New format of form 15G and 15H with auto fill facility in excel

Income tax department changed the format of form 15g and 15h. These forms are the declaration as their income is less than threshold limit and hence no TDS is deducted on the income earned.  Section 197A of income tax act says that in this case assessee can give form 15G OR 15H to the deductor.

To whom these forms should be given
The point is simple. The person or the company to whom you have given the loan like if you have given a loan and getting interest to ABC company or you have some fixed deposits in the banks, you need to issue form 15G and 15H to the respective company or bank.

Interest amount limit
The interest earned for fixed deposited in banks has the limit of 10000. It means if your interest income is less than 10000 rupees in a financial year, you needn’t to give them form 15G an 15H. In the case of loan advance, interest on loan, bonds, debenture and interest income other than bank the limit is 5000 rupees.


Difference between form 15G and 15H
Form 15G:- Form 15G are to the person who is not a senior citizen, whose age is less than 65 years( the senior citizen age is reduced to 60 from the analysis year 2012-13) and Hindu Undivided Family(HUF)
Form 15H is to be filled by senior citizen.

Auto fill 15G and 15H in excel
As per high demand, auto-fill is back with the new format of form 15G and 15H. In this excel based utility one can prepare forms 15G and 15H within seconds. One need to fill simple details like name, father's name, address, PAN number etc. and form is ready with filled. One can prepare almost 50 forms in a minutes and take print-out.

Download Autofill 15g and h excel based utility

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Dividend and income distribution tax

Dividend and income distribution tax

Section 115-O of the Income-tax Act provides that a domestic company shall be liable for payment of additional income-tax at the rate of 15 per cent. on any amount declared, distributed or paid by way of dividends to its shareholders. This tax on distributed profits is final tax in respect of the amount declared, distributed or paid as dividends and no credit in respect of it can be claimed by the company or the shareholder.

Similarly, section 115 R of the Income-tax Act provides for levy of additional income-tax in respect of income distributed by the mutual fund to its investors at the rates specified in the said section.

Prior to introduction of dividend distribution tax (DDT), the dividends were taxable in the hands of the shareholder. The gross amount of dividend representing the distributable surplus was taxable, and the tax on this amount was paid by the shareholder at the applicable rate which varied from 0 to 30%. However, after the introduction of the DDT, a lower rate of 15% was applicable but this rate was being applied on the amount paid as dividend after reduction of distribution tax by the company.

Therefore, the tax was computed by the company with reference to the net amount. Similar was the case when income was distributed by mutual funds. Due to difference in the base of the income distributed or dividend on which the distribution tax is calculated, the effective tax rate was lower than the rate provided in the respective sections.

In order to ensure that tax is levied on proper base, the amount of distributable income, and the dividends which are actually received by the unit holder of the mutual fund or shareholders of the domestic company, as the case may be were required to be grossed up for the purpose of computing the additional tax.

Accordingly, section 115-O has been amended so as to provide that for the purposes of determining the tax on distributed profits payable in accordance with the provisions of section 115-O, any amount by way of dividends referred to in subsection (1) of the said section, as reduced by the amount referred to in sub-section (1A) [referred to as net distributed profits], shall be increased to such amount as would, after reduction of the tax on such increased amount at the rate specified in sub-section (1), be equal to the net distributed profits. Thus, where the amount of dividend paid or distributed by a company is Rs. 85, then DDT under the amended provision would be calculated as follows:

Dividend amount distributed = Rs. 85
Increase by Rs. 15 [i.e. (85*0.15)/(1-0.15)]
Increased amount = Rs. 100
DDT @ 15% of Rs. 100 = Rs. 15
Tax payable u/s 115-O is Rs. 15
Dividend distributed to shareholders = Rs. 85

Similarly, section 115R has been amended to provide that for the purposes of determining the additional income-tax payable in accordance with sub-section (2) of the said section, the amount of distributed income shall be increased to such amount as would, after reduction of the additional income-tax on such increased amount at the rate specified in sub-section (2), be equal to the amount of income distributed by the Mutual Fund.

Applicability:-These amendments take effect from 1st October, 2014.
Income tax authority can't impound any documents, cash,stock or jewellery in survey

Income tax authority can't impound any documents, cash,stock or jewellery in survey

The provisions contained in section 133A of the Income-tax Act enable the Income-tax authority to enter any premises in which business or profession is carried out for the purposes of survey. An income-tax authority acting under this section may impound and retain in his custody any books of account or documents inspected by him during the course of survey. However, prior to its amendment by the Act, the said section provided that such income-tax authority shall not retain in his custody
any such books of account or document for a period exceeding ten days (exclusive of holidays) without obtaining the approval of the Chief Commissioner or Director General therefor, as the case maybe.

