayers as many people paid a large amount as prepayment charges for the home loan and there was no rule to get the deduction from income tax.

The tribunal examined the appeal filed by Windermere properties. The Tribunal said that the interest on housing loan is deductible from income tax under the head income from house property. The appellant paid a sum of Rs. 1.56 crore as prepayment charges for a house loan to HDFC bank. The Tribunal said that these charges are live, true and direct linked with the house loan.
  
Dismissing the stand taken by the Tax department, the tribunal bench added, "It is beyond our comprehension as to how the amount paid as interest for the housing loan taken is allowable as a deduction but the amount paid as prepayment charges of the very same loan is not deductible." 

Both the direct interest and prepayment charges were held by the tribunal to fall within the definition of the term interest and allowable as a deduction from house property income. 


Reserve Bank of India had removed the prepayment charges for the house loan in June 2012-13 but a large number of income tax payer still paid prepayment charges for home loan in April and May 2012. This rule helps them to save a big money from income tax liability.

Moreover this rule is helpful to those people too who have still pending assessment for previous years.
Tags-prepayment charges,prepayment charges in income tax,prepayment charges it rule,income tax rule for prepayment charges,home loan prepayment charges, how to deduct prepayment charges in income tax,income tax deduction for prepayment charges
Mandatory e-filing of return for income above 5 lakh AY 2013-14

Mandatory e-filing of return for income above 5 lakh AY 2013-14

Income tax department issued a notification no. 34/2013 about e-filing of income tax return is mandatory for the person whose income is above 5 lakh for the assessment year 2013-14. Full notification is as under.


GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
New Delhi, the 1st day of May, 2013
Income-tax
S.O. 1111 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013. 

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─(a) in sub-rule (1),-

(A) for the figures “2012”, the figures “2013” shall be substituted;
(B) in item (a),─
(i) in sub-item (iii), after the words “income from race horses”, the words “and does not have any loss under the head” shall be inserted;

(ii) for the proviso, the following proviso shall be substituted, namely:-

“Provided that the provisions of this clause shall not apply to a person who,-

(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─

(i) assets (including financial interest in any entity) located outside India; or(ii) signing authority in any account located outside India; 

(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or

(III) has income not chargeable to tax, exceeding five thousand rupees.”;

(C) in clause (ca), for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-

(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or

(ii) signing authority in any account located outside India; 

(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or

(III) has income not chargeable to tax, exceeding five thousand rupees.”;

(b) in sub-rule(2), the following proviso shall be inserted, namely:-
“Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.”;

(c) in sub-rule (3), in the proviso,-(A) in clause (a),─(i) for the words “an individual or a hindu undivided family”, the words “a person, other than a company and a person required to furnish the return in Form ITR-7” shall be substituted;

(ii) for the words “ten lakh rupees” the words “five lakh rupees” shall be substituted;
(iii) for the figures “2012-13”, the figures “2013-14” shall be substituted;

(B) after clause (aaa), the following clause shall be inserted, namely:-
“(aab) a person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act, shall furnish the return for assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”

(C) in clause (b), after the words, brackets and figure “in clause (i)”, the words, brackets and figures “or clause (ii) or clause (iii)” shall be inserted.

(d) in sub-rule 4, after the words, brackets and figures “of sub-rule(3)”, the words and figures “and the report of audit in the manner specified in proviso to sub-rule (2)” shall be inserted.

(e) in sub-rule (5), for the figures “2011”, the figures “2012” shall be substituted.

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted.
Tags-income tax return,income tax e-filing return,e-filing of income tax return,limit for e-filing return,it return e-filing limit
Service tax voluntary compliance encouragement scheme VCES 2013

Service tax voluntary compliance encouragement scheme VCES 2013

Service tax department started new scheme which is Voluntary Compliance Encouragement scheme( VCES). This scheme is for those service providers who falls into service tax liability but didn't apply for service tax number as well as do not pay service tax. Service tax department has issued a notification no. 10/2013 dated 13 May 2013 about this new VCES scheme 2013. Full notification and scheme detail are as follows.


Notification
No.10/2013 - Service Tax
New Delhi, the 13th May, 2013
G.S.R…..(E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 114 of the Finance Act, 2013 (17 of 2013), the Central Government hereby makes the following rules regarding the form and manner of declaration, form and manner of acknowledgement of declaration, manner of payment of tax dues andform and manner of issuing acknowledgement of discharge of tax dues under the Service Tax Voluntary Compliance Encouragement Scheme,2013,namely:-

1. Short title and commencement.– (1) These rules may be called the Service Tax Voluntary Compliance Encouragement Rules, 2013.

