Benefits of filing of Income Tax Returns in spite of relief from return filing up to 5 lakh

Friends,

File your Income Tax Return Online for Free - And benefits of e-Filing.

 

Income Tax Return Forms Financial Year 2010-11 (Excel and PDF)

Today is the last day to file your Income Tax Return for the Financial Year 2010-11 (Assessment Year 2011-12). However Income Tax Department has exempted not to file Return to those who have an annual Income upto Rs. 5 Lakh. With just one day left to file income tax returns, taxpayers falling in the Rs 5-lakh bracket and earning less than the Rs 10,000 limit, have the option of not filing their returns. However, there are a number of reasons why you should file.If you covered under exemption for return filing as your salary is less than 5 lakh then  you can file return return up to 31.03.2012(read more here Penalty on late filing of Income tax return)

An Income Tax Return (ITR) receipt is an important document because it is more elaborate than Form 16 — the other important document for salaried individuals. Reason: Form 16 shows salary from only one employer and the tax deducted by it. Whereas, ITR also shows income from other sources also, including investments, which one might not have disclosed to the employer. In effect, is a more realistic depiction of the individual's monetary position.

If you have decided not to file returns on or before July 31, here’s why you should revisit your decision:

Borrowing: While applying for a home loan, many banks make do with your Form 16. But, according to industry experts, if you aren’t getting a loan or not as much as you want, then handing over the last three years of ITR receipts will help. The ITR gives a sense of the borrower’s total income and his/her ability to support the loan repayment.

Nihar Jambusaria, National Head – Tax Advisory Services, BDO India, says: “Home loans can get rejected if banks think your income cannot support it. Here, ITR can help, as your total income is stated there (Form 16 only has income from one employer).”

International travel: “When travelling abroad, consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview,” says Homi Mistry, tax partner, Deloitte, Haskins and Sells.

Some embassies may ask for the last three years of ITR, while others may ask for the most recent certificate.

Experts suggest when travelling abroad, whether on a business trip or on a holiday, income-related proofs should be carried along, such as salary slip, Form 16 and ITR receipt. Consulates specify these requirements in most cases.

Government tender: Jambusaria says if you plan to start a business and you need to fill government tender for the same, you will need to show your tax return receipts of the previous five years.

However, this is not a law. This may vary according to the internal rules of the government department and the number of ITRs required may also vary. This again, is to show your financial status and whether you can support the payment obligation or not.

Self-employed: Businessmen, consultants and partners of firms do not get Form 16. And, hence, ITR becomes a must for such individuals, if their income exceeds the basic exemption limit of Rs 1.60 lakh. For any financial transactions, ITR will be their only proof of income and tax payment.

Last, if you have a refund due from the Income Tax Department, you will have to file returns, without which you will forgo the amount.

   

PENALTY ON LATE FILING OF INCOME TAX RETURN AY 2011-12

Friends,

Now A days all tax consultant ,business man,specially persons who have Earned salary income ,are in rush so that they can file their income tax return by due date i.e 31st July 2011 .we are also one of them.Due date of filing of income tax return for Assessment Year 2011-12 (financial year 2010-11)

In case of person who are not liable to get their accounts audited is 31.07.2011

In case of person who's accounts are liable to be audited under any law is 30.09.2011 and partner of such firms and all companies.

In first case(31.07.2011) person who has earned income from salary ,pension, interest income ,capital gain , house property and person owning small business and not liable to get their accounts audited are covered.

So nutshell every body is trying to meet the deadline ie 31.07.2011 ,I and you are also doing efforts in this direction ,but do you know

what is the penalty if some one has not filed his return by due date.................i.e 31st July 2011.

any guesses..........

no guess ,I will tell you ,In fact there is no penalty as such for this fault ,absolutely no penalty ,do you believe ,I have said that there is no penalty on late filing of return as such.But this is the fact .Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under

"If a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

So this section says end of relevant assessment year ,as for previous year 2010-11, assessment year is 2011-12 and its end on 31.03.2012 ,means there is no liability for late filing of income tax return up to 31.03.2012 and after that assessing officer can impose a penalty of 5000,and that is also his(AO) power which he may or may not exercise after giving due hearing to the assessee.