An income-tax authority acting under section 133A has the powers as conferred upon it under sub-section (1) of section 131 of the Income-tax Act. With a view to align the time period and the authority for approval for retention of books of account or other documents beyond the specified time period, section 133A has been amended to provide that the income-tax authority shall not retain in his custody any such books of account or other documents for a period exceeding fifteen days
(exclusive of holidays) without obtaining the approval of the Principal Chief Commissioner or Director General or Commissioner or Director therefor, as the case may be.

Section 133A has further been amended to provide that an income-tax authority may, for the purpose of verifying that tax has been deducted or collected at source in accordance with the provisions of Chapter XVII-B or Chapter XVII-BB, as the case may be, enter any office, or a place where business or profession is carried on, within the limits of the area assigned to him, or any such place in respect of which he is authorised for the purposes of the said section by such income-tax authority who is assigned the area within which such place is situated where books of account or documents are kept. The income-tax authority may for this purpose enter an office, or a place where business or profession is carried on after sunrise and before sunset. Further, such income-tax authority may require the deductor or the collector or any other person who may at the time and place of survey be
attending to such work, ─

(i) to afford him the necessary facility to inspect such books of account or other documents as he may require and which may be available at such place, and

(ii) to furnish such information as he may require in relation to such matter.

It has also been provided that an income-tax authority while acting under subsection (2A) of section 133A, may place marks of identification on the books of account or other documents inspected by him and take extracts and copies thereof.

He may also record the statement of any person which may be useful for, or relevant to, any proceeding under the Income-tax Act. However, while acting under said subsection (2A), the income-tax authority shall not impound and retain in his custody any books of accounts or documents inspected by him or make an inventory of any cash, stock or other valuables.

Applicability:- These amendments take effect from 1st October, 2014.
Capital gain exemption on residential house property

Capital gain exemption on residential house property

Capital gains exemption in case of investment in a residential houseproperty

The provisions contained in sub-section (1) of section 54 of the Income-tax Act,before its amendment by the Act, inter alia, provided that where capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, and the assessee within a period of one year before or two years after the date of transfer, purchases, or within a period of three years after the date of transfer constructs, a residential house, then, the amount of capital gains to the extent invested in the new residential house is not chargeable to
tax under section 45 of the Income-tax Act.

The provisions contained in sub-section (1) of section 54F of the Income-tax Act, before its amendment by the Act, inter-alia, provided that where capital gains arises from transfer of a long-term capital asset, not being a residential house, and the assessee within a period of one year before or two years after the date of transfer, purchases, or within a period of three years after the date of transferconstructs, a residential house, then, the portion of capital gains in the ratio of cost of new asset to the net consideration received on transfer is not chargeable to tax.

Certain courts had interpreted that the exemption is also available if investment is made in more than one residential house. The benefit was intended for investmentm in one residential house within India. Accordingly, sub-section (1) of section 54 of the Income-tax Act has been amended to provide that the rollover relief under the said section is available if the investment is made in one residential house situated in India.

Similarly, sub-section (1) of section 54F of the Income-tax Act has been amended to provide that the exemption is available if the investment is made in one residential house situated in India.

Applicability: - These amendments take effect from 1st April, 2015 and will accordingly apply in relation to assessment year 2015-16 and subsequent assessment years.
All about Alternate Minimum Tax AMT

All about Alternate Minimum Tax AMT

Alternate Minimum Tax
33.1 The provisions of section 115JC of the Income-tax Act, before its amendment by the Act, provide that where the regular income tax payable by a person, other than a company, for a previous year is less than the alternate minimum tax for such previous year, the person would be required to pay income tax at the rate of eighteen and one half per cent on its adjusted total income. The section further provides that the total income shall be increased by deductions claimed under Part C of Chapter VI-A, and under section 10AA to arrive at adjusted total income.

33.2 Under the Income-tax Act, the investment linked deductions have been provided in place of profit linked deductions. These profit linked deductions are subject to alternate minimum tax (AMT).

