Jun 29, 2013

Download latest file validation utility FVU 3.8 e-TDS software

5:21 PM 0
Download latest file validation utility FVU 3.8 e-TDS software
Tin.nsdl has launched latest file validation utility FVU version 3.8 e-TDS software. This software FVU 3.8 is used to prepare e-TDS/TCS quarterly statements. The latest version of FVU 3.5 is applicable from 1 July 2013. There are many new key features of this new FVU 3.8 which are as follows.
 - Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below:

1- Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided.

2- Quoting of TAN registration no. (if any) as provided by TIN.

3- Minor head code is to be provided in challan details for tax deposited through challan.

4- Late fee is to be provided in challan details applicable from FY 2012-13 onwards.

5- No details to be provided for cheque no. and section code in the challan details.

6- Section code to be provided in deductee/collectee details.

7- Introduction of new section code Form no. 24Q: Section 92C has been added which is applicable in case payment is made to Union Govt. employees.

8- Section 194I has been bifurcated as below:
 Select value 4IA from the section code drop down where tax has been deducted under section 194I (a)  Select value 4IB from the section code drop down where tax has been deducted under section 194I (b)

9- Lower/ No deduction certificate no. to be provided in the deductee details.

10- In the annual salary details (24Q, Q4 – Annexure II) break up to be provided for the salary paid and the tax deducted by the current employer and previous employer during the current Financial Year.

11- Introduction of fields for quoting foreign remittance details in Form no. 27Q as below:
 Nature of remittance
  Whether TDS rate of TDS is IT act (a) and DTAA (b)
  Unique acknowledgement of the corresponding form no 15CA (if available)
  Country to which remittance is made

12- Introduction of value “Z” in the field Remarks for lower or no deduction. Applicable in case of no deduction on account of payment under section 197A (1F).

13- In the annual salary details (24Q Q4 – Annexure II) records to be highlighted whether the tax has been deducted at higher rate.

- Quarterly TDS/TCS statement (regular and correction) can be filed only for FY 2007-08 onwards. - Discontinuation of “Y” type of correction statement.

- RPU version 3.5 is applicable w.e.f 01/07/2013.

 Download latest version of FVU 3.8
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Download latest return preparation utility RPU 3.5 for e-TDS statements

5:02 PM 0
Download latest return preparation utility RPU 3.5 for e-TDS statements
Tin.nsdl has launched latest version of return preparation utility RPU version 3.5 for e-tds/tcs statements. With this RPU version 3.5, quarterly TDS/TCS statements regular as well as correction can be filled for financial year 2007-08 and onwards. This RPU 3.5 is applicable from 1 July 2013. This RPU 3.5 comes with many new features which are as follows.

A- Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below:
1- Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided.

2- Quoting of TAN registration no. (if any) as provided by TIN.

3- Minor head code is to be provided in challan details for tax deposited through challan.

4- Late fee is to be provided in challan details applicable from FY 2012-13 onwards.

5- No details to be provided for cheque no. and section code in the challan details.

6- Section code to be provided in deductee/collectee details.

7- Introduction of new section code Form no. 24Q: Section 92C has been added which is applicable in case payment is made to Union Govt. employees.

8- Section 194I has been bifurcated as below:
Select value 4IA from the section code drop down where tax has been deducted under section 194I (a)
Select value 4IB from the section code drop down where tax has been deducted under section 194I (b)

9- Lower/ No deduction certificate no. to be provided in the deductee details.

10- In the annual salary details (24Q, Q4 – Annexure II) break up to be provided for the salary paid and the tax deducted by the current employer and previous employer during the current Financial Year.

11- Introduction of fields for quoting foreign remittance details in Form no. 27Q as below:
Nature of remittance
Whether TDS rate of TDS is IT act (a) and DTAA (b)
Unique acknowledgement of the corresponding form no 15CA (if available)
Country to which remittance is made

12- Introduction of value “Z” in the field Remarks for lower or no deduction. Applicable in case of no deduction on account of payment under section 197A (1F).

