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Advance New year wishes to all my dear friends......... HAPPY NEW YEAR 2012 !!!!!

Advance New year wishes to all my dear friends.........

HAPPY NEW YEAR 2012 !!!!!





Exemption u/s. 54F and u/S. 54EC can claimed simultaneously on Long Term Capital Gain arising on Sales of Plot.

Taxpayee must be aware about Exemption u/s. 54F and us/ 54EC on Long Term Capital Gain arising on sale of plot can be saved by claiming an exemption us/s. 54F and/or u/s. 54BC of Income Tax Act.

What is exemption U/s. 54F:
  • For exemption u/s. 54F. subject to various other terms/stipulations, you have to invest the amount of net sales consideration for purchases of residential house property within a prescribed period.
  • Exemption u/s. 54F is available on the basis of net sale consideration invested (and not on the basis of LTCG earned). If entire net sale consideration is not invested, exemption will be available on proportionate basis.
What is exemption U/s. 54EC:
To save LTCG tax u/s. 54EC, you are required to invest the amount of Long Term Capital Gain (LTCG) within a period of 6 months from the date of sale/transfer of assets in the specified bonds issued by REC/NHAI. There is a maximum celling of Rs. 50 Lakh in a financial year for investment in 54BC Bonds.

There is no specific restrictions/bar in claiming simultaneous exemption u/s. 54F and 54EC taken together. We are of the option that -
  • you can claim an exemption u/s. 54F towards investment in the residential house property and;
  • also u/s. 54EC towards investment in the 54EC Bonds.
Isolated investment in the plot of Rs. 20 Lacs will not enable you to claim any exeption from long term capital gain.

Features of e-TDS Return Preparation Utility (RPU) Ver. 2.6 Software

NSDL has been developed e-TDS Return Preparation Utility with new Key features to prepare e-TDS Return for the Assessment Year 2012-13. This RPU 2.6 Version in Red Colour as mention by Income Tax Department. The RPU 2.6 version of NSDL key features are as follows:

Key features of NSDL Return Preparation Utility (RPU) version 2.6:
  • Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message “Statement contains unmatched challan. The same has been highlighted in red colour” will be provided if the consolidated file imported contains unmatched challan.
  • Deductee/ Salary details records with invalid PAN: On import of consolidated file in the NSDL RPU (version 2.6), an alert message will be provided “Statement contains invalid PANs. The same has been highlighted in red colour” if the statement contains invalid PAN in deductee/ salary detail records.
  • Challan pending amount: If the user attempts to over utilize the challan amount then the error message “Deductee deposit amount exceeds the Challan / transfer voucher amount for Challan Serial Number(s)” will be provided on validating the file and the file will not be validated.
  • Update of PAN: If for a given deductee / salary detail record. if the user attempts to update the PAN more than once then error message “Further update of PAN for the deductee record is not allowed. Update of deductee PAN (valid to valid) is allowed only once.” will be provided.
From FY 2005-06 onwards, TDS/TCS returns have to be filed every quarter (i.e. quarterly statements). The following utilities can be used to prepare regular quarterly statements:
Corrections required in the regular quarterly statements can be furnished by submitting a correction statement in the prescribed format. The following utilities can be used to prepare correction quarterly statements:
These utilities can be used to prepare e-TDS/TCS returns upto FY 2004-05. These utilities can be used for preparation of original or revised annual returns.

Free Download Form 16/16A PDF Converter Utility.

Now TDS Deductor Generate Form 16A in PDF Format and issue Form 16A to TDS Deductee. ForFree Form 16A PDF Converter Utility TDS Deductor must Registered TAN with NSDL-TIN. The Procedure for Download of Form 16A in PDF are as follows:

Form 16A PDF Converter Utility:
  1. The Form 16A text file is to be passed through the PDF Converter Utility to convert to generate PAN wise Form 16A in PDF format.
  2. The PDF Converter Utility is available to registered TANs at TIN.
  3. It is available under the option ‘Form 16A’ post login to TAN account.
Procedure for Download of Form 16A PDF converter utility
  • Download “FORM_16A_PDF_CONVERTER” from TAN registration login under the option “Download PDF converter” in Form 16A menu. Form 16A PDF converter utility can be downloaded at the desired location.
  • JRE (Java Run-time Environment) [versions: SUN JRE: 1.6 and above] should be installed on the computer where the e-TDS/TCS FVU is being installed.
  • JRE is freely downloadable from http://java.sun.com or http://www.ibm.com/developerworks/java/jdk or You may ask your computer vendor (hardware) to install the same for you.
  • For installing the Form 16A PDF converter, double click on the exe (FORM_16A_PDF_CONVERTER.exe) file downloaded from TAN registration login.
  • On double clicking, a window will be displayed for extracting the contents of the exe file. Default location for extracting the files will be C drive.
  • The files can also be extracted in any other location (other than C drive). In that case, define the appropriate path by clicking the ‘Browse’ button where the files are to be extracted.
  • For extracting the contents of the file click “Unzip” button. On clicking the “Unzip” button, two files will be extracted at the default path (C:\PDF Converter Utility) or the desired location as the case may be:
  • PDF Converter Utility.jar
  • Start_Form16A_Utility.bat
  • To open the PDF converter utility, double click on the file “PDF Converter Utility.bat” available in the folder where PDF converter utility has been installed. On double click of the file, window as below will open.
Procedure for Download of Form 16A PDF Converter (Click Here)

Without Checking TDS Credit Statement, PAN Ladger Don't Submit Income Tax Return

Friends, Each & every Income Tax Payee knows Form 26AS or PAN Ledger, it is not new for Income Tax Assesses. Online Tax Credit Statement is know as Form 26AS. All the taxpayers is available to net banking account holder of 26 registered banks for the benefits of the Tax Payer.

