Dec 31, 2013

14 Things India needs this new year 2014

11:43 PM 0
India is an atomic power and world largest democracy. There are many things on which we can proud of but there are many things too which make us shame and feels that these should not be in 2014. Taxalertindia tries to mention all the things in India which should stop as well as start in 2014. The list is as follows.

1- Right to recall: - Voters should have the right to recall the sitting MP or MLA who doesn’t do the work or do some illegal work. The tenure of the MP and MLA is 5 years but the voters must have the right to recall him and give him a chance to win again from same constituency. Often people don’t know about the candidate history when the candidate is fighting election first time, so this right is must in the biggest democracy.


2- Capital punishment for rapist: - this is the most needed law in India where rape cases are common.  Rapist should be hanged or may be more horrible law can be applied for.




3- Yamuna: - the pollution level in Yamuna River is as high as it becomes a dead drain according to UN report. If our capital has a clean river, this will definitely increase the beauty and life of the Delhiites and India. We should learn from UK or Spain where Thames and Seine always increase the beauty and the population in these cities is not very low compare to Delhi. It should be taken as our pride.











4- Railway toilet: - biggest concern in India. World biggest open toilet. Railways must look into the matter and at least introduce green toilet in some trains if not all.


5- Nepotism: - how many ministers and CM’s son, wife, daughter, daughter in law and so on relatives are Ministers, MP and MLA. There is a big list and people can’t stop to vote them. How a good person’s son or brother must be good? This should stop in India if not there is no difference between a monarchy and democracy.

6- Manual scavenging: - Manual clean of gutters and pipelines are common in India. This must be stopped and let the machinery do the work they are for it.

7- Police: - Policeman should be like commando. In India we always can see big fat and pot-bellied cops in India. Police has the duty to help the people but this kind of police force is not capable.

8- Roads: - Roads in India are in very bad position. However government is doing something on Road but a lot more is to be done. Why India can’t have the roads like Yamuna Expressway or Ahmedabad-Vadodara all over nation.



9- Bullet train: - a country only can develop with a great infrastructure. India must have bullet train in 2013 which can run around 300 kms/hour. This will bring nation together.

10- Electricity: - how a nation like India can develop with 7-8 hours electricity in a day. Everybody needs electricity and India must use her nuclear plant to produce electricity because the demand of electricity is arising day by day.

11- Broadband: - In this age of internet, India needs fast and furious internet service with a low cost. The rates of 3G service in India are too high and not anybody cup of tea. 

12- Good nutrition food: - there is a big problem of mixing in India. This won’t help India to grow. India should have the system to provide citizen the good and genuine food items. Khali pet to Jang bhi nahi jeeti jaati and we want to win the world.

13- Job-reservation: - India must stop job-reservation on castism. Job reservation should give to physical unfit person as well as to those who lost their family member in some mishappening in India or war.

14- Tax exemption of 5 Lakh- Last but not least, looking to inflation India either rule the Direct Tax Code or any other law, but income tax exemption should be 5 Lakh. 

Dec 30, 2013

Custom Special additional duty SAD exemption on goods cleared from SEZ into DTA

6:55 PM 0
Custom Special additional duty SAD exemption on goods cleared from SEZ into DTA
Subject: Exemption from Special Additional Duty of Customs (SAD) on goods cleared from the SEZ / FTWZ into the DTA – Clarification – Regarding.

            It has been brought to the notice of the Board that varying practices are being followed by the field formations regarding exemption from SAD on goods cleared from SEZs / Free Trade Warehousing Zones (FTWZ) into the DTA under notification No.45/2005-Customs, dated 16.05.2005. The issue raised is whether the benefit of exemption from SAD under this notification would be available when a DTA unit imports goods and routes it through SEZ / FTWZ for self-consumption i.e. in the nature of stock transfer from SEZ / FTWZ.