Now you would like to know why people are so much worried about the due date ,the reason is that as due date has been linked with various other section of the income tax act ,so it is significant in that manner .

So I have listed few impacts of late filing of the Income tax return and issues related to due date of income tax.

Impact of late filing of Income tax return & issue related to due date(The List is not exhaustive)

Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return .(calculator online is available here)
 

Loss of Interest on refund:You may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.
 

Audit Report:Person who are liable to get their accounts audited should get the audit report on or before the due date of filing return i.e 30.09.2011.Audit repot is only to be prepared and not to be filed any where.In simple word or boldly we can say that if audit report has been signed before 30.09.2011 that is enough,you can file return late and report particulars will be filled when ever you filed your income tax return.This is as income tax circular no 5/2007 point no 6 (read full circular)
 

    Revised return :Late /belated return can not be revised .
    Some of deduction under subsection 80 are not available for late return.
    Due date of income tax return is related to TDS deposite and disallowance u/s 40a(ia).
    Due date of Income Tax return is related to tax saving u/s 54,54B,54F and some other issues in capital gain saving account deposit scheme.
    Not able to carry forward the losses under various heads:you are not able to carry forward following type of losses if file return after due date

    Speculation loss
    business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
    short term capital loss
    long term capital loss
    loss due to owning and maint. of horse races

However there is no impact on following type of losses even if return is furnished after the due date

    loss from house property
    business loss on account of unabsorbed depreciation and capital expenditure on scientific research.

(though delay can be condoned as per circular 8/2001 DT 16.5.2001 on fulfilling of certain condition)
so if you are falls under the ambit of the above  points then you should furnish your return up to 31.07.2011or 30.09.2011 as the case may be without any penalty.

Person who can afford to file late return

If you have

    already deposited due tax or due taxes has been deducted by your employer and nothing is due or
    you are not claiming a Major amount as refund or
    you have no losses to be carried forward

then you can fill return up to the end of the assessment year ie 31.03.2012 without any penalty.

Person who should file return on time.

If you have

    balance tax to be deposited or short fall of tax or
    huge amount of refund due to you or
    you have losses to be carried forwarded as explained above

then rush to the department asap so that return can be filled on time.

NOTE:Friends the all things as explained above is to not encourage people to file voluntarily late return but only to inform taxpayers their liability so that they can take informed decision.

Customs - Regarding anti- dumping duty on certain Rubber Chemicals originating in, or exported from, certain countries

Friends,

 

CTET Results 2011

The Government of India Department of Customs has issued a Notification No. 67/2011 , dated 28-07-2011

Regarding anti- dumping duty on certain Rubber Chemicals originating in, or exported from, certain countries. 

The detailed Notification is as under :-

Rate of exchange of conversion of each of the foreign currency with effect from 1st August, 2011 - 51/2011 – Customs (N.T.), dated 27-07-2011

 

e-Payment - Pay Your Income Tax Online

 

New Income tax Return form ay 2011-12 Fy 2010-11 SAHAJ SUGAM

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Notification No. 49 / 2011-Customs (N.T.)

New Delhi, the 20^th July, 2011.

G.S.R….(E) - In exercise of the powers conferred  by sub-rule (1) of rule 3 of the Customs Tariff (Identification, Assessment And Collection Of Countervailing Duty On Subsidized Articles And For Determination Of Injury) Rules, 1995, and in supersession of Notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 3/95-Customs (N.T.)  dated 1^st January, 1995, published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section (i) vide G.S.R. 3(E) dated the 1^st January, 1995, except as respects things done or omitted to be done before such supersession, the Central Government hereby appoints the person not below the rank of Joint Secretary to the Government of India, Department of Commerce, Ministry of Commerce and Industry, as designated authority for the purposes of the said rules. 

F. No. 524/11/2011-STO (TU)

(Vikas)

Under Secretary to the Government of India,

Note.- The principal notification No. 3/1995-Customs (N.T) ., dated the 1st January, 1995, was published in the Gazette of India, Extraordinary , Part  II, Section 3, Sub-section (i), vide number G.S.R. 3 (E), dated the 1st January, 1995.