Introduction about Tax Credit Statement (Form 26AS) :
The following helps to taxpayers to view Tax credit Statement (Form 26AS).
  1. Preparing income tax returns
  2. Verify detail of tax deducted at source (TDS)
  3. Verify detail of tax collected at source
  4. Verify detail of tax payment made by taxpayer (advance tax/self assessment tax)
  5. Details of paid refund received during the financial year
The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS returns as well as in the OLTAS challans.

One of the modes through which tax payer can avail view of Tax Credit Statement (Form 26AS) is through net banking facility provided by banks. To avail this facility, the PAN holder is required to have net banking account with any of authorized bank, where in view of Tax Credit Statement (Form 26AS) can be made available to PAN holder which is mapped to that particular account. To provide this facility to net banking account holder, bank should get registered them self with National Securities Depository Limited (NSDL).

List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below:
  • Allahabad Bank
  • Axis Bank Limited
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Citibank N.A.
  • City Union Bank Limited
  • Corporation Bank
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Indian Overseas Bank
  • Indian Bank
  • Karnataka Bank Limited
  • Kotak Mahindra Bank Limited
  • Oriental Bank of Commerce
  • State Bank of Hyderabad
  • State Bank of India
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travancore
  • The Federal Bank Limited
  • The Karur Vysya Bank Limited
  • The Saraswat Co-operative Bank Limited
  • UCO Bank
  • Union Bank of India

Before using TAN Account, it must be verified at NSDL-TIN for Various Facilities to Deductors

TDS Deductor when got TAN Account, it must be verified at NSDL-TIN before using for giving various facilities provided by NSDL Tax Information Network. One of then a facility provided under TIN is authenticated login (TAN account) provided to deductors/collectors at TIN website. Under this login, for avail such facility the following functions are provided:
  1. Online request of consolidated TDS/TCS file: Useful for preparation of correction statement.
  2. Online generation of Form 16A for valid PANs.
  3. Online download of default details generated by Income Tax Department.
  4. Bulk upload of Form 15CA records.
  5. Update of TAN account contact details.
As you may be aware, for creating authenticated login (TAN account), deductor/ collector has to register TAN online at TIN website. Based on the feedback received from the deductors as well as Income Tax Department, the procedure for registering as well as getting the various facilities is simplified/modified regularly. We have now made some changes in the TAN registration process. You are requested to go through the same very carefully. Very soon, preparation of correction statement will have to be made mandatorily using consolidated file provided by TIN. In view of the same, you are requested to create and activate the TAN account at TIN and avail the aforementioned facilities offered by TIN, if not done already.

Detailed revised procedure for creating “TAN Account” and activation of TAN account is as under.
  • On registration, an e-mail containing link will be sent to registered e-mail ID (s).
  • User will be required to click on the link for activating the TAN account. This link is sent for verifying the validity of e-mail ID.
  • On clicking the link, user will be prompted to provide TAN and corresponding 12 digit TAN registration number.
  • If the TAN & TAN registration number matches, then TAN account will be activated within 24 hours.
  • TAN account will be active if at least one of the e-mail ID is verified.
  • TAN account will not be activated, If the user does not click link or does not provide respective TAN and TAN registration number and the same is verified.
  • If user has provided two e-mail ID (s) on registration/ re-registration, then the TAN account will be activated even if the user clicks on the link (as mentioned above) sent at any one of the registered e-mail ID.
  • On activation of TAN account, an e-mail containing the user ID in password protected PDF file will be sent to registered e-mail ID (s). On receipt of this e-mail, user can login to TAN account.
Further the user may re-register the TAN if user has:
  • Forgotten the TAN account details like user ID, TAN registration no. (12 digit alphanumeric number) or
  • Would like to update the contact details of TAN account ,wherein the user does not know the login credentials of TAN account,
Procedure for activation of TAN account on re-registration of TAN would be the same as applicable on first time registration of TAN (as above). For detailed procedure for registration of TAN online, online request of consolidated file/ Form 16A file and default details you may download the e-tutorial available at TIN website under the download section

New Guidelines to e-Furnishing of Form 15CA

For Form 15CA e-furnishing guidelines has been changed by NSDL TIN. The NSDL TIN has been taken so many changes in form 15CA to e-furnishing during the Assessment year 2012-13 and it will be completely different. The uprated guidelines for e-furnishing form 15 CA are as follows:

Procedure for furnishing information under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962.