33.3 Accordingly, with a view to include the investment linked deduction claimed under section 35AD in computing adjusted total income for the purpose of calculating alternate minimum tax, section 115JC has been amended to provide that total income shall be increased by the deduction claimed under section 35AD for the purpose of computation of adjusted total income. The amount of depreciation allowable under section 32 shall, however, be reduced in computing the adjusted
total income.

Example:
Total income :                                                                                                     Rs. 60
Deduction claimed under Chapter VI-A :                                                  Rs. 40
Deduction claimed under section 35AD on a capital asset :               Rs. 100
Computation of adjusted total income for the purposes of AMT
Total income :                                                                                                           Rs. 60
ADDITIONS

(i) deduction under Chapter VI-A (on non-specified business) :              Rs. 40
(ii) deduction under section 35AD(on specified business)Rs. 100
LESS: depreciation under section 32                                  Rs. 15 :          Rs. 85

Adjusted total income under section 115JC                                              Rs.185

33.4 Applicability:- These amendments take effect from 1st April, 2015 and will,accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years.

34. Credit of Alternate Minimum Tax
34.1 The provisions of sub-section (1) of section 115JEE of the Income-tax Act before amendment by the Act, provided that the provisions of Chapter-XII BA shall be applicable to any person who has claimed a deduction under part C of Chapter VI-A or claimed a deduction u/s 10AA. Further the provisions of sub-section (2) of section 115JEE, before amendment by the Act, provided that the Chapter shall not be applicable to an individual, HUF, association of persons , a body of individuals
(whether incorporated or not) or an artificial juridical person if the adjusted total income does not exceed twenty lakh rupees. This has created difficulty in claim of credit of alternate minimum tax under section 115JD in an assessment year where the income is not more than twenty lakh rupees or there is no claim of any deduction under section 10AA or Chapter VI-A.

34.2 Sub-section (1) of section 115JEE has been amended to provide that Chapter XII-BA shall also be applicable to a person who has claimed any deduction under section 35AD of the Income-tax Act.

34.3 Further, with a view to enable an assessee to claim credit of alternate minimum tax paid in any earlier previous year, section 115JEE has been amended to provide that the credit for tax paid under section 115JC shall be allowed in accordance with the provisions of section 115JD, notwithstanding the conditions mentioned in sub-section (1) or (2) of section 115JEE.

34.4 Applicability: - This amendment takes effect from 1st April, 2015 and will accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years.
You can now carry 500,1000 INR notes with you visiting Nepal and Bhutan

You can now carry 500,1000 INR notes with you visiting Nepal and Bhutan

Reserve Bank of India allowed people visiting Nepal and Bhutan to carry 500 and 1000 indian currency notes with them with a maximum of Rs. 25000. Earlier there was a ban on 500 and 1000 rupees note and people only could carry 100 or below 100 rupees notes and currency. RBI issued a circular no. 63 dated 22 January 2015 regarding this issue. Full circular is as under.

Export and Import of Indian Currency

Attention of Authorised Persons is invited to Regulation 8 of Foreign Exchange Management (Export and Import of Currency) Regulations, 2000, in terms of which, inter-alia, a person may take or send out of India to Nepal or Bhutan and bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs.100/-.

2. With a view to mitigating the hardship of individuals visiting from India to Nepal or Bhutan, it has now been decided that, an individual may carry to Nepal or Bhutan, currency notes of Reserve Bank of India denominations above Rs.100/-, i.e. currency notes of Rs.500/- and/or Rs.1000/- denominations, subject to a limit of Rs.25000/-.

3. Authorised Persons may bring the contents of this circular to the notice of their constituents and customers.

4. Necessary amendments to Foreign Exchange Management (Export and Import of Currency) Regulations 2000 (Notification No.FEMA.6/2000-RB dated May 3, 2000) have been notified as Foreign Exchange Management (Export & Import of Currency) (Second Amendment) Regulations, 2014 [Notification No. FEMA.331/2014-RB dated December 16, 2014] in the Official Gazette vide G.S.R. Nos.907(E) dated December 22, 2014, a copy of which is annexed.

5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Custom simplifies procedure for shipping

Custom simplifies procedure for shipping

Custom department further simplifies doing import-export by easing the norms for shipping. Earlier Custom department eases the procedure with merging invoice and packing list. Custom department issued a circular no. 2/2015 dated 15 January 2015 regarding this issue. Full circular is as under.