2.         The matter has been examined by the Ministry. Notification No. 45/2005-Customs, dated 16.05.2005 exempts from SAD goods cleared from SEZ / FTWZ and brought into DTA. The notification clearly states that the exemption shall not be available if such goods, when sold in DTA, are exempt from payment of sales tax / VAT. Prior to the issue of notification, it was brought to the notice of the Ministry that in some States sales tax is exempted in respect of DTA clearances by SEZ units. Further, in certain cases, such as stock transfer of goods from an SEZ unit to its unit in the DTA, no sales tax is levied. Hence, a condition was imposed that the exemption from SAD would be available only if such goods, when sold in the DTA, are not exempted from VAT/ sales tax. The intention was to avoid double taxation.

3.         In the case of clearances which are in the nature of stock transfer from SEZ / FTWZ unit to the DTA unit for self-consumption i.e. otherwise than for sale as such, no sales tax / VAT is leviable on such a transaction. As no sales tax / VAT is leviable on the said transaction, SAD is payable.

4.         In view of the above, it is clarified that the benefit of SAD exemption on goods cleared from the SEZ / FTWZ unit into DTA unit on stock transfer basis for self-consumption i.e. otherwise than for sale as such, is not available under notification No.45/2005-Customs, dated 16.05.2005. In such cases, SAD would be leviable.
5.         Trade Notice/Public Notice may be issued to the field formations and taxpayers.

6.         Difficulties faced, if any, in implementation of this Circular may be brought to the notice of the Board.
TAGS-sad duty exemption,special additional duty,special additional duty exemption,sad exemption,special additional duty sad,what is sad special additional duty,custom special additional duty

Dec 29, 2013

Income tax form 12BA showing particulars of prequisites

6:47 PM 0
Employer needs to give the declaration in form 12BA about the value of perquisites given or used by the employees. This is the declaration form provided by the employer to the employee for calculating the real value of salary.


Download form 12ba
Tags-income tax form 12ba,form 12ba,12ba it form,form 12ba income tax

Income tax form 10BA for claiming deduction u/s 80GG

6:28 PM 2
For claimimg deduction under section 80GG, you need to fill the form 10BA. This form is for claimimg deduction u/s 80GG. You can download this 10BA form in word format.


Tags-form 10ba,it form 10ba,form 10ba income tax,income tax form 10ba

Service tax VCES scheme will end on 31st December

5:49 PM 0
Service tax VCES scheme will end on 31st December
The next two days may see many applications from services tax defaulters as deadline for your first-of-its-kind amnesty plan ends on Wednesday.

The Voluntary Compliance Encouragement Scheme (VCES), which came into effect from Might 10, allows an email finder service tax defaulter to pay dues without any penalty or past due payment charges. Under the scheme, a person will make a declaration for the designated authority about or before Dec 31.

“We expect many applications before the past date of present on Tuesday. All officers are fully ready to manage the particular rush, ” a Finance Ministry public said.

Over 7, 000 applications involving tax quantity of about Rs 3, 762 crore are actually filed, according into a latest official data.

Finance Minister P Chidambaram had recently said that systems like VCES usually are rare opportunities which can be unlikely to come again within the next 20 years. He had suggested tax evaders to take benefit of the particular amnesty scheme.

“Countdown has begun as well as the last date is December 31. Government has made a reasonable and generous present, a one-time offer that isn't likely to come your path for at least a couple of decades. Therefore, it is from the best interest of everyone to use the offer, ” he previously said.

A defaulter may possibly declare his because of tax liabilities, like the cess charges, for a period between Oct 1, 2007 as well as December 31, 2012 and pay it for the government after setting up a truthful declaration which enables it to avoid penalty, interest or another penal proceedings. The scheme ended up being introduced by Chidambaram while presenting provide 2013-14.

Of the particular 17 lakh signed up assesses under Assistance Tax, only more effective lakh were health history returns, Chidambaram received said.