General
  • Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of the Income-tax Act, 1961. The information should be furnished after obtaining a certificate in Form 15CB from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961. The print out Form 15CA should be signed and submitted to the Reserve Bank of India/authorized dealer prior to remitting the payment.
  • The Form should be furnished at the website of the Tax Information Network www.tin-nsdl.com.
  • Fields marked with (*) are mandatory.
  • Select the values from the drop down wherever provided.
  • Each transaction detail should be filled in separately.
Guidelines for Part A of Form 15CA:
Remitter:
  • Permanent Account Number (PAN) and Tax Deduction and collection Account Number (TAN) allotted by the Income Tax Department should be mentioned. TAN is mandatory in cases where-
  • tax has been deducted or will be deducted at source;
  • the remitter has obtained an order under section 195 (2) of the Income-tax Act from the Assessing Officer.
  • In case an invalid PAN and/or TAN is filled in by the remitter, the Form will not be generated.
  • In case the remitter does not have a TAN, it is mandatory to quote PAN of the remitter.
  • PAN of the remitter should invariably be given. However, the same is mandatory if status of entity is Company or Firm. If PAN is not given in such cases, the remitter will not be allowed to generate the Form.
  • Details in at least two address fields for remitter shoule be mentioned.
  • Name of the entity should be mentioned in the “Name of remitter” field.
  • No value is to be provided in Area code, AO type, Range code & AO number. The fields will be entered by the system after validating the PAN and/or TAN.
  • Email id and mobile no., if any, should be provided.
Recipient of remittance:
  • Complete address of recipient of remittance, separated by coma, should be provided.
  • PAN, allotted by the Indian Income Tax Department should be mentioned.
  • If status of entity is “company”, then provide type of company i.e., “domestic” or “other than domestic”.
  • In the field “ Principal Place of Business”, the country of tax residence of the recipient of the remittance should be mentioned.
Information for accountant
  • Enter name of the Chartered Accountant in the field “Name of the accountant”.
  • Details in at least two address fields should be mentioned.
  • Date of certificate should not be a future date.
  • Registration no. should be numeric.
  • Details of accountant are not required if point no. 15 is selected i.e. any order u/s 195 (2)/ 195 (3)/ 197 of the Income-tax Act has been obtained from Assessing Officer.
  • Certificate number is an alphanumeric field.
Guidelines for PART B of the Form (Particulars of Remittance and TDS)
  • Provide the values as per the accountant certificate obtained in Form 15CB.
  • In case name of the country is not available in drop down list, select value “other” from the drop down and provide name of the country.
  • In case currency name is not available in drop down then select value “other” from the drop down and provide name of the currency.
  • Proposed date of remittance should be current date or a future date.
  • Amount of TDS should be less than amount of remittance.
  • Actual amount of remittance after TDS should be less than amount of remittance.
  • Select type of the bank:
  • Indian Bank (Bank of India, Dena Bank, Kotak Mahindra Bank Ltd. etc.)
  • Foreign Bank (Standard Chartered Bank, HSBC, Citi Bank etc.)
  • In case of “Indian Bank”, user will be required to provide “Name of the branch” and “BSR code”
  • In case of “Foreign Bank”, user will be required to provide details of location of bank as below:
  • Located in India
  • Located outside India
  • In case of foreign bank located in India, user will be further required to provide “Name of the branch” and “BSR code”
  • In case of foreign bank located outside India, user will be further required to provide:
  • Name of the branch
  • BSR code (This will be optional)
  • Code of branch (This will be mandatory)
  • Rate of TDS as per DTAA (if applicable) should be mentioned upto two decimal places.
  • Amount should be mentioned upto 2 decimal places.
  • Select any one out of fields 12, 13, 14 and 16. One form is to be filled for one type of remittance.
  • Details of “responsible person” should be mentioned for verification.
  • If no tax has been deducted then value “0.00” should be mentioned in “Amount of TDS” field (foreign currency and Indian Rs.)
  • Value for “rate of deduction as per the Income-tax Act” should be “0.00” if no tax has been deducted and “amount of TDS in Indian and foreign currency” should be “0.00”.
Generation of Form 15CA
  • After filling up the information, click “submit”. On submission of details if system shows any errors, rectify and re-submit the form.
  • A confirmation screen with all the data filled by the user will be displayed. The same can be either confirmed or edited.
  • On confirmation, a filled up Form 15CA with an acknowledgement number will be displayed. Print out of the Form should be taken, signed and submitted prior to remitting the payment.
  • Form 15CA can be re-printed by selecting the re-print option. For re-printing, please enter “acknowledgement no.”, “PAN” and/or “TAN” mentioned in the Form.

Take advantages for various facilites by NSDL-TIN.

An email has been sent to deductors by TIN showing various benefits provided by them. Copy of the email is given as detailed below :

Dear Sir/Madam,

Tax Information Network (TIN) has always been providing various facilities to deductors.

One such facility provided under TIN is authenticated login (TAN account) provided to deductors/collectors at TIN website. Under this login, following functions are provided:

· Online request of consolidated TDS/TCS file: Useful for preparation of correction statement.
· Online generation of Form 16A for valid PANs.
· Online download of default details generated by Income Tax Department.
· Bulk upload of Form 15CA records.
· Update of TAN account contact details.

As you may be aware, for creating authenticated login (TAN account), deductor/ collector has to register TAN online at TIN website. Based on the feedback received from the deductors as well as Income Tax Department, the procedure for registering as well as getting the various facilities is simplified/modified regularly. We have now made some changes in the TAN registration process.You are requested to go through the same very carefully. Very soon, preparation of correction statement will have to be made mandatorily using consolidated file provided by TIN. In view of the same, you are requested to create and activate the TAN account at TIN and avail the aforementioned facilities offered by TIN, if not done already.

Detailed revised procedure for creating “TAN Account” and activation of TAN account is as under.

· On registration, an e-mail containing link will be sent to registered e-mail ID (s).
· User will be required to click on the link for activating the TAN account. This link is sent for verifying the validity of e-mail ID.
· On clicking the link, user will be prompted to provide TAN and corresponding 12 digit TAN registration number.
· If the TAN & TAN registration number matches, then TAN account will be activated within 24 hours.
· TAN account will be active if at least one of the e-mail ID is verified.
· TAN account will not be activated, If the user does not click link or does not provide respective TAN and TAN registration number and the same is verified.
· If user has provided two e-mail ID (s) on registration/ re-registration, then the TAN account will be activated even if the user clicks on the link (as mentioned above) sent at any one of the registered e-mail ID.
· On activation of TAN account, an e-mail containing the user ID in password protected PDF file will be sent to registered e-mail ID (s). On receipt of this e-mail, user can login to TAN account.

Further the user may re-register the TAN if user has:
· Forgotten the TAN account details like user ID, TAN registration no. (12 digit alphanumeric number) or
· Would like to update the contact details of TAN account ,wherein the user does not know the login credentials of TAN account,

Procedure for activation of TAN account on re-registration of TAN would be the same as applicable on first time registration of TAN (as above). For detailed procedure for registration of TAN online, online request of consolidated file/ Form 16A file and default details you may download the e-tutorial available at TIN website under the download section.

This is system generated mail. Please do not reply to this email ID. For any query related to the above you may contact TIN Call centre at:

Tel: 91-20-2721 8080.
Fax: 91-20-2721 8081.
Email ID: tin_returns@nsdl.co.in

On behalf of Tax Information Network of the Income Tax Department.

Notification regadring Effective Date of Passing of Examination-IT.

Directorate of Income-tax (IT)
Central Board of Direct Taxes
Department of Revenue
Ministry of Finance
New Delhi – 110001.
F.No. DE/Delhi/Effective Date/DIT/2011 Date: 22.12.2011
To
All Cadre Controlling Chief Commissioners of Income Tax,
All CIT (In-charge of Examn.) (By name)
Madam/Sir,
Sub:- Effective date of passing of Examinations – Instruction reg.
The CBDT Instruction F. No. A-32013/3/2000-Ad. VI dated 18.07.2000, wherein the date of passing the Examination was reckoned from the last date of the Examination, was modified by Instruction F.No. OA 542/1995/CAT Cuttack/2002/DIT/697 dated 22.05.2009.

2. The modification was necessitated in the light of the decision of the Hon’ble Orissa High Court in W.P. (C) No. 224 of 2003 dated 31.10.2008 in the case of Union of India & Ors. Vs. Kishore Chandra Mohanty & Ors. In the said judgement Hon’ble Orissa High Court has also referred to the decision of the Hon’ble Supreme Court in UPSC Vs. Ajaya Kumar Das & Others [Civil Appeal No. 6295 of 2001 dated 10.09.2001]

3. As per the modified Instruction dated 22.5.2009 it was decided that, henceforth, the effective date of passing of Examination shall be the date of declaration of result by the Directorate of Income Tax (IT) in the case of ITOs/ITIs Examination and by the CCIT/CIT (Incharge of Examination) in the case of MS Examination.

4. However para 4 of the Instruction dated 22.5.2009 stated that in a case where the Examination is held in a particular calendar year and the result thereof is declared in any subsequent calendar year, the effective date of passing the Examination shall be deemed to be the 1st of January of the calendar year in which the result has been declared.

5. The matter has been reconsidered in the Board Meeting held on 24th November 2011 and it has been decided to modify Instruction F. No. OA – 542/1995/CAT Cuttack/2002/DIT/697 dated 22.05.2009 by deleting para 4 from it, prospectively i.e. with effect from Departmental Examination – 2011 onwards.
Yours Faithfully,
Dr. Preeti Jain Das
Addl. DIT(Exam.) (OSD)
New Delhi.

Free Income Tax Software with Form 16, Monthwise Statement, Tax Calculation For Assessment Year 2012-13.

For Free Coming Soon Income Tax Software for Assessment year 2012-13 along with features contains Form 16, Month-wise Statement, Tax Calculation etc.

Reserve your Free Version Today

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Remember: Download facility are available for all but Installation and Key features are available only for those who is registered with us alongwith activation.

Process of Free Registration:
Simply Click Here and entered your Email ID and followed procedure to subscribe.

How & Where check Activation Link:
Open your Mail Box, there is a link of Activation Click There.

Requirement of Software:-
Microsoft Office Assess-2007 min. is required for running this software.

How to Install :-
Simply download zip file (extract it) and run.

How to use :-
  • Enter Employee data in only "EmployeeData Form" Tab.
  • Enter Monthwise Salary Data in "Salary Data Form" Tab.
Facility :
  • A4 Size Printing Format.
Download Now (Click Here)

Free Download link will be provided through SMS to only registered email
Request can be done by email at ieasypoint@gmail.com or gsoftnet@rediffmail.com (alongwith Mobile No.)

Click Here to See Updated Income Tax Slab For Fin. Year 2011-12 (A.Y. 2012-13)


Know New Pension Schemes

The New Pension Scheme(NPS) has become operational since 1st Jan, 2004 and is mandatory for all new recruits to the Central Government Services from 1st January, 2004. Since then it has been opened to employees of State Governments, Private Sector and Self Employed. The income received by the NPS trust is exempt. The NPS trust is exempted from the Dividend Distribution Tax and is also exempted from the Securities Transaction Tax on all purchases and sales of equities and derivatives. The NPS trust will also receive income without tax deduction at source. The above amendments are retrospectively effective from 1/4/09 (AY 2009-10) onwards

Where Non-Residents are deputed to work in India and taxes are borne by the employer, if any refund becomes due to the employee after he has already left India and has no bank account in India by the time the assessment orders are passed, the refund can be issued to the employer as the tax has been borne by it: Circular No. 707 dated 11.7.1995.

In respect of non-residents, the salary paid for services rendered in India shall be regarded as income earned in India. It has been specifically provided in the Act that any salary payable for rest period or leave period which is both preceded or succeeded by service in India and forms part of the service contract of employment will also be regarded as income earned in India.

How to calculate average TDS amount before deducting (TDS) from Salary each month.

Every person who is responsible for paying any income chargeable under the head "Salaries" shall deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2011-2012. The income-tax is required to be calculated on the basis of the rates given above subject to provisions of sec 206AA of the Income-tax Act and shall be deducted at the time of each payment. No tax will, however, be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 1,80,000/- or Rs.1,90,000/- or Rs. 2,50,000/- or Rs. 5,00,000/-, as the case may be, depending upon the gender and age of the employee.(Some typical examples of computation of tax are given at Annexure-I).

Payment of Tax on Non-monetary Perquisites by Employer:
An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at his option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. The employer will have to pay such tax at the time when such tax was otherwise deductible i.e. at the time of payment of income chargeable under the head “salaries” to the employee.

Calculate Average Income Tax (TDS):
For the purpose of making the payment of tax mentioned in para 3.2 above, tax is to be determined at the average of income tax computed on the basis of rate in force for the financial year, on the income chargeable under the head "salaries", including the value of perquisites for which tax has been paid by the employer himself.

Method of Calculations:
Exam.: Suppose that the income chargeable under the head “salaries” of a male employee below sixty years of age for the year inclusive of all perquisites is Rs.4,50,000/-, out of which, Rs.50,000/- is on account of non-monetary perquisites and the employer opts to pay the tax on such perquisites as per the provisions discussed in para 3.2 above.

Steps:
Income Chargeable under the head “Salaries” inclusive of all perquisites: Rs. 4,50,000
Tax on Total Salaries(including Cess): Rs. 27,810
Average Rate of Tax [(27,810/4,50,000) X 100]: 6.18%
Tax payable on Rs.50,000/= (6.18% of 50,000): Rs. 3,090
Amount required to be deposited each month: Rs. 260(257.5) = (3090/12)

The tax so paid by the employer shall be deemed to be TDS made from the salary of the employee.

Free Download Tax Calculation, Form 16, Monthwise Salary Statement Software For Assessment Year 2012-13

Friends, it is a general demand to know about Income tax, how to deuduct monthly from salary . Normally an Employee needs to check their Income Tax. There we developed Excel Base Easy Calculator to Calculator your Tax for Deduct from Monthly salary bill.

Remember: Download facility are available for all but Installation and Key features are available only for those who is registered with us alongwith activation.
Process of Free Registration: Simply Click Here and entered your Email ID and followed procedure to subscribe.
How & Where check Activation Link: Open your Mail Box, there is a link of Activation Click There.

Requirement of Software:-
Microsoft Office Excel-2007 or greater is required for running this software.

How to Install :-
Simply download zip file and run.

How to use :-
  • Enter Employee data in only "EmployeeData" Tab.
  • Enter Monthwise Salary Data in "Salary Data Entry" Tab.
  • Enter personal deducations in "Tax Plan" Tab.
Features :
  • It Calculate Tax and Refund (if, any) & Suggest to Deduct Tax Amount For Nest 3 Months (TDS) for Male, Female, Sr. Citizen.
  • Generate Monthwise Salary Statement
  • Generate Form 16 with Annexure "A" or "B" whichever applicable.
  • Save Information of All Taxpayee.
Facility :
  • A4 Size Printing Format.
Download Now (Click Here)

Free Download link will be provided through SMS to only registered email at www.gsoftnet.blogspot.com Request can be done by email at ieasypoint@gmail.com or gsoftnet@rediffmail.com (with your activate Mobile No.)

Click Here to Online Tax Calculations
Click Here to See Updated Income Tax Slab For Fin. Year 2011-12 (A.Y. 2012-13)


List of NSDL-TIN Facilitation and PAN Centers across the Country.

Most of Tax payee did not aware about TIN Facilitation and PAN Centers, which are situated in your nearest location of your city. Download the files to see your nearest NSDL-TIN Facilitation and PAN Center across your location.

TIN Facilitation Centers are available across the country.
Activities carried out by these TIN Facilitation Centers are:
  • Receive e-TDS/TCS returns from deductors/collectors and upload them to the TIN central system.
  • Receive TDS/TCS returns in paper format from non-corporate, non-government deductors/collectors and upload them to the TIN central system.
  • Receive Annual Information Returns from filers and upload them to the TIN central system.
  • Receive Request for New TAN and / or Changes or Correction in TAN data from applicants.
  • Receive Request for New PAN card and / or Changes or Correction in PAN data from applicants.
Download the complete list of TIN facilitation centers (Click Here)

Exclusive TIN-PAN Centers
In addition to the above TIN Facilitation Centers, applications for PAN (new and change request) are accepted at the following locations:

Before Submission of e-tds/e-tcs return TDS (TAX) Deductor must check Invalid PAN of (TDS) Tax Deductee, how?

NSDL-TIN provided to TDS Deductor a good facility to check Invalid PAN under TAN Registration. List of invalid PAN's can be downloaded after login TAN Registration. Location. For download the Invalid Pan's can be viewed in below picture.

Secondly, in above picture, it is also clear that how many Defaults are available in your TAN numbers and how many Defaults are in UNREAD position.

To download the List of Invalid PAN's, Just select the option given as List of Invalid PAN's under TDS/TCS. On pressing the same the below screen will be appeared.

Yes, only Financial Year, Form No's and Quarter Number is required for download the Invalid PAN List. After that to open the requested/downloaded file, 15 digit Provisional Receipt No./Token No of the accepted Regular Statement. Excel format of the downloaded file will be available as shown below :



Salaried Employee, How to calculate their Income & Deductions for Provision of Tax during Assessment Year 2012-13

Friends, The Details of Salary paid to Salaried Employee and any other income collect and tax dedcuted from the Gross salary or Income how to calculate under the head of Income chargeable under the head 'salaries'.

1. Gross Salary.
2. Less: Allowance u/s. 10 Exempt.
3. Less: Deductions Alloable.
4. Add : Any other income reported by the employee
5. Gross Total Income
6. Less: If Employee/Tax Payee Borrowed the House Loan and Paid Interest on their.
7. Add : Income from House Property
8. Add : Profit or Gains of Business and Profession
9. Add : Income from Capital Gains

Know about updated income Tax slab for Assessment year 2012-13 (Click Here)

Besides the above incomes, sometimes income of other persons is included in the assessee's Total Income due to clubbing provisions enumerated under section 60 to 64.

Since Income-Tax is a composite tax on Total Income of a person earned during a period of one previous year, it may so happen that the net result from a particular source/head may be a loss. This loss can be set off against other source/head as per the provisions for sett off or carry forward and set off of losses contained in sections 70 to 80 of the Income-Tax Act.

The aggregate of income computed under each head, after giving effect to the provisions for clubbing of incomes and set off of losses, is known as "Gross Total Income ". In computing the total income of an assessee, certain deductions are permissible under section 80C to 80U from Gross Total Income. These deductions are however not allowed from the following incomes although these incomes are part of Gross Total Income:
  • Long-Term Capital Gains.
  • Short-Term Capital Gain on transfer of equity shares and units of equity oriented fund on or after 01-10-2004 through a recognised stock exchange i.e. short-term capital gain covered under section 111A.
  • Winnings of lotteries, races, etc.
  • Incomes referred to in sections 115A,115AB,115AC, 115AD, 115BBA AND 115D.
After Calculating the Above:
1. Less: All Deduction under Chapter-VIA. Know more (Click Here)

These deductions are of two types:
  1. deductions on account of certain payments and investments covered under section 80C to 80GGC.
  2. Deductions on account of certain incomes which are already included under Gross total Income covered under sections 80IA to 80U.
The income arrived at, after claiming the above deductions from Gross Total Income, is known as Total Income. It may also be called Taxable Income. The Total Income thus calculated, should be rounded off to the nearest of Rs. 10/-.

All Tax Free Perquisites for Salaried employees For Assessment Year 2012-13

It is general demand of Employee and Taxpayee that what are the Tax free perquisites for Salaried Employee who deducted Tax as TDS from his monthly salary, so we suggest them all Tax Free Perquisites are as follows:

Justify Full1. Medical Facility or Medical Reimbursement:
  • Medical Facility :- The value of any medical treatment provided to an employee or any member of his family in a hospital, dispensary or a nursing home maintained by the employee shall be a tax free perquisite.
  • Medical Reimbursement : Any sum paid by the employer in respect of any expenditure incurred by the employee on his medicaltreatment or treatment of any member of his family subject to maximum of Rs. 15,000 in the previous year.
2. Recreational Facilities : Any recreational facility provided to a group of employees (not being restricted to a select few employees) by the employer is not taxable.

3. Training of Employees: Any expenditure incurred by the employer, for providing training to the employees or by way of payment of fees of refresher courses attended by the employees.

4. Use of health club, sports and similar facilities provided uniformly to all employees by the employer.

5. Expenses on Telephone, including a mobile phone, actually incurred on behalf on the employee by the employer.

6. Employer’s Contribution: Employer’s contribution to superannuation fund of the employee or provided such contribution does not exceed Rs. 1,00,000 per employee per year.

7. The premium paid by the employer on an accident policy taken out by it in respect of the employee would not be a perquisite. [CIT v Lala Shri Dhar (1972) 84 ITR 192 (Del) and CIT v Vinay Bharat Ram (1981) 129 ITR 128 (Del)].

8. Motor car provided by the employer to the employee or expenses incurred by the employer in connection with motor car belonging to the employee (for purposes other than exclusively for personal purposes) shall be a tax free perquisite in the hands of the employee.

9. Amount given by the employer of assessee to assessee’s child as scholarship is exempt under section 10(16). [CIT v B.L. Garg (2006) 155 Taxman 189 (All)]

10. Food and Beverages provided to Employees: The following shall be a tax free perquisite in the hands of the employees-
  • free food and non-alcoholic beverages provided by the employer to his employees during working hours:
(a) at office or business premises or
(b) through paid vouchers which are not transferable and usable only at eating joints.
Provided the value of such meal is upto Rs. 50 per meal.
(ii) Any tea or snacks provided during working hours.
(iii) Free food and non-alcoholic beverages during working hours provided in a remote area
or offshore installation.
11. Loans to Employees : - In the following cases the value of benefit to the assessee resulting from the provision of interest free or concessional loan shall be nil :
(a) where the amount of loans are petty, no exceeding in the aggregate Rs. 20000;
(b) Loans made available for medical treatment in respect of disceases specified in rule 3A of the Income-tax Rules. However, the exemption so provided shall not apply to so much of the loan as has been reimbursed to the employee under any medical insurance scheme.

12. Perquisites provided outside India : Perquisites provided by the Government to its employees, who are citizens of india for rendering services outside India, are not taxable. [Section 10(7)].

13. Rent Free House/Conveyance Facility: Rent free official residence and conveyance facilities provided to a Judge of the Supreme Court/High Court is not a taxable perquisite.

14. Specified Perquisite allowed to certain Persons:
(a) Specified perquisites allowed to Judges of the Supreme Court, Chief Election Commissioner, Election Commissioner.
(b) Chairman or retired Chairman, member or a retired member of U.P. S.C.
are not taxable perquisites.

15. Residence to officials of Parliament etc. :- The Rent Free furnished residence (including maintenance thereof) provided to an officer of the Parliament a Union Minister or Leader of Opposition in Parliament, is not a taxable perquisite.

16. Accommodation in a Remote Area : - The accommodation provided by the employer shall be a tax free perquisite if the accommodation is provided to an employee working at mining site or an onshore oil exploration site or a project execution site, or a dam site or a power generation site or an offshore site which -
(a) being of a temporary nature and having plinth area not exceeding 800 square feet, is located not less than eight kilometres away from the local limits of any municipality or a cantonment board; or
(b) is located in a remote area.

17. Educational Facility for Children of the Employee: where the educational institution itself is maintained and owned by the employer and free educational facilities are provided to the children of the employee or where such free educational facilities are provided in any institution by reason of his being in employment of that employer, there shall be no perquisite value if the cost of such education or the value of such benefit per child does not exceed Rs. 1,000 p.m.

18. Use by the employee or any member of his household of laptops and computers belonging to the employer or hired by him.

19. Leave Travel Connection will be discussed in detail later.

20. Tax paid by the Employer on Non-Monetary Perquisites : Tax paid by the employer on non-monetary perquisites of the employee shall be exempt in the hands of the employee. [Section 10(10CC)]

Income Tax Department launch Direct Taxes Regional Training Institute at Banglore

Due to heavy and smooth working in Income Tax, the Income Tax Department launches Direct Taxes Regional Training Institute at Banglore. Income Tax Department further announced that the DTRTI camp arranged at regional level.

The DTRTI campus is a three stars certified green campus of the Government of India. Every existing tree here was protected and retained by designing the construction around its presence. The garden, with 103 varieties of medicinal and herbal plants, has won accolades in the horticultural show organized by the Government of Karnataka. Even for housekeeping purposes, it is only the environment friendly cleaning agents that are specified in the contracts. Chemical based pest control measures are avoided through the discipline of food related behavior.

Renewable energy use and conservation are avidly followed. Rain water harvesting, ground water recharging, using treated water for horticulture and flushing purposes, sensor based taps and behavioral changes attempted through training are our expression of gratitude to Mother Nature. The new campus is a ‘zero waste campus’.Rigorous waste segregation at source, recycling of paper and plastic and mechanical composting of the organic kitchen, dining and garden waste ensures that not a scrap goes into the municipal waste dumps.

For more details (Click Here)

What are the Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property in Fin. Year 2011-12.

Employee did not aware about the Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property in Fin. Year 2011-12 u/s 192. Employee must be deduct the Interest on Borrowed Capital i.e. House Loan Interest etc. in their Salary Computation.

For the purpose of computing income / loss under the head `Income from House Property' in respect of a self-occupied residential house, a normal deduction of Rs.30,000/- is allowable in respect of interest on borrowed capital. However, a deduction on account of interest up to a maximum limit of Rs.1,50,000/- is available if such loan has been taken on or after 1.4.1999 for constructing or acquiring the residential house and the construction or acquisition of the residential unit out of such loan has been completed within three years from the end of the financial year in which capital was borrowed. Such higher deduction is not allowable in respect of interest on capital borrowed for the purposes of repairs or renovation of an existing residential house. To claim the higher deduction in respect of interest upto Rs.1,50,000/-,the employee should furnish a certificate from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by such employee for the purpose of construction or acquisition of the residential house or for conversion of a part or whole of the capital borrowed, which remains to be repaid as a new loan.

The essential conditions for availing higher deduction of interest of Rs.1,50,000/- in respect of a self-occupied residential house are that the amount of capital must have been borrowed on or after 01.4.1999 and the acquisition or construction of residential house must have been completed within three years from the end of the financial year in which capital was borrowed. There is no stipulation regarding the date of commencement of construction. Consequently, the construction of the residential house could have commenced before 01.4.1999 but, as long as its construction/ acquisition is completed within three years, from the end of the financial year in which capital was borrowed the higher deduction would be available in respect of the capital borrowed after 1.4.1999. It may also be noted that there is no stipulation regarding the construction/ acquisition of the residential unit being entirely financed by capital borrowed on or after 01.4.1999.The loan taken prior to 01.4.1999 will carry deduction of interest up to Rs.30,000/ only. However, in any case the total amount of deduction of interest on borrowed capital will not exceed Rs.1,50,000/- in a year.

INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2011-2012 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.08/2010 dated 13.12.2010 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2010-2011, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2011-2012 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department.


Government of India, Ministry of Finance, Department of Revenus, Central Board of Direct Taxes has issued the circular regarding Deduction of Tax at Source- Income Tax Deduction from Salaries under Section 192 of the Income Tax Act, 1961 for the Financial Year 2011-12. It is the responsibility of each and every person who is responsible as Drawing and Disburssing Officer (D.D.O) to deduct tax at source as per rules on any payments paid under the Head "salaries". The Income Tax should be calculated on estimated income during the financial year and perportionate tax is to be deducted.

Section-wise Limit of Deduction Under Chapter-VIA for Salaried Employee.

The Maximum Limit of Deductions under chapter - VIA as per each Income Tax section for salaried Employee to invest fund and utilized the Tax Limit under chapter-VIA for the Financial Year 2011-12 and Assessment Year 2012-13. Employee did not aware about what type of deductions can be claimed under Chapter-VIA by him to avoid undue deductions of Income Tax from his Salaries. The following deductions are relating to salaried Employees:









Deductions at a Glance to Salaried Taxpayee:

Serial No’s
Sections
Particulars
Assessee to whom allowed
Quantum of Deduction
1
80CCC
Deduction in respect of contribution to certain pension funds
Only Individuals
Max. Rs. 1,00,000
2
80CCD
Deduction in respect of contribution to new pension scheme
Any employee or a self-employed person
In case of employees maximum 10% of salary and in case of self-employed persons 10% of Gross Total Income
3
80CCE
Limit of deduction u/s. 80C,80CCC and 80CCD (only employees contribution to New Pension Scheme to be included for the limit of Rs. 1,00,000)
Individual or HUF
Max. Rs. 1,00,000
4
80CCF
Deduction in respect of Long-Term infrastructure bonds.
Individuals or HUF
Max. Rs. 20,000
5
80D
Deduction in respect of medical insurance premia w.e.f. A.Y. 2011-12 any contribution made to the Central Government Health Scheme (CGHS) shall also be eligible for deduction
Individual or HUF whether resident or non-resident.
In Case of Individuals
(i) For individual himself, spouse and dependent children Rs. 15,000
(ii)
For parents of the individuals, whether dependent or not. RS. 15,000
In case of HUF Rs. 15,000
Note:- Addl. Rs. 5,000 if any of the above person insured is a senior citizen.
6
80DD/
Deduction in respect of maintenance including medical treatment of person with physical disability.
Individual or HUF resident in India:

Rule 11A
1) With disability
Rs. 50,000

2) With severe disability.
Rs. 1,00,000
7
80DDB/
Deduction in respect of medical treatment etc.
Individual or HUF resident in India
Rs. 40,000
Rule 11DD
For senior citizen
Addl. Rs. 20,000
8
80E
Deduction for interest paid on loan taken for pursuing his higher education or for the purpose of higher education of his relative. Higher education shall cover all post schooling courses.
Individual whether resident or not.
Actual amount paid.
“Relative” means the spouse and children of the individual.
9
80G/Rules 11AA & 18AAA
Deduction in respect of donations to certain funds, charitable institutions, etc.
All assesses
(a) 100% or 50% of eligible donations, without applying qualifying limit in certain cases.
(b) 100% or 50% of eligible donations, after applying Qualifying limit of 10% of adjusted GTI.
10
80GG and Rule 11B
Deductions in respect of Rent Paid
Individual only
Max. Rs. 2,000 p.m.
11
80GGA
Deduction in respect of certain donations for scientific research or rural development, etc. w.e.f A.Y. 2011-12 donations to any research association will be eligible for deduction.
All assesses no having business income.
100% of sum donated.
12
80GGC
Deduction in respect of contribution to political parties/Electoral Trust
All assesses (except local authority and artificial judicial person)
100% of sum contributed.
13
80QQE
Deduction in respect of royalty income, etc. of authors of certain books other than text books.
Individuals who are residents in India and are authors.
Actual income or Rs. 3,00,000 whichever is less.
14
80RRB
Deduction in respect of royalty on patents.
Individual who is resident in India and is a patentee.
100% of such income or Rs. 3,00,000 whichever is less.
15
80U/Rule 11D
Deduction in the case of permanent physical disability (including blindness)
Resident Individual:
Rs. 50,000 in case of a per with disability.
Rs. 1,00,000 in case of a person with a severe disability.