(2) They shall come into force on the date of its publication in the Gazette of India.

2. Definitions. – (1) In these rules, unless the context otherwise requires, -
(a) “Act” means the Finance Act, 2013;
(b) “Form” means the Forms annexed to these rules.
(c) “Scheme” means the Service Tax Voluntary Compliance Encouragement Scheme, 2013 as specified in the Act;

(2) Words and expressions used but not defined in these rules but defined in the Scheme shall have the meanings respectively assigned to them in the Scheme.

3. Registration. – Any person, who wishes to make a declaration under the Scheme, shall, if not already registered, take registration under rule 4 of the Service Tax Rules, 1994.

4. Form of declaration. – The declaration under sub-section (1) of section 107 of the Act, in respect of tax dues under the Scheme shall be made in Form VCES -1.

5. Form of acknowledgment of declaration. – The designated authority on receipt of declaration shall issue an acknowledgement thereof, in Form VCES -2, within a period of seven working days from the date of receipt of the declaration.

6. Payment of tax dues.– (1) The tax dues payable under the Scheme along with interest, if any, under section 107 of the Act shall be paid to the credit of the Central Government in the manner prescribed for the payment of service tax under the Service Tax Rules, 1994.(2) The CENVAT credit shall not be utilised for payment of tax dues under the Scheme.

7. Form of acknowledgement of discharge.– (1) The designated authority shall issue an acknowledgement of discharge under sub-section (7) of section 107 of theAct, in Form VCES - 3.

(2) The acknowledgement of discharge shall be issued within a period of seven working days from the date of furnishing of details of payment of tax dues in full along with interest, if any, by the declarant.

One can see VCES forms from this link
Tags-vces,voluntary compliance encouragement scheme,service tax vces,vces form,service tax form vces,
EPF interest rate 8.5 percent approved for 2012-13

EPF interest rate 8.5 percent approved for 2012-13


Finance Ministry of India has approved rate interest of 8.5% for 2012-13 for EPFO subscribers which are up by .25 percent, which was 8.25 percent in the previous year. This will benefit around 5 crore subscribers of Employees provident fund.

The rate of interest 8.5 percent for 2012-13 will be implemented with immediate effect as per commissioner of EPFO Mr. Anil Swarup. He also said that EPFO will settle claim at 8.5 percent and credit the interest for 2012-13.

Central board of trustee (CBT) takes the decision about rate of interest on EPFO and it decided the rate of 8.5 percent for 2012-13. Now CBT will issue a notification to the EPFO department, only after which EPFO department gives credit the interest amount to the subscribers.

 According to the rules, rate of interest on EPF should be decided before the financial year but now days it becomes a practice of delay and this time it is decided after the end of financial year.

Claims are settled on the previous year interest rates in the absence of notification about the interest rate. After only notified by CBT, subscribers can claim on differential rates.
Tags-epf rate of interest,epf interest rate 2012-13,epf interest rate for 2012-13,provident fund interest rate,interest rate of provident fund,epf rate of interest,epf interest rate 2012-13,epf interest rate for 2012-13,provident fund interest rate,interest rate of provident fund

ITR-4S SUGAM form in excel for AY 2013-14 free download

Income tax department has issued income tax return form ITR for the assessment year 2013-14. Earlier these forms are available in pdf format only. Now the department issued SAHAJ and SUGAM forms in excel format also.

ITR-4S SUGAM
SUGAM form is to be used by an individual/HUF whose total income for the assessment year 2013-14 includes.

  • Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the act for computation of business income; or
  • Income from salary or pension; or
  • Income from own house property excluding cases where loss is brought forward from previous year; or
  • Income from other sources excluding winning from lottery and income from race horses.
Points to remember


  1. The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, deduction or depreciation under income tax act.
  2. In a case where the income of another person like spouse, minor child etc. is to be clubbed with the income of the assessee, this return form can be used only if the income being clubbed falls into the above 4 income categories.
Download ITR-4S SUGAM form in excel format assessment year 2013-14  from here.

Download ITR-1 SAHAJ  form in excel format assessment year 2013-14 from here.
Download other itr forms for assessment year 2013-14 from here.
Tags-sahaj 2013-14,sugam 2013-14,sahaj in excel 2013-14,sugam 2013-14 ay,sugam ay 2013-14,sugam 2013-14 in excel,itr 4s excel,2013-14 itr

e-filing of audit report mandatory u/s 44AB AY 2013-14

e-filing of audit report mandatory u/s 44AB AY 2013-14

Where an assessee is required to furnish a report of audit under section 44AB, 92E or 115JB of the income tax act, he shall furnish the audit report electronically for assessment year 2013-14 and onwards, Income tax department issued a notification about the amendment rules, Full notification is as under.