13- In the annual salary details (24Q Q4 – Annexure II) records to be highlighted whether the tax has been deducted at higher rate.

B- Quarterly TDS/TCS statement (regular and correction) can be filed only for FY 2007-08 onwards.

C- Discontinuation of “Y” type of correction statement.

D- RPU version 3.5 is applicable w.e.f 01/07/2013.

Download latest version of RPU 3.5


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Jun 27, 2013

Income tax department sending reminders to 12 lakh to file ITR

10:50 PM 0
Income tax department sending reminders to 12 lakh to file ITR
Income tax department tightens the grip to those people who do not wish to pay income tax. The department has started letters to those people who are high spenders but do not file income tax return. In this move the department has chosen 12 lakh people for sending letters.

 According to department officials "The I-T department has started follow up of around 12 lakh assessee who have not filed their returns despite being high spenders,"  


Out of these 12 lakh people, in the first move, the department already issued letters to 175000 assessee who are high spenders but not file income tax return.

The government wants to collect as much as it can the revenue from direct taxes and in this move Finance Minister met the Income tax officials on 27 June 2013. They discuss about widen the tax base to increase revenue collection.

Department has set up a compliance management cell to trace the records of the people of spending and filing the return. With the help of this cell, the department has prepared a list of high spenders who do not file income tax return and includes in tax evasion.

This got positive response earlier when 1.75 lakh letters issued to the assessee as many have started filing income tax return.

The finance ministry officials had verified the record of annual information return (AIR), Central Information Branch (CIB) and TDS/TCS returns. Besides, they had also verified data available with the Financial Intelligence Unit (FIU).

Government has set up the target of 6.68lakh crore this year compare to 5.65 lakh crore previous year.

Custom circular about classification of elements of filters

7:27 PM 0
Custom circular about classification of elements of filters
Custom department issued a circular no. 24/2013 dated 27 June 2013 about classification of elements of filters of heading 8421. Full circular is as under.

The Board has noted that while majority of import data in National Import Data Base shows that “elements of Filters” are being classified under Tariff Item 84219900 as parts of Filters.  These articles are also being classified under other Tariff Items viz. 39269099, 48120000, 48239090, 59119090, 68159990, 69091910, 73269099, etc. Therefore, Board has examined the matter with a view to provide clarity in classification of said articles under the Customs Tariff Act, 1975.


2. Heading 8421 of the Customs Tariff applies to, “Centrifuges, including centrifugal dryers; filtering or purifying machinery and apparatus, for liquids or gases”.  The scope of parts of articles covered by the said Heading 8421 is explained in the World Customs Organization’s Harmonized Commodity Description and Coding System Explanatory Notes. These Explanatory Notes present an internationally accepted view of the scope of each Heading of the Customs Tariff. In this context, the Explanatory Note to Heading 84.21 provides that:

“Subject to the general provisions regarding the classification of parts (see the General Explanatory Note to Section XVI), the heading covers parts for the above-mentioned types of filters and purifiers. Such parts include, inter alia:

Leaves for intermittent vacuum filters; chassis, frames and plates for filter presses; rotary drums for liquid or gas filters; baffles and perforated plates, for gas filters.

It should be noted, however, that filter blocks of paper pulp fall in heading 48.12 and that many other filtering elements (ceramics, textiles, felts, etc.) are classified according to their constituent material.” (emphasis provided)

3.  Thus, it emerges that elements of Filters are to be classified as per their constituent material. For instance, elements (of Filters) that are made up of paper would be classified in Headings 4812 or 4823; if made up of textile material for technical use then in Heading 59.11; if made up of glass then in Heading 70.19; etc. Filters by themselves would be classified under Heading 84.21.