Exempts service provided by certain association of dyeing units from whole of service tax

SAHAJ ,SUGAM ON SIMPLE PAPER BLACK&WHITE NOT ACCEPTABLE ?????

 

TDS Rate Chart for the Financial Year 2011-12 (Assessment Year 2012-13)

[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India
Ministry of Finance
Department of Revenue

New Delhi, the 25^th July, 2011

Notification No. 42/2011-Service Tax

G.S.R.     (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts  club or association service referred to in sub-clause (zzze) of clause (105) of section 65 of the said Act, provided by an association of dyeing units  in relation to the project, from the whole of service tax leviable thereon under section 66 of the Finance Act.

Explanation.- For the purposes of this notification, project means common facility set-up for treatment and recycling of effluents and solid waste discharged by dyeing units, with financial assistance from the central or state government.

F. No. 356/05/2011-TRU

(Samar Nanda)

 Under Secretary to the Government of India

AIIMS Recruitment 2011

AIIMS Recruitment for Faculty Positions

All Indian Institute of Medical Science (AIIMS) New Delhi a world class medical education and research institute has invited the application for recruitment to the posts of 16 posts of Assistant Professor. Those who wish to apply against the current teaching posts they can visit the AIIMS website for detailed recruitment advertisement and instructions.

All India Institute of Medical Science (AIIMS) has advertised for various Administrative and Medical Support Jobs. Those who are looking for the career opportunities in the premier medical institute of India they can apply against the current vacant posts advertised by AIIMS.

Assistant Professor : 15

Pay Scale : PB-3 – Rs. 15600-39100/- AGP of Rs. 8000/-,

Age : 50 years

Last Date :  23 August 2011

AIIMS Website

Download Advertisement 

Candidates desirous of applying against the above posts must send their application on or before the closing date at the following address.

Chief Administrative Officer, Administrative Block, AIIMS, Ansari Nagar, New Delhi, PIN-110029

SSC CGL 2011 TIER-I Examination Results Declared

Staff Selection Commission has announce the results of Combined Graduate Level Examination 2011.  Those who had appeared in the Tier-I Examination held by SSC their results is now available on the official website. Results of Re-Examination to be held by SSC will be declared on the same cut off. List of candidates who have qualified in Tier-I they can check their roll number by visiting the official website of SSC.

Cut off Marks and number of candidates who have qualified in the TIER II Examination has not been declared by Staff Selection Commission.

The candidates who qualify in the Tier – I examination will be called to appear in TIER – II examination of Combined Graduate Level 2011. The Tier – II Examination will be held on 03 & 04 September  2011.

SSC CGL Tier-I Results

Admit Card  for Combined Graduate Level Tier-II Examination 2011 will be sent to all eligible candidates by posts. Those who have qualified in Tier-I examination they will be able to download the hall ticket from the SSC website also.

CTET Results 2011

Central Board of Secondary Education (CBSE) will conduct the Central Teacher Eligibility Test (CTET) 2011. CTET will be compulsory for recruitment to the posts of teachers under the central government. Those who aspire to become teacher they must qualify in CTET to be eligible to apply for the posts of teachers.The first CTET 2011 will be conducted on 26 June 2011 at various centres across the country.

Paper – I will be for the Class I-V standard teacher and it will be of One & Half hour duration. It will have five section consisting of (i) Child Development Pedagogy, (ii) Language-I,( iii) Language-II, (iv) Environmental Studies & (v) Mathematics. Each section will carry 30 marks and paper will of 150 Marks.

Paper-II will be of 150 marks and it will have four section. Section I-III will be compulsory for all the candidates and it will be of 30 marks each. Section I-III will comprise Child Pedagogy, Language-I & Language-II while Section IV will have to parts and one out of it will be compulsory. Those who will opt for Mathematics and Science Teacher they will have to appear in the Mathematics and Science Section carrying 60 marks and those opting for the Social Science/ Social Studies teacher they will have to attempt the Social Science Section in section IV and it will be of 60 marks.

Those who wants to appear in the CTET 2011 they can download the advertisement details and instructions for appearing in the CTET examination from the official website of CBSE.