Income-tax
S.O. 1111 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2013. 

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─(a) in sub-rule (1),-
(A) for the figures “2012”, the figures “2013” shall be substituted;
(B) in item (a),─
(i) in sub-item (iii), after the words “income from race horses”, the words “and does not have any loss under the head” shall be inserted;
(ii) for the proviso, the following proviso shall be substituted, namely:-
“Provided that the provisions of this clause shall not apply to a person who,-

(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─

(i) assets (including financial interest in any entity) located outside India; or(ii) signing authority in any account located outside India; 

(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or

(III) has income not chargeable to tax, exceeding five thousand rupees.”;

(C) in clause (ca), for the proviso, the following proviso shall be substituted, namely:-

“Provided that the provisions of this clause shall not apply to a person who,-

(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,─
(i) assets (including financial interest in any entity) located outside India; or

(ii) signing authority in any account located outside India; 

(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or

(III) has income not chargeable to tax, exceeding five thousand rupees.”;

(b) in sub-rule(2), the following proviso shall be inserted, namely:-
“Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.”;

(c) in sub-rule (3), in the proviso,-
(A) in clause (a),─(i) for the words “an individual or a hindu undivided family”, the words “a person, other than a company and a person required to furnish the return in Form ITR-7” shall be substituted;

(ii) for the words “ten lakh rupees” the words “five lakh rupees” shall be substituted;

(iii) for the figures “2012-13”, the figures “2013-14” shall be substituted;

(B) after clause (aaa), the following clause shall be inserted, namely:-
“(aab) a person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act, shall furnish the return for assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”

(C) in clause (b), after the words, brackets and figure “in clause (i)”, the words, brackets and figures “or clause (ii) or clause (iii)” shall be inserted.

(d) in sub-rule 4, after the words, brackets and figures “of sub-rule(3)”, the words and figures “and the report of audit in the manner specified in proviso to sub-rule (2)” shall be inserted.

(e) in sub-rule (5), for the figures “2011”, the figures “2012” shall be substituted.

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-
4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4
and ITR-V” shall be substituted. 
Tags-aduit report,income tax aduit exemption,income tax aduit,e-filing of aduit report,aduit report e-filing


ITR-1 SAHAJ form for assessment year 2013-14 in excel


Income tax department issued income tax return forms (ITR) for the assessment year 2013-14. Earlier these ITR-1. ITR-2. ITR-3, ITR-4, ITR-4S(SUGAM) and ITR-V Acknowledgment issued in the pdf form only. Now the department started issuing these forms in excel format. In this contrast ITR-1 Sahaj form is issued in the excel format for assessment year 2013-14.

This Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:- 

(a) Income from Salary/ Pension; or 
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)


Further in case where the income of another person like spouse, minor child etc. is to be clubbed with the income of the assessee, this return form ITR1(SAHAJ) can be used only if the income being clubbed falls into the above income categories.
Download ITR-1 SAHAJ form in excel for assessment year 2013-14
Download all ITR for assessment year 2013-14 in pdf format
Tags-itr-1 ay 2013-14,itr 1 2013-14,itr 1 13-14,itr-2 13-14,itr2 ay 2013-14,itr 3 ay 2013-14,itr 4 2013-14,itr 4 ay 2013-14,itr 2013-14,2013 14 itr,ay 2013-14 itr


RBI told banks to stop writing on currency notes

RBI told banks to stop writing on currency notes

Reserve Bank of India has issued a note on clean note policy and urge the banks not to write anything on currency notes. This is an another step to increase the life of the notes as initially RBI told banks not to accept staple bundle of notes. The life is very low of the notes and RBI wants to increase it. In this move, RBI is also starting issuing plastic notes in India. Full note to banks is as under.


Clean Note Policy
In recent periods, instances of certain branches of banks continues to follow old practices like stapling, writing number of note pieces in loose packets on watermark window of notes disfiguring the watermark impression and rendering it difficult for easy recognition have come to our notice. Further, it has also been observed that certain bank branches do not sort notes into re-issuables and non-issuables, and issue soiled notes to public. Such practices are against the “Clean Note Policy” of Reserve Bank of India.
2. In this connection we invite a reference to Reserve Bank of India’s Directive DBOD No. Dir. BC. 43/13.03.00/2001-02 dated November 7, 2001 and reiterate that:
a) banks should do away with stapling of any note packet and instead secure note packets with paper bands,

 b) banks should sort notes into re-issuables and non-issuables, and issue only clean notes to public; and,

 c) banks should forthwith stop writing of any kind on watermark window of bank notes.