1- The avoidable delays on account of non-uniform Customs procedures adopted at some ports/Customs stations not only increase transaction cost and time of clearance but also prove to be major constraints in making Indian ports international transshipment hubs. Therefore, a Committee was set up by Ministry of Shipping for simplification of shipping related Customs procedures. The Committee has made, interalia, certain recommendations for implementation by Customs:

2.  Board has examined the recommendations of the said Committee in consultation with identified Chief Commissioners of Customs. Accordingly, the following decisions have been taken to streamline the extant procedures at various ports:

(i)  It is reported that the number of hard copies of Import General Manifest (IGM) filed by shipping lines / steamer agents varies from 2 to 6 at various ports. Board, has noted that the Customs is already receiving the IGM electronically as well. The requirement of large number of hard copies of this document leads to unnecessary escalation of compliance cost. Therefore, taking into account the requirement of Customs as well the fact that an electronic version of IGM is already available, Board has decided that henceforth the number of hard copes of IGM required to be submitted by shipping lines / steamer agents at a Customs House shall be restricted to 2 (two) only.

(ii)  The port clearance requires submission of numerous documents on behalf of other agencies – Lighthouse Dues Certificate, NOC for Immigration, Port Health Certificate etc. At present, the port clearance is given on the strength of a bond and a guarantee which are given each time a vessel enters. As a measure of simplification, Board has decided to give an option to the steamer agent to (a) give a continuity bond and (b) merge the guarantee with the continuity bond.  This would reduce the number required documents from 2 (two) to 1 (one) and periodicity (of submission) would also get reduced drastically.

(iii) Reportedly, in case of transshipped cargo, shipping lines send multiple hard copies of ‘Sub Manifest Transhipment Permit’ (SMTP) to the destination ICD despite the same also being transmitted electronically. However, there may be situations warranting hard copy of the document such as when amendments have to be made. Recognizing the need for reducing number of copies of SMTP, Board has decided that only 1 (one) copy of SMTP would be sufficient and Customs at ICD should not insist on more number of hard copies of SMTP.

(iv) Currently, separate permissions are required whenever the mode of transport of transhipment containers changes from train to road or vice versa. The view is that this may be dispensed with since the carrier has already executed a bond for safe carriage of the goods to the destination port / ICD. With a view to boost inter-modal transportation of transshipped cargo and simply procedure, Board has decided that henceforth no separate permission is required from jurisdictional Customs in case of change of mode of transshipment under the Goods Imported (Conditions of Transhipment) Regulations, 1995. However, the carrier is required to intimate the change to the jurisdictional Commissioner of Customs who will ensure the bond covers both modes of transport.

3.  Chief Commissioners of Customs/Customs and Central Excise are requested to ensure that the aforementioned decisions are complied with strictly by field formations in their jurisdiction. Suitable Trade notice/ Public Notice may also be issued for guidance of trade and staff.

4.   Difficulty, faced if any, may be brought to the notice of the Board.
Some myths about CIBIL report and score

Some myths about CIBIL report and score

 Maintaining a good CIBIL score is necessary now a days as lenders will not approve a loan without good CIBIL score. Good CIBIL score is 750 out of 900.


RBI made it mandatory for banks and lenders to check CIBIL score for any kind of loan approval including credit card. So there are some myths about CIBIL score too which may be hrmful if not cleared. They are as under.

1- Checking own CIBIL report:- Some people may tell you checking own CIBIL report is harmful and it effects credit score. Truth is just opposite. Checking CIBIL report has no impact on credit score. Checking CIBIL report time to time is beneficial as it tells you is there some problems in report or shows some outstanding balances of loan which you have already paid.

2- Closing a credit card does not hurt your Cibil score
Consider this. You own three cards. The oldest one among them has no outstanding balance since you have had a perfect history of having cleared your monthly outstanding well within the payment cycle. Since you are diligent and aware of how your credit behavior may impact your Cibil score, you decide to be proactive and close your credit card. What you do not know is that you are doing yourself more harm than good.

The truth:
If you have maintained a good payment history on your old card and have a zero outstanding balance on it, do not bother closing it. There are two good reasons for this. Firstly, you must consider the fact that one of the things that impacts your Cibil score is the length of your credit. So if you have held an old credit card and have displayed good credit behavior on it for years together, holding on to it will show that you are responsible with your credit. The other reason to keep your old credit card is that it keeps your utilization rate low, which is another factor that influences your Cibil score.
Consider an example. You have three credit cards with a limit of Rs 1 lakh each and spend an average of Rs 80,000 each month. With three credit cards your total limit amounts to Rs 3 lakhs. When you spend Rs 80,000 monthly, your utilization rate is roughly 27%. If you close one of the cards, your total limit comes down to Rs 2 lakhs and your utilization rate shoots up to 40%. Thus, as you can see holding on to a credit card even if it is not in use makes sense rather than closing it.