CTET Application will be available at the designated list of Syndicate Bank branches in various states and institutions. List of Syndicate Bank Branch and Institutions can be downloaded from the advertisement link given below.

CTET Advertisement : http://cbse.nic.in/final%20ctet%20bulletin_2011.pdf

Those who wants to apply for the Central Teacher Eligibility Test they can apply online or offline. Detailed advertisement for the CTET 2011 can be downloaded by visiting the link given above. Details of advertisement, list of centres, syndicate bank branch and institutions selling application form, syllabus and other information pertaining to CTET 2011 can be downloaded from the advertisement link give above.

CTET Admit Card will be sent by posts if candidate does not receive the admit card latest by 20 June 2011 then they can contact the Assistant Secretary along with necessary documents for issuance of duplicate admit card.

Central Teachers Eligibility Test Results 2011 Declared

Central Board of Secondary Education (CBSE) had conducted Central Teachers Eligiblity Test on 26 June 2011. Now results of CTET 2011 has been declared. Eight Lakh candidates had appeared in the CTET 2011 Examination. Those who had appeared in the CTET 2011 examination they now can check their results.

CTET 2011 Results

Those who are looking for CTET 2011 examination results they can visit the above link for further details.

Railway Recruitment 2011

Indian Railway has invited the application for recruitment to various Group ‘C’ posts under sports quota. Current Jobs openings in Railway are to be filled by North Central Railway, Allahabad. Those who wish to apply against the current vacancy to be filled under sports quota they can read the advertisement details from the offcial website of Indian Railway.

Group ‘C’ Posts : 16

Age Limit : 18 – 25 Years

Pay Scale : Rs. 5200 – 20200/-

Sports Wise Vacancy : Badminton – 02, Cricket -03, Footbal-01, Hockey-08, Wrestling-02

Last Date : 30 August 2011

Interested and eligible candidates who wish to apply against the current jobs openings can visit the official website for downloading the application form and advertisement.

Download Advertisement 

Address for Sending Application Form :-

Assistant Personnel Officer / IR,
North Central Railway, Headquarter Office,
Saraswati Block, Subedarganj,
Allahabad (Uttar Pradesh) PIN – 211033

ESIC Recruitment 2011

ESIC is conducting a Walk in Interview for recruitment to the posts of Senior Resident (SR) on Regular and Contract basis in various departments at ESIC Hospital Parripally, Kollam, Kerala. Those who wants to apply against the current jobs openings they can read the advertisement details.

Senior Residents (SR)

No. of Posts : 18 (Regular – 08, Contract Basis – 10)

Salary : Regular – 51000/-, Contract Basis – 38000/-

Date of Walk in Interview : 28 July 2011

Venue : ESIC Hospital, Paripally, Kollam, Kerala

ESIC Recruitment Website

M.P. Government Jobs 2011

Madhya Pradesh Public Service Management Department, Government of M.P. has invited the application for recruitment to 100 posts of District Manager and Office Assistant. Those who wish to apply against the current jobs openings in School of Good Governance & Policy Analysis, Bhopal they can visit the Sushasan (Good Governance) Madhya Pradesh website.

Disitrict Manager (Public Service) – 50

Salary : Rs. 25000/-

Office Assistant (Public Service) : 50

Salary : 8500/-

Candidates who wish to apply against the current vacancy of District Manager & Office Assistant should possess MBA/PG in Science and Graduation respectively.

Download Advertisement 

Last Date : 10 August 2011

e-Payment - Pay Your Income Tax Online

Friends,

The last date to file your Income Tax return is running. It should be filed by 31.07.2011. If after calculating tax there is any tax liability on your side then you can deposit your Income Tax on line. No need to rush for Bank.

Procedure for e-payment:
1.     To pay taxes online the taxpayer will select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282 or ITNS 283, as applicable.

2.     Enter its PAN / TAN as applicable. There will be an online check on the validity of the PAN / TAN entered.

3.    If PAN/ TAN is valid the taxpayer will be allowed to fill up other challan details like accounting head under which payment is made, name and address of TAN and also select the bank through which payment is to be made, etc.

4.    On submission of data entered a confirmation screen will be displayed. If the taxpayer confirms the data entered in the challan, it will be directed to the net-banking site of the bank.