 Tags-plastic notes in india,plastic notes
Custom classifies Tablet computer

Custom classifies Tablet computer

Custom department made classification on the machinery imported under the name of tablet computer. Custom department issued a circular no. 20/2013 dated 14 May 2013 regarding classification of tablet computer. Full circular is as under.


Subject: Classification of the machines commercially referred to as “Tablet Computers” –regarding.

Doubts have been raised regarding classification of products commercially referred to as Tablet Computers under the Customs Tariff which is harmonised with the Harmonized Commodity Description and Coding System, commonly known as "HS Nomenclature". The two major competing headings are 8517 and 8471. 

2. The issue has been examined by the Board. The classification is to be determined by application of the General Rules for the Interpretation (GRIs) of the First Schedule to the Customs Tariff Act (CTA), 1975. GRI 1 requires that, “in classifying articles, for legal purpose it shall be determined according to the terms of the headings and any relative Section or Chapter Notes,..”. Hence, all relevant legal texts must be considered. Note 5.(A) to Chapter 84 states that, “For the purposes of heading 8471, the expression “automatic data processing machine” means machine capable of : (i) storing the processing programme or programmes and at least the data immediately necessary for the execution of the programme; (ii) being freely programmed in accordance with the requirements of the user; (iii) performing arithmetical computations specified by the user; and (iv) executing, without human intervention, a processing programme which requires them to modify their execution, by logical decision during the processing run”. In addition to the above relevant Note 3 to Section XVI stipulates that, “unless the context otherwise requires, composite machines consisting of two or more machines fitted together to form a whole and other machines designed for the purpose of per-forming two or more complementary or alternative functions are to be classified as if
consisting only of that component or as being that machine which performs the principal function”.

3. A Tablet Computer is designed to be primarily operated by using its touchscreen. It can process data, execute programs, and connect to the Internet via a wireless network in order to, for example, exchange and manage e-mails, exchange or download files, download software applications, conduct video or VoIP (“Voice over Internet Protocol”) communications, etc. In addition, it can also be connected to a cellular network to make voice calls.

4. It is seen that “Tablet Computers” can be programmed in a variety of ways thereby qualifying as machines capable of being freely programmed in accordance with the requirements of the user, as required by Note 5 (A) (ii) to Chapter 84. It is also held that the products at issue have essentially the same functionality as a laptop. The function as an Automatic Data Processing Machine (ADP) is the main function of the product, while other functionalities of said machines are not different from the auxiliary functions that could be seen on any computer, such as desktop or laptop computers. The mobile phone calling function could be provided by the products only as a supplementary function because it could not be activated without running an operating system of the “Tablet Computer”, and in order to use the function a headset had to be used. The size of such machines when exceeding the dimensions mentioned in Note 8 to Chapter 84 relating to the “pocket-size” machines of heading 8470, is too big to be used principally for making voice calls. The tablet computers are not intended to be a substitute for a mobile phone to make voice calls, but, according to its main technical features is designed as a substitute for laptops. The difference between a “Smartphone” and a “Tablet Computer”, is not based on whether the product has a voice calling function or not, but on the principal features that a producer has intended for the device when designing and developing it. 

5. In view of the foregoing, it is held that products at issue meet all the requirements stipulated in Note 5 (A) to Chapter 84. Therefore, it is decided that machines commercially referred to as “Tablet Computers” are more appropriately classifiable in heading 8471, subheading 847130, by application of General Rules for Interpretation (GRI) of Import Tariff, 1 (Note 3 to Section XVI and Note 5 (A) to Chapter 84) and 6. This decision is consistent with WCO HSC decision to classify certain machines commercially referred to as 
“Tablet Computers” in heading 8471, subheading 847130.

6. Accordingly, pending classification may be finalized, and difficulties, if any, faced in the implementation of this circular, may be immediately brought to the notice of the Board.
Tags-classification of tablet computer,tablet computer classification,custom circular no. 20,custom circular no. 20/2013

5 things one must know about PPF account

There are some points which everybody should know about public provident fund(PPF).

1-    If somebody has the ppf account which is forgotten or ignored, one can revive this ppf account with paying the pending subscription and penalties.

2-    One needs to deposit minimum of RS. 500 per year to make the account active. If somebody fails to deposit the minimum amount, a penalty of Rs. 50 per year will be charged on the account. In case of reactivation, one need to pay due amount as well as penalty till the date of reactivation.