3: No credit equals to a good Cibil score
Middle class Indians have grown up with the belief  that living on credit is essentially a bad thing. Till date, there are many who avoid credit cards or loans like the plague and think that their Cibil score will be perfect as they have no use for credit!

The truth:
Such people are as much in the line of fire as those who overleverage themselves and hurt their Cibil score. The ones who do not borrow do not have a credit history and hence, no credit bureau can assign them a score. Such people will find it difficult  to get a loan when they need one. The trick therefore, is to use credit responsibly. Taking a loan or using a credit card is a good thing as long as you are making timely repayments. This is considered to be good financial behavior and  puts you in good stead with Cibil. It also  ensures that your Cibil score remains well above 750.

4: There is just one credit bureau that maintains your records
Even those who know about credit score and credit report think that there is only Cibil that is keeping their financial records.

The truth:
So for most of you this is news! There are three other credit bureaus in India apart from Cibil. These are Experian Credit Information Co. of India Pvt. Ltd, Equifax Credit Information Services Pvt. Ltd and CRIF High Mark Credit Information Services Pvt. Ltd. What this means is that when you want to take a loan or a credit card, the lender may access your credit score and credit report from any of these institutions along with Cibil. Each of these bureaus has different scoring models, so your score can vary from one bureau to the other. The good news however is that these credit scores are highly correlated. So if your credit behavior is considered good by Cibil, it will be considered good by the others as well!

Conclusion:
Things such as a low credit utilization rate, responsible use of credit and maintaining an optimum number of active loans or credit cards have a good bearing on your Cibil score. As long as you are doing that, you will have little reason to worry when you are in real need for credit.
Processing of return is not necessary where case is selected for scrutiny

Processing of return is not necessary where case is selected for scrutiny

CBDT issued a clarification about applicability of section 143(ID) of income tax act where processing of income tax return is not necessary in a case where notice for scrutiny of income tax return is already issued. CBDT issued an instruction no. 1 dated 13 January 2015. Full instruction is as follows.

Instruction No.01-2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes

North Block, New Delhi, dated the 13th of January, 2015

Subject: - Clarification regarding applicability of section 143(1D) of the Income tax Act, 1961 reg.

Sub-section (ID) of section 143 of the Income tax Act, 1961 (Act) provides that where a notice has been issued to a taxpayer under sub-section (2) of section 143 of The Act, it shall not be necessary to process the return in such a case.

2. Some doubts have been expressed, in view of the words shall not be necessary" used in the said sub-section, as to whether this provision permits processing of returns having a refund claim, where notice under section 1432) of the Act has been issued.

3. The matter has been examined by the Board. Sub-section (1D) of section 143 of the Act was introduced by the Finance Act, 2012 with effect from 01.07.2012. The purpose of introduction of this sub-section has been stated in the Explanatory Note to the Finance Act as under:

"Under the existing provisions, every return of income is to be processed under sub-section (1) of section 143 and refund, if any, due is to be issued to the taxpayer. Some returns of income are also" selected for scrutiny which may lead to raising a demand for taxes although refunds may have been issued earlier at the time of processing.

It is therefore proposed to amend the provisions of the Income tax Act to provide the processing of return will not be necessary in a case where notice under sub-section (2) of section 143 has already been issued for scrutiny of the return."

Thus ,in the case where an unprocessed return is selected for scrutiny, the legislative intent is to prevent the issue of refund after processing as scrutiny proceedings may result in demand for taxes on finalisation of the assessment subsequently.

4.Considering the unambiguous language of the relevant provision and the intentions of the law  as discussed above ,the Central Board of Direct taxes ,in exercise of power conferred on it under section 119 of the Act hereby clarifies that the processing of the return cannot be undertaken after notice has been issued under sub-section (2) of section 143 of the Act. It shall, however, be desirable that scrutiny assessments in such cases are completed expeditiously.

