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Latest updated Revised Family Pension Calculator as per 6th pay Commission.

Friends, by the demand of visitors and it is very useful demand that how to calculator with latest dearness rates your revised pension plan (Calculator). Now a days, this is genuen and legal demand. The Maharashtra Civil Serves (Revised Pay) Rules-2009 are not applicable to Government Servant who retired on or before 31st December 2005 and who were re-employment on that day including those whose period of re-employment extended after the date vide Rule 2 (ii) (g) thereof. The question of extension of benefit of the revised pay scales to such pension and the manner in which their pay should be fixed in the revised pay scale has been under consideration of Government.

Keeping in view this problem, a updated Revised Family Pension calculator has been prepared which calculates Revised Pension, Gratuity etc.

How to Install :

Simply download zip file and run.

How to use :

* Enter base data in only Yellow cell.
* Enter Basic Information of Employee.
* Enter Empolyee Designation.
* Date of Joining and Retirement.
* Other Related Information for Revised Pension Case.

Free Download link will be provided through email to only registered and activated email at www.gsoftnet.blogspot.com
Request can be done by email at gsoftnet@rediffmail.com

How to compute your estimated Income and Average Rate of Income Tax.

Income from “Salaries” is required to be computed on estimated basis at the beginning of each financial year, taking into account salaries or remuneration paid or allowed. Income tax payable on the basis of such estimated salary income should also be calculated. Necessary adjustment is required to be made to arrive at the net tax liability, after considering specific allowable deductions, rebates & relief. Such estimation of salary income and net tax liability may require revision periodically, depending upon change in income of the employee or investment made by him in the form of deposit, subscription or payment. Every month 1/12th of the net tax liability is required to be deducted.

For the purpose of computation of making payment of tax, tax liability is to be determined at the average of income tax computed on the basis of rates in force for the financial year, on the income chargeable under the head ‘Salaries’ including value of non-monetary perquisites for which employer has opted to pay the tax himself.

TAN Registration, Its Important, Multiple Benefits and Silent Features.

Friends, Tan Registration is mandatory to automatically generation of Form No. 16 & 16A with NSLD. The NSDL has provided a facility to register TAN yourself at tin-nsdl.com. Now, it is working well and can be registered after some steps. I am excited to share that now NSDL has arranged to create form 16A through the software provided by NSDL free of cost. Tan holder can download software after successful registration of Tan at tin-nsdl.com. The said software generates form 16A in pdf format and save pdf files individually. I mean to say that if you have 15 deductees in data and you use this software, 15 files in pdf formats will automatically saved in the particular path.

Important Features:

· Auto captured complete address of deductee along with Postal Index Number as per record available with Income Tax Department.
· CIT Address captured automatically.
· Status of Booking captured whether matched or Not Matched.

Center appointed by Income Tax Department. However complete procedure to collect fvue file through "Tan Registration" is given as under:-

Deductors / collectors are required to furnish a quarterly TDS / TCS statement as per guidelines of the Income Tax Department (ITD). For any update in the quarterly TDS / TCS statement, a correction statement is furnished by the deductor / collector. Correction statement is prepared on the latest statement details (accepted) at TIN central system. To facilitate the deductor to ensure that the deductor uses the latest statement, request for TDS/TCS statement can be made online at TIN website. TDS/TCS statement (consolidated) provided by TIN will include all the updates done vide correction statements (accepted at TIN central system) filed by deductor/collector. Consolidated TDS/TCS statement will be available for:

· TDS/TCS statements pertaining to F.Y. 2007-08 and onwards.
· TDS/TCS statements accepted and existing at TIN central system.

1. Features of consolidated TDS/TCS statement are as below:

· Details as per latest statement: Updated details of deductor/challan/deductee/salary records will be provided.
· Challan matching flag: No updates should be done if the status of the Challan/Transfer Voucher is "Matched". Considering the same the status (matching flag) of the challan / transfer voucher as below is provided:

"M" = Matched (No update should be done for such challans/transfer voucher)
"U" = Unmatched (Challan can be updated)
"P" = Provisionally booked (No update should be done for such transfer voucher)
· Expected challan/ deductee/ salary detail record number: In correction statement for addition of records, sequence number for record (challan/deductee/salary detail) should be continued from the record number (challan/deductee/salary detail) of earlier regular/ correction statement. Example,

1. There are 5 challans in regular statement.

2. challan is added by furnishing correction statement

If one more challan is to be added vide another correction statement, sequence of the challan record no. will be 7.