An evasion involving service tax involving Rs 50 lakh and above has now been made a cognisable offence as soon as the passage of recent fiscal’s Finance Expenses on May 10. The particular Finance Minister has proposed provisions involving Criminal Procedure Program code (CrPC) to public arrest such offenders throughout 2013-14 budget, consistent with customs and middle excise laws. Earlier, the officials did have no power to arrest an individual for service taxes evasion.

The ministry has set an oblique tax collection target of Rs 5. 65 lakh crore with regard to 2013-14, through practices, excise and services tax, up through Rs 4. 73 lakh crore collected within the last fiscal.
Tags-vces scheme,vces,service tax vces,vces service tax,vces validity

Dec 27, 2013

Long time capital gains calculator

11:30 PM 0
There are numerous asset classes for example equity, debt, gold and property in which you invest in line with the time horizon of your financial goals in addition to risk appetite. Increases in size from these investments are mentioned as capital gains and so are taxed differently. Since any levy liability impacts your returns in the investment, it's important to possess awareness on the internet gains you may receive.

Capital gain is a type of Income tax which you need to pay on gains which may arise from purchase and sale of property, equity, bonds etc. Tere are two types of capital gains.

1- Shaort term capital gain
2- Long term capital gain

Long term capital gain
Calculation of long term capital gain is not so easy. It includes cost inflation index data to calculate the tax liability of long term capital gain. Every year CBDT issue CII data which which the long term capital gain is calculated.

For example if Mr. A has purchased a property in 2001 with a cost of Rs. 1000000 and sold it at 1800000 in 2010. With simple calculation the tax liability is 8 lakh whereas with the help of CII, the tax liability is reduced to 26983 including education cess which is 3% on capital gains tax.

This is an excel based calculator which will help to calculate the long term capital gain.



   

Tags-capital gain calculator,capital gain calculator in excel,long term capital gain calculator,capital gain calculator xls,capital gain calculator with indexaation,capital gain calculator with auto inflation index

Dec 26, 2013

New PAN application form 49A and 49AA with annexure A, B, C and 1

11:30 PM 1
New PAN application form 49A and 49AA with annexure A, B, C and 1
The Income tax department notified new PAN application forms form 49A and 49AA in pdf  format. These forms are used for applying new PAN card. These new formats of PAN card replaces old format of form 49A and 49AA. Income tax department issued a notification no. 96 dated 23 December 2013 regarding new format of PAN card and annexure A, B and C  for form 49A and annexure 1 for form 49AA.

Form 49A- Form 49A is PAN application form to be filed by Indian resident.

Form 49AA is for resident outside India.



Download form 49A, 49AA, annexure A, B,C and annexure A from here
Annexure A
 Annexure B
Annexure C

Form 49AA
2nd page
3 page
Annexure 1
Tags-form 49a new,new form 49a pan application,pan application form 49a,new format of form 49a,form 49a,form 49aa

New documents list required for PAN card

11:00 PM
New documents list required for PAN card
Income tax department issued a notification no. 96 dated  December  2013 and notified new PAN application form Form 49A and 49AA. With this notification income tax department also notifies the new documents list required for applying PAN card for different types of applicants. Full list is as under.