5. This may be brought to the notice of all concerned for strict compliance.
Income from installation of mobile antenna on terrace is income from house property

Income from installation of mobile antenna on terrace is income from house property

IT: Sum received from cellular companies for renting out of the terrace for installation of mobile antenna was taxable as income from house property and not as income from other sources since roof and terrace would be considered as part of the building

Facts:

(a) The assessee received sums from Bharati Airtel Limited and Idea Cellular Limited, towards renting out of his terrace for installation of Mobile antenna. He had shown the impugned receipt under the head 'income from house property' and claimed standard deduction under section 24(a).

(b) The Assessing Officer rejected the claim of standard deduction on the ground that impugned receipt towards installation of antenna" was taxable as "income from other sources"
(c) On appeal the CIT(A) upheld the order of AO on following basis:

 It relied on judgment of High Court of Calcutta in case of Mukherjee State Pvt. Ltd v. CIT [2000] 113 TAXMAN 313 (CAL.) wherein it was held that if rent was only for fixing the hoarding, it could not be treated as part of the building, nor it could be treated as land appurtenant thereto. Therefore such income be separately considered as income from other sources. On the same analogy the CIT(A) held that rent from installation of mobile antennae erected on the top of the building would not be taxable under the head "income from house property", as the same could not be treated as part of the building nor be treated as land appurtenant thereto.

(d) The aggrieved assessee filed the instant appeal before the Tribunal.
The Tribunal held in favour of assessee as under:

(1) The reliance on judgment of Mukerjee Estates (Supra) was wholly misplaced, wherein the Tribunal had given a categorical finding that the assessee had let out the hoardings and not the roof of building. It was in this backdrop the High Court held that rent was taken as rent for hoardings per se rather than rights on the roof where hoardings could be installed.

(2) Once the CIT(A) agreed that rent was only for providing space for installation of mobile antennae, there was no occasion to consider whether antenna would be a part of building or land appurtenant thereto as the true test was whether such a space, rented out, was part of the building or land appurtenant thereto?

(3) The rent was not for the antenna but for the space for installation of antenna. It was not the case of the AO that the rent was for the antenna, and, therefore, it was wholly irrelevant whether antenna was part of the building or land appurtenant thereto. What was relevant was the space which had been rented out and, therefore, as long as the space was part of the building, the rent was required to be treated as "income from house property".

(4) In both the agreements with the cellular companies, it was clearly mentioned that rent was for use of "roof and terrace". Therefore, as the rent was for the space-terrace and roof space in the instant case, which certainly was a part of building, the rent could only be taxed as "income from house property".

(5) Thus, assessee had rightly shown the impugned receipt as "income from house property" and claimed deduction under section 24(a).
Simplification of custom procedure with merging invoice and packing list

Simplification of custom procedure with merging invoice and packing list

Custom department simplifies the doing business with merging commercial invoice and packing list. This will reduce the documents required for import or export. Custom department issued a circular no. 1/2015 dated 12 January 2015 regarding this issue. Full circular is as under.

Merging of Commercial invoice and packing list – reg
           
Simplification of Customs procedures for enhanced ease of doing business and trade facilitation is the top priority of the Government. One of the identified areas for such simplification is reduction in the number of mandatory documents required by Customs for import and export of goods.

2.   As per the extant Customs procedures for both  import and export, an importer / exporter is required to submit a commercial invoice and packing list along with  the Customs declaration form viz. Bill of Entry/Shipping Bill. Both commercial invoice and packing list are critical for Customs purposes as the former evidences the value of the import/ export goods while the latter facilitates examination of goods for ascertaining correctness of duty and quantity.  However, there are many identical data fields in a commercial invoice and packing list. Therefore, an exercise was undertaken to explore the feasibility whether these documents can be merged into one document, which would have the advantage of reducing the total number of documents to be submitted to Customs with resultant benefit to trade. In this regard, it is seen that the following data fields / information are invariably contained in a packing list (other than the common data fields / details of commercial invoice):

Description of Goods;
Marks and Numbers;
Quantity;
Gross Weight;
Net Weight;
Number of Packages;
Types of Packages (such as pallet, box, crates, drums etc.). 

3. The Board has decided that as a measure of simplification, in case an importer/exporter submits a commercial invoice cum packing list that contain above mentioned data fields / information in addition to the details in a commercial invoice, a separate packing list should not be insisted upon by Customs. However, the option should be given to the importer/exporter to do so. In other words, for Customs purposes a commercial invoice cum packing list (with details of marks and numbers as mentioned in para 2 above) would suffice but if importer/exporter desires to give a separate packing list for some reason, the same would also be accepted, as at present.