To facilitate the deductor/collector in quoting record number in sequence for added records, expected record number for challan, deductee and salary detail (wherever applicable) is incorporated in the consolidated TDS/TCS statement.

· Provisional receipt number (PRN): In correction statement, deductor/collector is required to quote PRN as under to identify the statement in TIN central system for update:
Corresponding regular statement and Latest accepted/Partially accepted correction statement

To facilitate the deductor/collector in quoting correct PRN of Regular and Correction statement, same is provided in the consolidated TDS/TCS statement.

2. Data structure for consolidated TDS / TCS statement.

· Salary TDS statements.
· Non-Salary TDS/TCS statements.

3. Pre-requisite for requesting TDS/TCS statement online.

· Online request for TDS/TCS statement can be made only on successful registration of TAN (creating TAN registration account) at TIN website.
· Register TAN online at TIN website.

4. Steps to be followed for placing the request of consolidated TDS/TCS statement

1. Login to TAN Registration Account with user id, password and TAN.
2. On successful login, under option TDS/TCS, select option "Request- Consolidated TDS/TCS statement".
3. Request for consolidated TDS / TCS statement can be made for your TAN only.
4. On clicking the aforementioned option, provide details of statement as below for which consolidated file is required:

· Provisional Receipt Number of regular statement
· Form no.
· Quarter
· Financial Year

5. On successful validation of the above details, two questions related to the TDS/TCS statement requested will be asked as a part of verification.

6. On successful verification of answers to the aforementioned two questions, request number will be generated and the consolidated TDS/TCS statement will be e-mailed to the user on the e-mail ID provided on TAN registration within 24 hours.

7. Consolidated TDS/TCS statement will be available only if correct answers are provided to the questions for verification.

8. Two attempts within a day will be provided to correctly answer the verification questions.

9. In case of two unsuccessful attempts within a day for the same statement, request for such statement can be placed on next day.

10. In case of large number of records in the TDS/TCS statement requested, the statement will be split in multiple files owing to restriction of mail size.

11. In case TDS/TCS statement is split in multiple files then each file will be sent by separate e-mail.

1. Merging the split TDS/TCS statement

· In case of multiple files, Merge the files using "File Merge Utility" (FMU) and then extract the contents.
· "File Merge Utility" can be downloaded from TIN website under the option "TAN Registration" in download section.

6. Procedure for download and merging of split TDS/TCS statement.

7. Using Consolidated TDS/TCS statement for preparing correction statement.
· Consolidated TDS/TCS statement provided will be in compressed form.
· Extension of the consolidated TDS/TCS statement will be .tds
· In case of single file, extract the content of the file by providing password to the file.
· In case of multiple files, merge the files using FMU and then extract the contents of the merged file by providing password.

After extracting the consolidated TDS/TCS statement, import the same in the return preparation utility for making any correction.

Know about TDS on Salary u/sec. 192.

Any person responsible for paying any income chargeable under the head “Salaries” is required to deduct income tax, at the time of payment, on the estimated income of the employee under the head “Salaries” for the financial year, in which the payment is made.

W.e.f. 01.06.2002, under sub section (1A) of sec 192, the employer may, at his option, pay the whole or part of the tax payable on non-monetary benefits [being perquisites u/s 17(2)] provided to the employee. Tax so paid by employer is not liable to be grossed up u/s 195A. The particulars of tax so paid by employer is required to be furnished in TDS certificate (Form 16), to enable the payee (assessee/ recipient of income) to claim credit for the same.

RATE AT WHICH TDS IS TO BE MADE:

The amount of income tax deductible is required to be calculated at the average rate of income tax computed on the basis of rates in force [Rates are given in the finance Act, Part III, Paragraph-A for the relevant Financial Year]. No tax is required to be deducted at source in any case unless estimated salary income including value of perquisites and/or profit in lieu of salary paid or allowed during the financial year exceeds the maximum amount not chargeable to tax for the individual relevant for the Financial Year.