4. Board desires that suitable instructions regarding the correct classification of elements of Filters may be issued to the field formations. Difficulty faced, if any, may be brought to notice of the Board.
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Custom extends anti dumping duty on acetone till 9 June 2014

7:22 PM 0
Custom extends anti dumping duty on acetone till 9 June 2014
Custom department has extended anti dumping duty on acetone till 9 June 2014. Custom department has issued a notification no. 12/2013 dated 25 June 2013 about extension of time for anti dumping duty on acetone. Full notification is as under.

NOTIFICATION
No.12 /2013-Customs (ADD)
New Delhi, dated the 25th June, 2013
G.S.R. (E). -Whereas, the designated authority vide notification No. 15/30/2013-DGAD, dated the 6th June, 2013, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 6th June, 2013, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in pursuance of 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 „Acetone‟, falling under heading 2914 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Korea RP imposed vide notification of the Government of India, in the Ministry of Finance (Department of
Revenue),No. 75/2008-Customs, dated the 10th June, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 447 (E), dated the 10th June, 2008, and has requested for extension of anti-dumping duty upto one more year, in terms of sub-section (5) of section 9A of the said Customs Tariff Act;

Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 75/2008-Customs, dated the 10th June, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.447 (E), dated the 10th June, 2008, namely:
 -In the said notification, after paragraph 2, the following paragraph shall be inserted, namely: -

“3. Notwithstanding anything contained in this notification, the anti-dumping duty imposed herein shall remain in force up to and inclusive of the 9th day of June, 2014, unless revoked earlier.”
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Jun 26, 2013

ITR-5 form for assessment year 2013-14 in excel

6:16 PM 0
Income tax department issued income tax return form ITR-5 in excel format for assessment year 2013-14. Earlier Income tax department also issued ITR-1 SAHAJ, ITR-2,ITR-3,ITR-4 and ITR-4S SUGAM form for the assessment year 2013-14 in excel format.

ITR-5
Income tax return form, ITR-5 can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

From assessment year 2013-14 onwards all assessees (other than company and person filing return in ITR-7) having total income more than 5 lakh rupees are required to furnish the return in the manner provided at 4(ii) or 4(iii). Also in case of an assessee to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at 4(ii) or 4(iii).

From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 4(ii) or 4(iii).

Download ITR 5 for assessment year 2013-14 in excel

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Jun 25, 2013

Soon SEZ will be a thing of past

11:24 PM 0
Soon SEZ will be a thing of past
Soon Special Economic zone (SEZ) will be a thing of past as government is planning to do away with SEZ because of a lot of scams. This was the biggest programme to develop the industries by giving them many benefits in 2006.

This only means of developing new SEZ as the existing will remain operational and the land allotted to developer may permit to use on different purpose.

The government also collected data of SEZ success rate as commerce ministry asked Promotion Council for EoUs and SEZs ( EPCES) to give all the data about SEZ success and failure. The ministry gives sic month time to the council for presenting the report.

The main problem is between commerce and finance ministry as finance ministry believes some data over showed of export as well as jobs provided by SEZ.

As per senior commerce department official “There has always been some tension between the two ministries over the success of SEZs. So, we are doing a study by a neutral organization on whether it has been able to measure up to its objectives. Else, we see no point in continuing with this scheme and giving them tax subsidies,”

SEZ problems start arising in 2011-12 when Minimum Alternate tax was imposed on SEZ as well as Dividend Distribution Tax (DDT) on developers.

However the commerce ministry also feels that the existing SEZ going very well as they hold almost 30% part of export and grew at the rate of 30% in financial year 2012-13 where total export of India decreased for the same year. As per latest data of 31 March 2013, SEZ has provided over 10 lakh jobs.

At present around 170 SEZ are operating whereas government approved 577 and out of them 380 notified.
Exemptions of income tax-However SEZ has many exemption but the most of it are exemption in income tax and excise duty. Under Section 10AA of the I- T Act, SEZ units enjoy 100% I- T exemption on export income for first five years, 50% for next five years, and 50% of ploughed- back export profit for the next five years Hit to exchequer.


The moral of the story is government needs money. It doesn’t care of domestic industries, job provided or export figures. It needs money through excise duty and income tax which only can fill their pockets.