Applicant
Form
Documents as proof of identity, address and date of
birth
Individual who is a
citizen of India
49A
(A) Proof of identity—
(i) Copy of,─
(a) elector’s photo identity card ; or
(b) ration card having photograph of the applicant; or
(c) passport; or
(d) driving licence; or
(e) arm’s license; or
(f) AADHAR Card issued by the Unique Identification
Authority of India; or
(g) photo identity card issued by the Central
Government or a State Government or a Public Sector
Undertaking; or
(h) Pensioner Card having photograph of the applicant;
or
(i) Central Government Health Scheme Card or Exservicemen
Contributory Heath Scheme photo card; or
(ii) certificate of identity in original signed by a
Member of Parliament or Member of Legislative
Assembly or Municipal Councillor or a Gazetted
Officer, as the case may be; or
(iii) bank certificate in original on letter head from the
branch (along with name and stamp of the issuing
officer) containing duly attested photograph and bank
account number of the applicant.
Note: In case of a person being a minor, any of the
above documents of any of the parents or guardian of
such minor shall be deemed to be the proof of identity.
(B) Proof of address—
(i) copy of the following documents of not more than
three months old ─
(a) electricity bill; or
(b) landline telephone or broadband connection bill; or
(c) water bill; or
(d) consumer gas connection card or book or piped gas
bill; or
(e) bank account statement or as per Note 1; or
(f) depository account statement ; or
(g) credit card statement; or
(ii) copy of,─
(a) post office pass book having address of the
applicant; or
(b) passport; or
(c) passport of the spouse; or
(d) elector’s photo identity card; or
(e) latest property tax assessment order; or
(f) driving licence; or
(g) domicile certificate issued by the Government; or
(h) AADHAR Card issued by the Unique Identification
Authority of India; or
(p) allotment letter of accommodation issued by the
Central Government or State Government of not more
than three years old; or
(q) property registration document; or
(iii) certificate of address signed by a Member of
Parliament or Member of Legislative Assembly or
Municipal Councillor or a Gazetted Officer, as the case
may be; or
(iv) employer certificate in original.
Note 1. In case of an Indian citizen residing outside
India, copy of Bank Account Statement in country of
residence or copy of Non-resident External bank
account statements shall be the proof of address.
Note 2: In case of a minor, any of the above documents
of any of the parents or guardian of such minor shall be
deemed to be the proof of address.
(C) Proof of date of birth ─
copy of,─
(a) birth certificate issued by the Municipal Authority
or any office authorised to issue Birth and Death
Certificate by the Registrar of Birth and Deaths or the
Indian Consulate as defined in clause (d) of sub-section
(1) of section 2 of the Citizenship Act, 1955 (57 of
1955); or
(b) pension payment order; or
(c) marriage certificate issued by Registrar of
Marriages; or
(d) matriculation certificate; or
(e) passport; or
(f) driving licence; or
(g) domicile certificate issued by the Government; or
(h) affidavit sworn before a magistrate stating the date
of birth.
HUF
49A
(a) An affidavit by the karta of the Hindu Undivided
Family stating the name, father's name and address of
all the coparceners on the date of application; and
(b) copy of any document applicable in the case of an
individual specified in serial number 1, in respect of
karta of the Hindu undivided family, as proof of
identity, address and date of birth.
Company
registered in India
49A
Copy of Certificate of Registration issued by the
Registrar of Companies.
Firm (including
Limited Liability
Partnership)
formed or
registered in India
49A
(a) Copy of Certificate of Registration issued by the
Registrar of Firms/Limited Liability Partnerships; or
(b) copy of Partnership Deed.
Association of
persons (Trusts)
formed or
registered in India
49A
(a) Copy of trust deed; or
(b) copy of Certificate of Registration Number issued
by Charity Commissioner.
Association of
persons (other than
Trusts) or body of
individuals or local
authority or
artificial juridical
person formed or
registered in India
49A
(a) Copy of Agreement; or