5.     The taxpayer will login to the net-banking site with the user id/ password provided by the bank for net-banking purpose and enter payment details at the bank site.

6.    On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.

CHALLAN NO./ITNS 281  (For Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates)

CHALLAN NO./ITNS 280     (payment of Income tax & Corporation Tax)
 

CHALLAN NO./ITNS 282  (payment of Security Transaction Tax, Hotel Receipts Tax, Estate Duty, Interest Tax, Wealth Tax, Expenditure Tax /Other direct taxes & Gift tax)

CHALLAN NO./ITNS 283     (payment of Banking Cash Transaction Tax and Fringe Benefits Tax) 

Here is the List of Authorised Banks which provides the facility to deposit your Tax ONLINE.

Authorized Banks:

        Allahabad Bank
        Andhra Bank
        Axis Bank
        Bank of Baroda
        Bank of India
        Bank of Maharashtra
        Canara Bank
        Central Bank of India
        Corporation Bank
        Dena Bank
        HDFC Bank
        ICICI Bank
        IDBI Bank
        Indian Bank
        Indian Overseas Bank
        Jammu & Kashmir Bank
        Oriental Bank of Commerce
        Punjab and Sind Bank
        Punjab National Bank
        State Bank of Bikaner & Jaipur
        State Bank of Hyderabad
        State Bank of India
        State Bank of Mysore
        State Bank of Patiala
        State Bank of Travancore
        Syndicate Bank
        UCO Bank
        Union Bank of India
        United Bank of India
        Vijaya Bank 

Make your e-Payment here

NO INCOME TAX RETURN UP TO 5 LAKH SALARY NOTIFICATION

AN INDIVIDUAL HAVING INCOME NOT EXCEEDING RS. 5 LACS FROM SALARIES/OTHER SOURCES FOR A.Y. 2011-12 IS NOT REQUIRED TO FILE RETURN U/S 139(1)

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011

In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—
Class of Persons
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A) "Salaries";
(B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
Conditions
2. The individual referred to in para 1,—
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.
4. This notification shall come into force from the date of its publication in the Official Gazette.
----------------------------------------------------------
Press Release
Salaried Taxpayers with total Income up to Rs.5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

If you still want to file your return then CLICK HERE to Download forms.

SAHAJ ,SUGAM ON SIMPLE PAPER BLACK&WHITE NOT ACCEPTABLE ?????

Friends,

Income Tax Department has issued new return forms. You can download the same from the Income Tax India site. But these forms can not be printed in Black & White mode. These should be printed as per specification written below. So as  informed earlier that new forms are seems to be machine readable and my guess is correct . New forms are designed for readable through machines so that paper returns can be uploaded in income tax department computer system automatically .But this change is problematic for assessees . Now you can not use these forms (Sahaj and Sugam) after printing it out from your black and white printer. Color scheme for these new forms has been specified .After reading this instructions I am disappointed some what because name of new forms is "sahaj" and "sugam" but its process has been made difficult .

So please read following instruction and do not use forms on simple stationary and black and white mode till further instructions .