Section 10(46) exemption availing application format and process

10:56 PM 0
Section 10(46) exemption availing application format and process
Income tax department standardized the process of filing application under section 10(46) of income tax act. Income tax department issued a note regarding standardizing the process for availing exemption under section 10(46) of income tax act. Full note is as under.


 Standardizing the process of filing application under Section 10(46) of the Income-tax Act, 1961

 Under Section 10(46) of the Income-tax Act, specified income arising to a body or authority or Board or Trust or Commission, established or constituted by or under a Central or State Act or by a Central or State Government with the object of regulating or administering any activity for the benefit of general public, would be exempt from tax subject to the condition that the said entity is not engaged in any commercial activity . The entity eligible to claim tax exemption u/ s 10(46) is required to be notified by the Central Government in the official Gazette.

 2.     At present, there is no uniformity in the manner in which applications under Sec. 10(46) are being filed by applicants. In order to standardize the manner of filing application u/s 10(46) and to avoid procedural delay in processing the same applicants are advised to file the applications alongwith requisite enclosures to the Commissioner of Income-tax/Director of Income tax under whose jurisdiction their cases fall. The applicants are further advised to adopt the Format laid down in para 3 below while submitting the applicati9ns uj s 10(46) of the IT Act. The Applicant shall also send a copy of the said application alongwith all its enclosures to the Under Secretary(ITA-1), Central Board of Direct Taxes, accompanied by the acknowledgement receipt forwards evidence of having furnished the application in the office of jurisdictional CIT/DIT.


3.    Format of Application Seeking Notification u/ s 10(46) shall be as under-


Sr no.
Requirement
Details

1
Name of the Applicant


2

Address


3

PAN


                                                    




4                     Status

5                     Returned Income of previous two years and taxes paid (if applicable). Pl. enclose copy of returns filed.

6                     Designation of Assessing Officer

7              Eligible category

i.             Body

11.   Authority

iii.             Board

iv.             Trust

v.             Commission

vi.             Any other (Pl. specify)

8              Objects/Purpose for which set up/ created.  Pl.  file supporting documents.

9                     Whether  created  with   object   of   regulating   or administering any activity for benefit of general public? If yes,  details of activity so regulated or administered. Pl. file supporting   documents.


10                 Nature of Activity

11                 Are any of the activities carried out commercial in nature? Pl. furnish justification  to the answer.


12(A) Whether established or constituted by a Central or State Act? Pl. give details.

Whether constituted by a State or Central Government?
(B)                Pl. specify.

(C)               Copy of such Deed/Notification/ Act or other relevant document                    establishing or constituting the entity seeking exemption.

13                 Nature of Revenue Streams

14                 Nature of income sought to be notified for purpose of section 10(46)

15                 Basis of seeking notification uj s 10(46)





16
(A)



(B)

Whether already registered u/ s 12A? If yes, Pl. furnish copy of order granting registration.

If   already     registered     u/  12A,   pl    explain                      why notification u/ s 10(46) is being sought.


17

Whether

a)        Exemption  u/ s 11 & 12 has been  denied by the assessing officer. If yes, when and on what grounds.

b)    Registration u/ s 12AA has been
rejected earlier. If yes, when and on      what grounds.


18
Whether approval u/ s 10(23C)(iv) has been

a)        applied for (If yes, when),

b)       granted (if yes, pl furnish the copy of relevant order)

c)       such request has been rejected earlier. . If yes, when and on what grounds. Pl. furnish a copy of relevant order.


19
Pl.  furnish   copies   of   Balance   Sheet,  Profit   &  Loss
Account or Income & Expenditure statement of last three years, along with schedules.


20

Whether the accounts are required to be audited? If yes, whether complied with?


21

Whether any penalty imposed or prosecution launched for any violation of law in the past? If yes, pl inform when such order was passed and what  was  the violation. Copy of relevant order be enclosed.


22

Any   other   information   or   document/   information brochure/  Annual Report etc.