4.  Board desires that all Chief Commissioner of Customs should ensure that above guidelines are complied with scrupulously by the field formations. Wide publicity may also be given to trade and industry stakeholders to sensitize them about the guidelines. Chief Commissioners of Customs should also monitor compliance thereof at their level.

5.   Difficulty, faced, if any may be brought to the notice of the Board.
TRACES advice of TAN's TDS statements filed for FY 2011,2012 and 2013

TRACES advice of TAN's TDS statements filed for FY 2011,2012 and 2013

As per the records of the Centralized Processing Cell (TDS), discrepancies have been observed with respect to your TAN in the "TDS claimed by the taxpayers in their Income Tax Returns" vis-á-vis "Tax Credits available as per 26AS Statements", for the Financial Years 2011, 2012 and 2013. 

The above discrepancies have arisen due to the difference in the TDS claimed by the taxpayers in their Income Tax Returns vis-á-vis TDS reported by you in the quarterly TDS Statements. You may be aware that the transactions, available in 26AS statements, are based on the information reported by you in the TDS statements.

The discrepancies observed against your TAN are attached in the following format, to enable you to check your records for respective PANs and take appropriate action.
TANTAN NameTAN AddressPANPAN NameFinancial
Year
Tax Credit
Claimed
Credit available in 26AS Statement

Your attention is hereby drawn to the Order of the Hon'ble Delhi High Court, dated 14th March 2013, wherein serious note had been taken of the failure of deductors to report correct transactions. The Hon'ble court had observed that the default on part of the deductor causes unwarranted harassment and inconvenience to the taxpayer
You are, therefore, required to verify the transactions reported by you for these PANs in the TDS statement for the respective Financial Years. You may appreciate that taxpayers are not able to get the credit for erroneous data uploaded by you in TDS statements.
In order to enable the taxpayers to claim correct TDS, you are advised to take below mentioned action.

Actions to be taken:
Verify the TDS transactions for these PANs in the TDS statements filed by you for the respective Financial Years.
If you have actually entered into the transaction and have not reported the same; you are advised to take appropriate corrective action by filing a Correction Statement.

Please note that TRACES provides a user friendly Online Correction facility with Digital Signatures for correction of PANs. To avail the facility, you are requested to Login to TRACES and navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES.

If you have not entered into the transactions, as above, then the same should be reported to the respective Field TDS Officers immediately.
Latest FVU version 4.5 e-TDS software free download

Latest FVU version 4.5 e-TDS software free download

Tin.nsdl has launched latest file validation utility FVU version 4.5 e-TDS software. Income tax department issues FVU and RPU software free of charges for deductors/collectors as tds return is filed on time.There are many new features added in lastest fvu 4.5 which are as under.

  Incorporation of section 194LBA:

o Section 194LBA is applicable for Form no. 26Q and 27Q
o Section 194LBA is applicable for statements pertaining to Q3 of FY 2014-15 onwards.
o Section code to be quoted in the TDS statement for section 194LBA is 4BA

 Incorporation of section 194DA:
o Section 194DA is applicable for Form no. 26Q only
o Section 194DA is applicable for statements pertaining to Q3 of FY 2014-15 onwards.
o Section code to be quoted in the TDS statement for section 194DA is 4DA

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Latest RPU version 4.2 for e-TDS statements free download

Latest RPU version 4.2 for e-TDS statements free download

Tin.nsdl has launched latest return preparation utility RPU version 4.2 for e-TDS statements. Income tax department issue RPU and FVU time to time in free of cost for deductors/collector as TDS statements filed on time. There are many new features added in new version of RPU 4.2 which are as under.

Allow update in field in Form no. 27Q “Whether TDS rate of TDS is IT act (a) and DTAA (b)”
where the tax has been deducted at higher rate.

 Incorporation section code 194LBA and 194DA:

1-  “194LBA” & “194DA” have been added for below forms which will be applicable for
statements pertain to FY 2014-15 & Q3 onwards.

2-  Section code 194LBA will be applicable for Form 26Q and 27Q.

3-  Section code 194DA will be applicable only for Form 26Q.

4- For section code “194LBA”, select “4BA” from the dropdown of section code column in
Annexure I sheet.

5- For section code “194DA”, select “4DA” from the dropdown of section code column in
Annexure I sheet.

6- Incorporation of FVU versions 4.5 and 2.141
Download RPU version 4.2
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