(b) copy of Certificate of Registration Number issued
by Charity Commissioner or Registrar of Co-operative
Society or any other Competent Authority; or
(c) any other document originating from any Central
Government or State Government Department
establishing Identity and address of such person.
Individuals not
being a citizen of
India
49AA
(i) Proof of identity :—
(a) copy of Passport; or
(b) copy of person of Indian Origin card issued by the
Government of India; or
(c) copy of Overseas Citizenship of India Card issued
by Government of India; or
(d) copy of other national or citizenship Identification
Number or Taxpayer Identification Number duly
attested by "Apostille" (in respect of countries which
are signatories to the Hague Apostille Convention of
1961) or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India.
(ii) Proof of address:—
(a) copy of Passport; or
(b) copy of person of Indian Origin card issued by the
Government of India; or
(c) copy of Overseas Citizenship of India Card issued
by Government of India; or
(d) copy of other national or citizenship Identification
Number or Taxpayer Identification Number duly
attested by "Apostille" (in respect of countries which
are signatories to the Hague Apostille Convention  1961) or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India; or
(e) copy of bank account statement in the country of
residence; or
(f) copy of Non-resident External bank account
statement in India; or
(g) copy of certificate of residence in India or
Residential permit issued by the State Police Authority;
or
(h) copy of the registration certificate issued by the
Foreigner's Registration Office showing Indian
address; or
(i) copy of Visa granted and copy of appointment letter
or contract from Indian Company and Certificate (in
original) of Indian Address issued by the employer.
LLP registered
outside India
49AA
(a) Copy of Certificate of Registration issued in the
country where the applicant is located, duly attested by
"Apostille" (in respect of countries which are
signatories to the Hague Apostille Convention of 1961)
or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India; or
(b) copy of registration certificate issued in India or of
approval granted to set up office in India by Indian
Authorities.
Company
registered outside
India
49AA
(a) Copy of Certificate of Registration issued in the
country where the applicant is located, duly attested by
"Apostille" (in respect of countries which are
signatories to the Hague Apostille Convention of 1961)
or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India; or
(b) copy of registration certificate issued in India or of
approval granted to set up office in India by Indian
Authorities.
Firm formed or
registered outside
India
49AA
(a) Copy of Certificate of Registration issued in the
country where the applicant is located, duly attested by
"Apostille" (in respect of countries which are signatories to the Hague Apostille Convention of 1961)
or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India; or
(b) copy of registration certificate issued in India or of
approval granted to set up office in India by Indian
Authorities.
Association of
persons (Trusts)
formed outside
India
49AA
(a) Copy of Certificate of Registration issued in the
country where the applicant is located, duly attested by
"Apostille" (in respect of countries which are
signatories to the Hague Apostille Convention of 1961)
or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India; or
(b) copy of registration certificate issued in India or of
approval granted to set up office in India by Indian
Authorities.
Association of
persons (other than
Trusts) or body of
individuals or local
authority or person
formed or any
other entity (by
whatever name
called) registered
outside India
49AA
(a) Copy of Certificate of Registration issued in the
country where the applicant is located, duly attested by
"Apostille" (in respect of countries which are
signatories to the Hague Apostille Convention of 1961)
or by Indian embassy or High Commission or
Consulate in the country where the applicant is located
or authorised officials of overseas branches of
Scheduled Banks registered in India; or
(b) copy of registration certificate issued in India or of
approval granted to set up office in India by Indian
Authorities.]