3-    Once PPF account is declared inactive, the account holder needs to visit in the bank for make it active for verification process.

4-    If your PPF account has already matured, it will not earn any interest from the date of maturity. You cannot reactivate such an account, but will have to pay the penalty to claim the proceeds.

5-    If the PPF account is close to maturity, you can apply for an extension, with or without further contribution, for a period of five years from the date of maturity to be able to earn an interest on the accumulated amount.
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No cheque return charges if customer is not at fault

No cheque return charges if customer is not at fault

Reserve bank of India gives a important point stating that if there is no fault of the customer, bank can't levy charges of cheque return. We often see banks levy charges of cheque retuen whereas no fault of ours. The cheque may be return due to several other reasons other than insufficient funds, due date and mismatch of signature.

 RBI issued a full note telling banks not to levy charges where customers are not at fault. Full note is as under.


Delay in re-presentation of technical return cheques and levy of charges for such returns
As you are aware, banks are expected to indicate the timeline for realisation of local/outstation cheques in their Cheque Collection policy(CCP) and charges for cheque returns to be levied in an upfront manner with due prior notice to the customers as enumerated in RBI circulars no. DPSS.CO. (CHD) No. 873 / 03.09.01 / 2008-09 dated November 24, 2008 and DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 dated February 2, 2007 respectively.

2. However,recently, instances have been brought to our notice where banks are (i) levying cheque return charges even in cases where customers have not been at fault in the return and (ii) delaying the re-presentation of the cheques which had been returned by the paying banksunder technical reasons. Both of these issues result in unsatisfactory customer service.

3. It is, therefore, considered necessary to streamline the procedure followed by all banks in this regard. Accordingly, banks are advised to adhere to the following instructions with immediate effect:
  1. Cheque return charges shall be levied only in cases where the customer is at fault and is responsible for such returns. The illustrative,but not exhaustive, list of returns, where the customers are not at fault are indicated in the annex.
  2. Cheques that need to be re-presented without any recourse to the payee, shall be made in the immediate next presentation clearing not later than 24 hours(excluding holidays) with due notification to the customers of such re-presentation through SMS alert, email etc.

4. Banks are accordingly advised to reframe their CCPs to include the procedures indicated in paragraph 3(i) and 3(ii) above, and may note to give publicity to their revised CCPs for better customer service and dissemination of information.

5. The above instructions are issued under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

6. Please acknowledge receipt and confirm compliance.
Yours faithfully,
(Vijay Chugh)
Chief General Manager

Annex
Illustrative but not exhaustive list of objections where customers are not at fault
(Applicable for Instrument and Image-based Cheque Clearing as detailed in Annexure D to Uniform Regulations and Rules for Bankers' Clearing Houses)
Code No.
Reason for Return
33
Instrument mutilated; requires bank's guarantee
35
Clearing House stamp / date required
36
Wrongly delivered / not drawn on us
37
Present in proper zone
38
Instrument contains extraneous matter
39
Image not clear; present again with paper
40
Present with document
41
Item listed twice
42
Paper not received
60
Crossed to two banks
61
Crossing stamp not cancelled
62
Clearing stamp not cancelled
63
Instrument specially crossed to another bank
67
Payee’s endorsement irregular / requires collecting bank's confirmation
68
Endorsement by mark / thumb impression requires attestation by Magistrate with seal
70
Advice not received
71
Amount / Name differs on advice
72
Drawee bank's fund with sponsor bank insufficient(applicable to sub-members)
73
Payee's separate discharge to bank required
74
Not payable till 1stproximo
75
Pay order requires counter signature
76
Required information not legible / correct
80
Bank's certificate ambiguous / incomplete / required
81
Draft lost by issuing office; confirmation required from issuing office
82
Bank / Branch blocked
83
Digital Certificate validation failure
84
Other reasons-connectivity failure
87
‘Payee's a/c Credited' - Stamp required
92
Bank excluded
Tags-cheque return charges,cheque return charges by banks,what are cheque return charges
Revised rates for acceptance of e-TDS, Form 24G and AIR

Revised rates for acceptance of e-TDS, Form 24G and AIR

Tin.nsdl has revised rates for acceptance of e-TDS/TCS, Form 24G statements and AIR at TIN facilitation centres TIN-FCs . These rates are effective from 4 May 2013. The revised rates for acceptances of e-TDS, Form 24G and AIR are as under.