Print Specifications for SAHAJ and SUGAM 

1.      Printing of the forms should be according to the standards set below

·         No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department

·         Key aspects of the forms are listed below
        i.      Size of the paper should be A4 Sheet- (8.268 inches by 11.693 inches / 210mm by 297 mm )
       ii.      Quality of the paper should be White Paper and above 70GSM. The Paper thickness should be of Executive Bond quality with a minimum of 70 GSM and above
       iii.      Registration Marks should be present at every page and the coordinates of the same are indicated in the Sample Form given in Annexure A. It should be 0.25” from the top edge and the left corner edge.
       iv.      There should be a series of square dots which should be placed on the both sides of the pages on every page. The distance of the same should be 0.32” from the left edge. The square dots are uniformly spaced at 3mm distance from each other
       v.      Bar Code Specifications should be in Code 39 Format. The Position and Size of the Bar Code should be as Per Annexure A
         vi.      The Values of the Barcode
·         SAHAJ
·   1201111A1C150000– Page 1
·   1201121D1T040000-Page 2
·         Schedule TDS1
·   S201112S4S300000
·         Schedule TDS2
·    S201113T5T310000
·         Schedule IT    
·   S201114R6R320000
·         Schedule TCS  
·    S201115U4U300000
·         SUGAM
·   4201111A1C130000-Page 1
·   4201121C14E60000-Page 2
·   4201131E7T040000 – Page 3
·   ITR-V Acknowledgement
·   ACKNOWLEDGE
        vii.      Color : RED -CMYK ( 0,100,100,0 ), BLACK CMYK ( 0,0,0,100). The Color specification should be as per color specifications given in the PDF File. The Ink used is the Dropout Ink which can be dropped out by a standard scanner.
         viii.      Fonts Used are as follows
·         Helvetica
         ix.      The relative position of all elements is fixed and the position of any elements cannot be altered
a.       Order of TDS schedules, TCS Schedules cannot be altered
b.      The number of entries in each schedule, the column elements cannot be altered. This is done to ensure direct mapping of Form 26 AS report with the form
c.       For any extra entries in Schedule TDS1, TDS2, IT and TCS, taxpayer should use supplementary schedules given in each form. Additional entries in this schedules would be accepted only in this supplementary schedules
d.      ITR-V Acknowledgement should be entered and signature taken from the concerned officer in charge

You can Download the Forms from Here

New Income tax Return form ay 2011-12 Fy 2010-11 SAHAJ SUGAM

Friends,

Income Tax department has released new Income Tax form for assessment year 2011-12.New Year return season has started with release of new ITR form for Assessment year 2010-11.

Two new form has been introduced first is Sahaj which is replacement of Saral-II and identical to old form and second is Sugam (4S) to be filled in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions, referred to in section 44AD and section 44AE of the Act for computation of business income .

Download Forms

Challan Status Enquiry for Tax Payers

Friends,

Using this feature, tax payers can track online the status of their challans deposited in banks.This offers two kind of search.

a) CIN based view :
On entering Challan Identification Number (CIN i.e. details such as BSR Code of Collecting Branch, Challan Tender Date & Challan Serial No.) and amount (optional),the tax payer can view the following details:

    BSR Code
    Date of Deposit
    Challan Serial Number
    Major Head Code with description
    Minor Head Code with description
    Assesment Year
    TAN/PAN
    Name of Tax Payer
    Received by TIN on (i.e. date of receipt by TIN)
    Confirmation that the amount entered is correct (if amount is entered)


b) TAN based view :
By providing TAN and Challan Tender Date range for a particular financial year , the tax payer can view the following details :

    CIN
    Major Head Code with descriprtion
    Minor Head Code
    Nature of Payment

If the tax payer enters the amount against a CIN, the system will confirm whether it matches with the details of amount uploaded by the bank.

Challan Status Enquiry for Banks
Using this features, tax collecting branches and the nodal branches can track online the status of their challans deposited in banks as follows :

a) Collecting Bank Branch :
On providing the branch scroll date and the major head code - description, the tax collecting branch can access the total amount and total number of challans for each major head code. Further, the collecting branch can view following details:

    Challan Serial Number
    Challan Tender Date
    PAN/TAN
    Name of Taxpayer
    Amount
    Date of receipt by TIN

b) Nodal Bank Branch :
On providing the nodal scroll date and the major head code-description, the nodal branch can view the following details:

    Nodal Branch Scroll Number
    Scroll Date
    Major Head Code - Description
    Total Amount
    Number of Branches
    Number of Challans

Further, for each Nodal Branch Scroll Number, following information can be accessed:

    BSR Code
    Branch Scroll Number
    Branch Scroll Date
    Total Amount
    Number of Challans
    Date of receipt by TIN

TDS Rate Chart for the Financial Year 2011-12 (Assessment Year 2012-13)