New form 49A in pdf

New form 49AA in pdf
Tags-new pan form 49a,new pan form 49aa,new form 49aa,new form 49a,documents required for pan card,documents list for pan card,pan card application form,new application form 49a pan,pan 49a new,new 49a pan

SEBI approves IT act for search and seizure and make rating voluntary for IPO

4:58 PM 0
SEBI approves IT act for search and seizure and make rating voluntary for IPO
 SEBI Board Meeting
The SEBI Board met in Mumbai today and took the following decisions:
The Amendment to Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
1. The Securities Laws (Amendment) Ordinance, 2013 provides for regulation of pooling of funds under any scheme or arrangement, involving a corpus amount of one hundred crore rupees or more, to be deemed to be a Collective Investment Scheme, subject to sub-section (3) of section 11AA of the SEBI Act.
Accordingly, a proposal to amend the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, providing a framework for regulation of such deemed Collective Investment Schemes and additional requirements for continuous compliance by a registered Collective Investment Scheme, was approved by the Board.
Amendments to SEBI (Investor Protection and Education Fund) Regulations, 2009
2. Consequent to the promulgation of Securities Laws (Amendment) (Second) Ordinance, 2013, the Board has approved amendment to SEBI (IPEF) Regulations, 2009 enabling utilization of such amounts primarily for restitution to investors and in case of failure of identification of investors, for the credit of amounts disgorged under the SEBI Act 1992, the Securities Contracts (Regulation) Act 1956 or the Depositories Act 1996 to the Investor Protection and Education Fund of SEBI.
Class of companies eligible to file shelf prospectus for public issuance of non-convertible debt securities
3. While Companies Act, 1956 had allowed only Banks and Public Financial institutions to file Shelf Prospectus, the Companies Act, 2013 enables SEBI to specify the class of the companies which can be allowed to file Shelf Prospectus. In this regard, the Board has decided to allow the following class of entities to file Shelf Prospectus for public issuance of non-convertible debt securities:
(i) Public financial institutions and Scheduled Banks;
(ii) Issuers authorized by the notification of CBDT to make public issue tax free secured bonds;
(iii) Infrastructure Debt Funds - Non-Banking Financial Companies;
(iv) NBFCs, registered with RBI, Housing Finance Companies registered with National Housing Bank (NHB) and entities which have listed their shares/debentures in the stock exchanges for at least three years complying with the following criteria:
 net worth of Rs. 500 Crores,
 track record of three years of distributable profits,
 having a credit rating of not less than "AA-",
 having no default history or regulatory action pending with RBI, SEBI or NHB;
To avoid fragmentation of the issues, which will affect the floating stock and thereby liquidity, it is further stipulated that only a maximum of four issuances can be made under a Shelf Prospectus.
Further, companies filing a shelf prospectus with the Registrar of Companies are not required to file prospectus afresh at every stage of offer of securities, within the period of validity of such shelf prospectus i.e. one year. They are required to file only an information memorandum, containing material updations, with respect to subsequent issues.
SEBI (Procedure for Search and Seizure) Regulations, 2013
4. The Securities Laws (Amendment) Second Ordinance, 2013, inter alia, confers direct powers on Chairman, SEBI to authorize the Investigating Authority or any other officer of SEBI to search any premises where incriminating documents are lying and seize such documents for the purpose of investigation. The Ordinance also empowers SEBI to make regulations for executing the search operations and to ensure safe custody of any books of account or other documents that are seized.
In this respect, the Board approved the SEBI (Procedure for Search and Seizure) Regulations, 2013, made on the lines of the provisions in the Income Tax Act, 1961 and for providing the detailed procedures for such search and seizures by SEBI.
Making IPO Grading Mechanism Voluntary - Amendment to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009
5. Considering the requests received from market participants, viz. investor associations and Association of Investment Bankers of India (AIBI), the recommendation of the advisory committee of SEBI, and to align with the principles laid down by Financial Stability Board (FSB) on reducing the reliance on Credit Rating Agencies, the Board approved the proposal to make the IPO grading mechanism "voluntary" as against the current provision of the same being "mandatory".
SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2013
6. The SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2013 were approved by the Board, subject to inclusion of the guidelines determining the settlement terms as part of regulations These regulations have been framed, keeping in view the provisions of the SEBI Act, as modified by the Securities Laws (Amendment) Second Ordinance, 2013, as also the public comments received on the Consultation Paper on the draft regulations that was placed on the SEBI website.
The salient features of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2013 are as under:
(i) The Regulations lay down the stand alone common substantive procedure for settlement of administrative and civil proceedings under all the securities laws;
(ii) The Regulations formalize the already existing settlement process;
(iii) They also provide for the guiding factors for dealing with the settlement process;
(iv) Serious offences such as insider trading, etc. are excluded from the scope of settlement;
(v) In order to impart transparency in the process, the roles of the of internal committee(s) and high powered advisory committee are specifically defined;
(vi) The Regulations also provide for terms of settlement in monetary as well as non- monetary terms or combination of both.
FPI Regulations
7. As regards FPI Regulations, the communication from the Department of Economic Affairs to the CBDT and to SEBI, conveying the decision that all three categories of FPIs would be given similar tax treatment as available to FIIs presently, was noted.