Basis of Charge

Charges inclusive
Of service tax
Indian rupees
0-100 records
35.00

100-1000 records
200.00

More than 1000 records
650.00



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Custom classifies blood filters disposable sterilized dialyzer and microbarrier

Custom classifies blood filters disposable sterilized dialyzer and microbarrier

Custom department classifies blood filters disposable sterilized dialyzer and microbarrier. These filters are used in filtering blood in dialysis process. Custom department issued a circular no. 19/2013 dated 9 May 2013 about this classification. Full circular is as under.


Subject: Classification of Filters referred to as “Disposable Sterilized Dialyzer” and “Microbarrier”: for filtering blood” - regarding

Doubts have been raised regarding classification of the filters referred to as “Disposable Sterilized Dialyzer” and “Microbarrier”: for filtering blood, whether under heading 9018, in tariff item 90189031 which provides for “renal dialysis equipment (artificial kidneys, kidney machines and dialysers)”  or under 8421 in tariff item 84212900 as –“Other”, filter.

2.         Brief product description is as follows:

(A)     Disposable Sterilized Dialyzer: is a disposable dialyzer sterilized with ethylene oxide; it consists of a 25-cm-long cylindrical casing, of rigid plastics, with stoppers at both ends and two 3-cm threaded tubes 19 cm apart on one side; the stoppers and tubes are also made of rigid plastics.  The article contains hollow fibres and is presented packed in a flexible plastic wrapper.  In order to function, the article has to be connected, by means of a circuit of tubes, to a special appliance (probably an artificial kidney) which enables the blood and the dialysate to circulate and toxic matter to be evacuated. 

(B)     Microbarrier: consist essentially of a filtration mesh of materials like polyester in a transparent housing designed for filtering blood.  Microaggregates consisting of leukocytes, platelets, cell fragments and proteins, in sizes ranging from 30 to 200µm, are removed from stored blood.

The aforesaid product description is illustrative in nature for the purpose of classification of similar / identical goods in the First Schedule of Customs Tariff Act, 1975.

3.         The available information reveals that, in medicine, Dialysis is also called Hemodialysis, Renal Dialysis, or Kidney Dialysis. It involves the process of removing blood from a patient whose kidney functioning is faulty, purifying the blood by dialysis, and returning it to the patient’s bloodstream.  The hemodialyzer or artificial kidney is a machine that provides a means for removing certain undesirable substances from the blood or of adding needed components to it.  By these processes the apparatus can control the acid-balance of the blood and its content of water and dissolved materials. In fact, Dialysis, a technique frequently used in biochemistry, is a membrane-separation method used for removing dissolved salts from solutions of proteins or other large molecules. As seen the complete machine which performs this process is classifiable in subheading 9018.90 which reads as, “other instruments and appliances”.

4.         The complete blood purifying system i.e., blood and dialysis fluid circulation systems consists of semipermeable membrane, entire process monitor and controller, etc., is covered in tariff item 90189031 which provides for “renal dialysis equipment (artificial kidneys, kidney machines and dialysers)”.  It includes the aforementioned “Disposable Sterilized Dialyzer” and / or “Microbarrier”.  They find use as filters and qualify as parts of blood purifying system of subheading 9018.90. Therefore, as required by Chapter Note 2 (a) to Chapter 90, the question to be decided is whether these parts or accessories of blood purifying system are included in any of the headings of Chapter 90 or of Chapter 84, 85 or 91.

5.         In this regard, the classification of goods in First Schedule of the Customs Tariff Act, 1975 is governed by the principles contained in the General Rules for the Interpretation (GRI) of Import Tariff. The GRI 1 provides that “the titles of Sections, Chapters and sub-chapters are provided for ease of reference only; for legal purposes, classification shall be determined according to the terms of the headings and any relative Section or Chapter Notes..” In accordance with Rule 1 and Note 2 (a) to Chapter 90, subject to Note 1 to Chapter 90, parts and accessories for machines, apparatus, instruments or articles of this Chapter,.. which are goods included in any of the headings of this Chapter or of Chapter 84, 85 or 91 (other than heading No. 84.85, 85.48 or 90.33) are in all cases to be classified in their respective headings; … ”. Further, the second paragraph of Part III of the HS General Explanatory Note to Chapter 90, gives guidance for the application of Chapter Note 2(a) to this Chapter.  According to this Note, “parts which in themselves constitute articles falling in any particular heading of Chapter 90, 84, 85 or 91 are in all cases to be classified in their respective headings”.