COMPUTATION OF ESTIMATED INCOME AND AVERAGE RATE OF INCOME TAX:

Income from “Salaries” is required to be computed on estimated basis at the beginning of each financial year, taking into account salaries or remuneration paid or allowed. Income tax payable on the basis of such estimated salary income should also be calculated. Necessary adjustment is required to be made to arrive at the net tax liability, after considering specific allowable deductions, rebates & relief. Such estimation of salary income and net tax liability may require revision periodically, depending upon change in income of the employee or investment made by him in the form of deposit, subscription or payment. Every month 1/12th of the net tax liability is required to be deducted.

For the purpose of computation of making payment of tax, tax liability is to be determined at the average of income tax computed on the basis of rates in force for the financial year, on the income chargeable under the head ‘Salaries’ including value of non-monetary perquisites for which employer has opted to pay the tax himself.

Illustration:

Suppose for the financial year 2011-12 income chargeable under the head ‘Salary’ inclusive of all perquisites is Rs.4,75,000 out of which Rs. 50,000/- is on account of non-monetary perquisites on which the employer has opted to pay tax.

Income chargeable under the head salary inclusive of all perquisites = Rs. 4,75,000
Tax on total salaries = Rs. 29,500
Total tax including Education Cess & higher education cess = Rs. 30,385
Average rate of tax [(30,385 /4,75,000) *100 = 6.39%
Tax payable on Rs. 50,000 (6.39% of 50,000) = Rs. 3,195
Amount of tax to be deposited each month by employer (3,195/12) = Rs. 266
Tax payable on balance Rs. 4,25,000 (9.775% of 4,25,000) = Rs. 27,190
Amount of tax to be deducted each month by DDO (27,190/12) = Rs. 2,266

NOTE: Tax so paid by employer shall be deemed to be TDS made from salary of the employee and shall be reflected in TDS certificate [Form 16].

How to get Loans for Professionals ?

Loans are something that is needed by most of us who are salaried or self employed at one point in time or the other. The list keeps going. Lets' take a look at one category of loans provided by banks - Loans for Professionals.

The bellow list are the different categories of documents that a self employed professionals has to fulfill:

1. Financial Documents
2. Tax information
3. Professional work

Here is a list of documents that a self employed professional may need to furnish:
* Proof of Identity (Passport copy/Voters ID Card/Driving License)
* Address Prof (Ration Card/Telephone, Electrical Bill / Passport)
* Bank statements (latest 6 months bank statement/passbook)
* Latest ITR alsong with computation of Income. Balance sheet and Profit and loss account for last 2 years certified by a CA.
* Qualification proof of the highest professional degree.
* Proff of continuation (Trade licence/Establishment Sales Tax Certificate)
and other mendatory documents.

The maxmium amount offered as Professional Loans varies in banks, depending on the financial standing of the customer, his repayment capacity, terure of the loan etc. Banks generally provided loan from Rs. 25000 to Rs. 25 lakhs. The interest rates vary only slightly from the normal lending rates of the banks.

Time Limit to Deposit of TDS Tax collected from TDS Deductee by TDS Deductor on and after 01.04.2010

Notification No 41/2010 (F. NO. 142/27/2009-SO(TPL), dated 31.05.2010 amended rule 30. the applicability in respect of tax on or after 01.04.2010.

The Tax deductor must deposit the tax so deducted to the credit of Central Government account in the appropriate mode and manner within the prescribed time limit, as under :

1. The Government Department:

Sr.

Nature of payment

Due date for depositing the tax

1

The tax is paid without production of an Income Tax challan

On the same date

2

The tax is paid accompanied by an Income Tax challan

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) if section 192 i.e. tax is paid by the employer on the non- monetary perquisites.


2. OTHERS:

Sr.No

Nature of payment

Due date for depositing the tax

1

The income or amount is credited or paid in the month of March

On or before 30th day of April

2

In all other cases

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) if section 192 i.e. tax is paid by the employer on the non- monetary perquisites.


3. The Assessing Officer in special (prescribed) cases and with the approval of Joint Commissioner may permit quarterly deposit of TDS: