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What are the Control Totals appearing in the Error / response File generated by validating the text file through File Validation Utility (FVU) of NSDL?

The Control Totals in Error response File are generated only when a valid file is generated. Otherwise, the file shows the kind of errors. The control totals are as under:

No. of deductee/party records: In case of Form 24, it is equal to the number of employees for which TDS return is being prepared. In case of Form 26/ 27, it is equal to the total number of records of tax deduction. 10 payments to 1 party would mean 10 deductee records.

Amount Paid: This is the Total Amount of all payments made on which tax was deducted. In case of Form 24, it is equal to the Total Taxable Income of all the employees. In case of Form 26/27, Amount Paid is equal to the total of all the amounts on which tax has been deducted at source.

Tax Deducted: This is the Total Amount of Tax actually Deducted at source for all payments.

Tax deposited: This is the total of all the deposit challans. This is normally the same as Tax Deducted but at times may be different due to interest or other amount.

Clarification regarding deemed payment of tax by the employee where FBT on securities is recovered by the employer.

It has been clarified that where fringe benefit tax (with respect to allotment or transfer of specified security or sweat equity shares) has been paid by the employer and subsequently recovered from the employee, the recovery of fringe benefit tax shall be deemed to be the tax paid by such employee in relation to value of fringe benefits provided to him. The deeming provision shall apply only to the extent to which the amount of recovery relates to the value of the fringe benefits provided to such employee.

Further it is provided that, not withstanding anything contained in the Income Tax Act, in the above situation, the employee shall not be entitled for any refund out of such deemed payment of tax; and shall also not be entitled to claim any credit of such deemed payment of tax against tax liability on other income or against any other tax liability.

The provision takes effect from 1st April, 2008 and applies in relation to the assessment year 2008-2009 (previous year 2007- 2008) and subsequent years.

Know more about Deductions from Income under Chapter VIA.

Most mistakes have occurred due to incomplete details or leaving blank of value of deduction claim in ITR 1 or in the Schedule VIA in ITR 2. In most cases only the total deduction value is mentioned.
  • The deduction amount claimed should be entered in Items 4a to 4l in ITR 1 and in Items a to m in Schedule VIA in ITR 2.
  • Total of all deductions claimed should be entered in Item 4m in ITR 1 and Item n in Schedule VIA in ITR 2.
  • Eligible donation for the purpose of deduction under 80 G for donations to charitable institutions (other than certain specified institutions or funds such as Prime Minister’s Relief Fund or Rajiv Gandhi Foundation) is restricted to 10 % of total income after excluding income chargeable to special rates of tax. The actual deduction under 80G that can be claimed is 50% of such eligible deduction.
  • Likewise, typically all deductions have specific criteria and limits for claims.
  • The sum of all deductions also cannot exceed the total income.
  • Deduction cannot be claimed against income chargeable to special rate tax.

How to Apply Online for PAN Application and to correction ?

Every persons knows that now a days it is most important thing i.e. PAN Card. If you want to make a deposit in Bank, Post Office RD or FD, For abroad work, New Bank Account, or withdrawal Fund by Net Wire etc. or any other work, at the time of joining of JOB and so on there are so many reasons to have a PAN. PAN Card is essential part of Funding. For this, Do you want to apply for a New PAN Card of Income Tax ? Do you have the Form ? If, you aware from this, so don't hegitated.


Apply online for NEW PAN CARD - NEW FORM 49A

In case of entities who have a PAN but do not have a PAN card and wish to get a PAN card, or wish to make changes to their existing PAN card may fill up the Change Request Application form below:

Request for New PAN Card or / and Changes or Correction in PAN Data Form

Download Return Preparation Software For Assessment Year 2011-12

                Friends, I think a few Taxpayee unable to calculate Income Tax and did not submit their annual Income Tax at Income Tax Department for Assessment year 2011-12 though they deduct the TDS by their Deductor or Employer and discuss on off submission of Tax Return because below 5 Lakh Income.  Although, the tax payee having their gross income in the Financial year 2010-11 below 500000 lakhs but they did not submit return. I suggest them to submit their Annual Income Tax Return before ending of 31st March.  It is very necessary otherwise they will face the problem of notice of Income Tax Department.

Download Income Tax Return Forms Notified by Income Tax Department For Assessment Year  2011-12





How to prepare Return?

Download Return Preparation Software   For Assessment Year 2011-12
Sl. No.
Form Name
Return Preparation Software
Remarks
System Requirements
1
 ITR-1
New Release
MS Excel
(SAHAJ)
New Release
Adobe Reader
2
 ITR-2
New Release
MS Excel
3
 ITR-3
New Release
MS Excel
4
 ITR-4
New Release
MS Excel
5
 ITR-4S
New Release
MS Excel
(SUGAM)
New Release
Adobe Reader
6
 ITR-5
New Release
MS Excel
7
 ITR-6
New Release
MS Excel
 
In what Forms submit Return ?


Download Income Tax Return Forms Notified by Income Tax Department For Assessment Year  2011-12
Sl. No.
Form Name
Form Description
1
AY 2011-12 Income Tax Return Forms Notification under Rule 12
2
For Individuals having Income from Salary & Interest
3
For Individuals & HUFs not having Income Business or Professionfrom
4
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
5
For Individuals & HUFs having income from a proprietory business or profession
6
For Individuals/HUF having income from presumptive business
7
For firms, AOPs,BOIs and LLP
8
For Companies other than companies claiming exemption under section 11
9
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 13(4C)  or section 139(4D). (Not available for e-Filing)
10
Acknowledgement

New Income Tax Slab for Assessment Year 2012-13, Tax Calculator-Form 16, Monthwise Salary Statement for Central, State and All Bank Employee.

Friends, At the end of every Financial Year, each and every one who paid tax i.e. Tax Payee Persons calculating the income and tax liability their on, in each year. Tax Payee have project to invest money in right funds, they see annual budget passed by Cabinet Govt. and declared Income Tax Slab by Finance Minister. The government has brought about relief for the common man by widening this tax slab from the previous years. Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year.

Income Tax Slabs:
With the upward revision of the tax slabs, there would now be more savings for the consumers. Basic tax exemptions limits have been retained; however, the brackets have been broadened. Below are the income tax slabs and rates applicable for the current financial year 2011-12 and assessment year 2012-13.

Free Download TDS Software (Form 16) Click Here


INCOME TAX SLABS
ASSESSMENT YEAR 2012-13
Taxable Income
Tax Rate
Up to Rs. 180000 (Men)
NIL
Up to Rs. 190000 (Women)
NIL
Up to Rs. 250000 (Sr. Citizen age - 65 yrs.)
NIL
From Rs. 180000 to 500000 (Men)                                                    From Rs. 190000 to 500000 (Women)                                                  From Rs. 250000 to 500000 (Sr. Citizen age - 65 yrs.)
10%
From Rs. 500000 to 800000 (Men)
20%
From Rs. 500000 to 800000 (Women)
From Rs. 500000 to 800000 (Sr. Citizen age - 65 yrs.)
Above Rs. 800000 (Men)
30%
Above Rs. 800000 (Women)
Above Rs. 800000 (Sr. Citizen age - 65 yrs.)
* Increase in base income tax slab of men and senior citizens.                                    * Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds.
* Senior citizen age reduced from 64 years to 60 years.                                                        * People above 80 years of age to be included in the newly introduced 'Very Senior citizen' category.

Click and Download, but you must registered first with us


TDS & Tax Calculation Software for Central & State Employee (Click Here)
TDS Notification (Click Here)
TDS & Tax Calculation Software for Bank Employee (Click Here)