6.         The heading 84.21 covers, inter alia, filtering or purifying machinery and apparatus for liquids. Therefore, in accordance with the stipulation mentioned in paragraph 5 above, the aforementioned articles, viz. Disposable Sterilized Dialyzer” and “Microbarrier”, are classifiable in heading 84.21, subheading 8421.29, and tariff item 84212900.

7.         To sum up, it is clarified that both the articles, viz. “Disposable Sterilized Dialyzer” and “Microbarrier”, as filters would be classified in heading 84.21, subheading 8421.29, tariff item 84212900 - - Other, by application of GRI 1, Note 2 (a) to Chapter 90.  

8.         In this regard, suitable instructions may be issued to field formations for strict compliance.

New income tax forms ITR1, ITR2, ITR3, ITR4, Sugam for AY 2013-14

Income tax department has issued new income tax forms for the assessment year 2013-14. These income tax forms are used for filing income tax return for the assessment year 2013-14. Income tax department issued ITR-1(Sahaj), ITR-2, ITR-, ITR-4, ITR 4S(Sugam) and ITR-V Acknowledgement. Remaining Income tax return forms ITR-5, ITR-6, ITR-7 and ITR-8 will be issued by the department soon.

Different types of assessee need to fill different forms for filing income tax return. Income tax return forms as well as the assessee who can use the forms with details are as under.

ITR-1 SAHAJ

This Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:- 

(a) Income from Salary/ Pension; or 
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Download ITR-1 SAHAJ form assessment year 2013-14

ITR-2

Who can use this Return Form

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes:-

(a) Income from Salary / Pension; or 
(b) Income from House Property; or 
(c) Income from Capital Gains; or 
(c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories
Download ITR-2 for assessment year 2013-14

ITR-3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any partnership.
Download ITR-3 for assessment year 2013-14

ITR-4
For individuals and HUFs having income from a proprietory business or profession.
Download ITR-4 for assessment year 2013-14

ITR-4S SUGAM
Sugam - Presumptive Business Income tax Return 
Download SUGAM for assessment year 2013-14

ITR-V Acknowledgement
Download
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New RPU 3.4 and FVU 3.71 TDS return software free download

New RPU 3.4 and FVU 3.71 TDS return software free download

Tin.nsdl has launched latest rpu and fvu e-tds softwares. RPU version 3.4 and FVU version 3.71 are latest e-tds software. RPU and FVU use to prepare quarterly statements for tds/tcs. These version of RPU and FVU work for the financial year 2010-11 and onwards. There are many new features added by the department in these return preparation utility and file validation utility. 

One can download RPU 3.4 and FVU 3.71 from the link given below

Download RPU version 3.4
Download FVU version 3.71
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Download latest file validation utility FVU 3.71 e-tds software

Download latest file validation utility FVU 3.71 e-tds software

Tin.nsdl has launched latest file validation utility software version 3.71 for preparing e-tds/tcs quarterly statements. This is the latest version of FVU 3.71 which is published on 6-May-2013. Earlier tin.nsdl has launched version 3.7. This FVU 3.71 is applicable for quarterly e-tds statements pertaining to financial year 2010-11 and onwards. Using of FVU version 3.71 will be mandatory on or after 26 May 2013. This fvu 3.71 version has many new features which are as follows.


Key features of File Validation Utility (FVU) version 3.71
Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q  Q4. Section code 80CCG is applicable for FY 2012-13 onwards. 

Section 80CCF: Quoting deduction under section 80CCF has been restricted to FY 2010-11 and 2011-12.

Relaxation of PAN validation: PAN compliance validation of 85% pertaining to deductees of section code 206CK (Form no. 27EQ) has been relaxed.

Applicability: FVU version 3.71 is applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards.

FVU version 3.71 will be mandatory w.e.f May 26, 2013. Upto May 25, 2013 FVU version 3.6 and FVU version 3.71 will be applicable.

Download FVU latest version 3.71 from here
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Download Latest return preparation utility RPU 3.4 for e-tds statements

Download Latest return preparation utility RPU 3.4 for e-tds statements

Tin.nsdl has launched latest return preparation utility version 3.4 for e-tds/tcs statements. This rpu 3.4 is the latest version of TDS software. This RPU 3.4 will prepare the statements pertaining to financial year 2010-11 and onwards. This rpu version 3.4 has many new features which are as follows.


Key features of NSDL Return Preparation Utility (RPU) version 3.4

Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q  Q4. Section code 80CCG is applicable for FY 2012-13 onwards. 

Section 80CCF: Quoting deduction under section 80CCF has been restricted to FY 2010-11 and 2011-12. 

Relaxation of PAN validation: PAN compliance validation of 85% pertaining to deductees of section code 206CK (Form no. 27EQ) has been relaxed.

Latest FVU version 3.71 (applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards) has been incorporated.

Download RPU version 3.4 from here
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Custom imposes anti dumping duty on Phenol

Custom imposes anti dumping duty on Phenol

Custom department has imposed anti-dumping duty on phenol. Anti-dumping duty is the tool with which the importers of specified goods need to pay extra duty and this is to save the domestic industries from international competition. Custom department issued a notification no. 10/2013 dated 3 May 2013 about imposing anti-dumping duty on Phenol. Full notification is as under.


Notification No. 10/2013-Customs (ADD)

            New Delhi, the 3rd May, 2013
                        G.S.R. 285 (E). – Whereas, in the matter of import of Phenol (hereinafter referred to as the subject goods), falling under Chapter 27 or 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, European Union, South Africa and Singapore (hereinafter referred to as the subject countries),  on the basis of the findings of the designated authority made vide notification No. 15/09/2007-DGAD dated the 4th August, 2008,  published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 4th August, 2008, the Central Government had imposed definitive anti-dumping duty on the subject goods vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 114/2008-Customs, dated the 31st October, 2008, published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.758 (E), dated, the 31st October, 2008.
                        And whereas, the designated authority vide notification No. 15/16/2011-DGAD, dated the 8th December, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 8thDecember, 2011, had initiated review in terms of sub-section (5) of section 9A of the said Customs Tariff Act read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on imports of subject goods, originating in, or exported from, the subject countries, imposed vide  notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 114/2008-Customs, dated the 31st October, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.758 (E), dated the 31st October, 2008.

                        And whereas, the designated authority vide notification number 15/16/2011-DGAD, dated the 6th February, 2013 published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 6thFebruary, 2013, had concluded that-

               (i)               the dumping margin of the subject goods imported from European Union and South Africa is positive whereas for Singapore it is negative during the period of investigation;

              (ii)            subject goods are likely to enter the Indian market at dumped prices from South Africshould the present measures be withdrawn and the likely dumping margin and injury margin in respect of importsfrom South Africa is significant;

              (iii)             the injury to the domestic industry is not likely to continue or recur on account of imports of subjecgoods from Singapore and European Union, if the existing anti-dumping duty is withdrawn;

             (iv)          even though the domestic industry has improved its performance during the period of investigation, the situation of domestic industry continues to be fragile and  should the present anti dumping dutiesfrom South Africa be withdrawn, injury to the domestic industry is likely to recur,

and had recommended continuation of anti dumping duty on imports of subject goods from South Africa at the rates specified vide notification number 15/9/2007-DGAD dated the 4th August, 2008 and Customs notification number 114/2008 dated the 31st  October, 2008 in order to remove injury to the domestic industry and withdrawal of anti dumping duties on subject goods from Singapore and European Union as theinjury to the domestic industry is not likely to continue or recur on account of imports of subject goods from Singapore anEuropean Union, if the said anti-dumping duty is removed.

Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, and  in supersession of the notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 114/2008-Customs, dated the 31st October, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.758 (E), dated the 31stOctober, 2008 except as respects things done or omitted to be done before such supersession, the Central Government, on the basis of the aforesaid findings of the designated authority, hereby imposes on the goods, the description of which is specified in column (3) of the Table below, falling under tariff item or  sub-heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2),  originating in the country as specified in the corresponding entry in column (4), and produced by the producers as specified in the corresponding entry in column (6), when exported from the country as specified in the corresponding entry in column (5), by the exporters as specified in the corresponding entry in column (7), and imported into India, an anti-dumping duty at the rate equal to the amount indicated in the corresponding entry in column (8), in the currency as specified in the corresponding entry in column (10) and per unit of measurement as specified in the corresponding entry in column (9) of the said Table.
Tariff item/Sub-heading
Description of goods
Country of origin
Country of export
Amount
MT US$
(2)
(3)
(4)
(5)
(8)
2707 99 00 or 2907 11
Phenol
South Africa
South Africa
119
2707 99 00 or 2907 11
Phenol
South Africa
Any country other than South Africa
119
2707 99 00 or 2907 11
Phenol
Any country other than South Africa
South Africa
119


2.         The anti-dumping duty imposed under this notification shall be levied from the date of publication of this notification in the Official Gazette and valid up to the 30th October, 2013.

3.         The anti-dumping duty imposed under this notification shall be payable in Indian currency.

Explanation. - For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
Tags-anti dumping duty,anti dumping duty on phenol,custom notification 10/2013,custom notification no. 10

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