Friends,

The Income Tax Department has defined the TDS rates for the Financial Year 2011-12 (Assessment Year 2012-13). Now from onward these rates will be applicable on all payments. The Tds Rates for financial year 2011-12 and assessment year 2012-12 is given in the TDS RATE chart 12-13 .192 Salaries 193 Interest on Securities,194 Deemed dividend u/s.2(22)(e) Dividends other than listed companies,194A Interest other than Int on securities (by Bank),194A Interest other than Int. on securities (By others),194B Lottery / Cross Word Puzzle,194BB Winnings from Horse Race,194C(1) Contracts,194C(2) Sub-contracts/ Advertisements,194D Insurance Commission,194EE Payments out of deposits under NSS,194F Repurchase of units by MF/UTI,194G Commission on sale of lottery tickets,194H Commission or Brokerage,194I Rent (Land & building),Rent (P & M , Equipment, furniture & fittings),194J Professional/Technical charges/Royalty & Non-compete fees,194LA Compensation on acquisition of immovable property,195/196B/196C/196D/ 196E Payment to non-residents

TDS RATE CHART FINANCIAL YEAR 2011-12 (ASSESSMENT YEAR 12-13) Sl. No. Section Of Act Nature of Payment in brief CUT OFF AMOUNT Rate %                               30.06.2010 01.07.2010 HUF/IND OTHERS 1 192 Salaries Salary income must be more then exemption limit after deductions. Average Rate 2 193 Interest on Securities - - 10 10 3 194 Deemed dividend u/s.2(22)(e) Dividends other than listed companies - - 10 10 4 194A Interest other than Int on securities (by Bank) 10000 10000 10 10 4A 194A Interest other than Int. on securities (By others) 5000 5000 10 10 5 194B Lottery / Cross Word Puzzle 5000 10000 30 30 6 194BB Winnings from Horse Race 2500 5000 30 30 7 194C(1) Contracts 20000 30000 1 2 8 194C(2) Sub-contracts/ Advertisements 20000 30000 1 2 9 194D Insurance Commission 5000 20000 10 10 10 194EE Payments out of deposits under NSS 2500 2500 20 - 11 194F Repurchase of units by MF/UTI 1000 1000 20 20 12 194G Commission on sale of lottery tickets 1000 1000 10 10 13 194H Commission or Brokerage 2500 5000 10 10 14 194I Rent (Land & building) 120000 180000 10 10 Rent (P & M , Equipment, furniture & fittings) 120000 180000 2 2 15 194J Professional/Technical charges/Royalty & Non-compete fees 20000 30000 10 10  16 194LA Compensation on acquisition of immovable property 100000 100000 10 10 17 195/196B/196C/196D/ 196E Payment to non-residents - - Rates in force Rates in force

TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.60,00,000 in case of business & Rs.15,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 60/15 Lakh.

TCS (tax collection at source rates fy 2011-12)(read more details by Tax collection at source)

Sl.No.	Nature of Goods	Rates in %
1.	Alcoholic liquor for human Consumption	1
2.	Tendu leaves	5
3.	Timber obtained under  forest lease	2.5
4.	Timber obtained by any mode other than a forest lease	2.5
5.	Any other forest produce not being timber or tendu leaves	2.5
6.	Scrap	1
7.	Parking lot	2
8.	Toll plaza	2
9.	Mining & Quarrying	2

Deposit of TDS:

As a common rule tax is to be deposited with 7th of the immediate next month after deduction .However March tax is to be deposited by 30th April of the next financial year.For March ,2011 tds ,due date is 30.04.2011 and March 2012 due date is 30.04.2012.  

Rule is reproduced hereunder for your ready reference.

“Time and mode of payment to Government account of tax deducted at source or tax paid under sub­ section (1A) of section 192.

Rule :30.

(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐

• (a) on the same day where the tax is paid without production of an income‐tax challan; and
• (b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.

(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government ‐

• (a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and 
• (b) in any other case, on or before seven days from the end of the month in which‐
1.  the deduction is made; or
2.  income‐tax is due under sub‐section (1A) of section 192.

(3)    Notwithstanding  anything  contained  in  sub‐rule  (2),  in  special  cases,  the  Assessing Officer  may,  with  the  prior  approval  of  the  Joint  Commissioner,  permit  quarterly payment  of  the  tax  deducted  under  section  192  or  section  194A  or  section  194D  or section  194H  for  the  quarters  of  the  financial  year  specified  to  in  column  (2)  of  the Table below by the date referred to in column (3) of the said Table:‐