Gsoftnet

Deductor Not responsible for non-mention PAN of Deductee in TDS Certificate.

As per Income Tax rulings regarding issuing of Form-16, or 16A Deductors are not responsble for non-mention of payee’s PAN in it. In the other words we can say if the TDS Deductee or Taxpayee not provided his PAN befor issuing Form-16, or 16A there is no penalty on deductor for non-mention payee's PAN in there.

The following points are clarify the same -
  • If payee doesn't furnish his PAN to deductor as required by section 139A(5A), deductor can't be penalized under section 139A(5B) read with section 223B(1) for not mentioning payee's PAN in TDS certificate issued to payee in Form 16A.
  • Where there is nothing on record to show that contractors to whom certain amounts were paid by asssessee after deducting TDS under section 194C/194J had intimated their PANs to assessee (deductor) as required by section 139A(5A), penalty can't be imposed on assessee (deductor) under section 272B(1) for non-mention of the PANs of the contractors(payees) in Form 16A TDS certificates issued to them.
  • Default by contractors (payees) in furnishing their PANs to assessee (deductor) as per the requirements of section 139A(5A) is "sufficient cause" within the meaning of section 273B for deductor's contravention of section 139A(5B) ( failing to mention PANs of payee-contractors on their TDS certificates in Form 16A issued to payee-contractors). In view of this sufficient cause, no penalty imposable.

Increase Special Pay for Additional Charge of Two or more posts.

SPECIAL PAY FOR ADDITIONAL CHARGE

Maharashtra Government has been issued a resolution regarding Revision of special pay rates for holding additional charge of two or more posts.  In this regard Maharashtra Government increases the remuneration of additional holding charge from Rs. 1500/- to 5% of Revised Basic Plus Grade Pay of Additional Charge Pay Scale (Post) by Resolution No. Vetan-1311/Pra.Kra.17/Seva-3 dated 28.08.2013.  This amendment is takes place by Rule 56 of Maharashtra Civil Service (Pay) Rule, 1981.  The increased spacial pay rates for additional charge of another post will effect from 01.01.2013.

Special Pay for Additional Charge (Click Here)

Medical reimbursement, Medical Allowance and Tax Exemption Claim.

Government Employee for their annual Medical Check-up or major/minor Injury paid Medical Bills and after that they claim as Medical reimbursement to Government.  When the claim was passed by the Government, Employee got benefit of it.  In this regard Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes (CBDT) has issued a notification in this regard. As per the notification, no income tax will be levied “to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children” if money is drawn from the welfare fund to meet the expenses.

Medical allowance :
According to I-T Act, any allowance received by an employee is fully taxable unless specifically exempted. Thus, allowance per se is taxable in all cases, except those specifically exempted. For instance: HRA (house rent allowance) is exempt up to the extent specified in Section 10(13A). Monthly allowance is not specifically exempted so it is added to the salary as a perquisite and fully taxable.

‘Medical allowance’ is a fixed allowance paid every month to employees irrespective of the fact whether they submit the supporting bills or not. ‘Medical reimbursement’ is a payment made to employees against medical bills produced by them subject to their entitlement. The maximum tax benefit available is Rs. 15,000 per annum. Under this head, one may avail for reduction in the taxable income for a maximum of or up to Rs. 15,000 for medical expenses during each financial year.

Medical reimbursement :
Reimbursement by an employer of medical expenses incurred by an employee is generally tax-free. Where an employee is allowed to get reimbursement for the medical expenses incurred by him or his family members, the entire amount of reimbursement is tax-free and is not treated as a taxable perquisite. For medical reimbursement, Rs 15,000 is the maximum tax break that an individual can avail of against original bills. This exemption is given to the employee only if the medical expense is actually incurred on his medical treatment or his family members—who are dependent on him. Family members include spouse, children, parents, brother or sister of the employee.

If person is not providing medical bills and are taking medical allowance, the entire amount would be taxable. After verification of bills employer reimburses employee, subject to pre-decided limits. Medical reimbursement up to Rs. 15,000 p.a. is exempt from Income Tax.

Medical reimbursement comes under Section 80D, where the maximum limit is Rs. 15,000 per annum. These bills usually have to be submitted on or before January 30 to your office. If you had not paid the bill then 30% of Rs. 15,000 will be considered as a taxable amount. But while you are filing the tax return, that time you can show the bills as an exception and claim the 30%.

Remember, it is the employer’s responsibility to pay medical reimbursement only against authentic bills to claim exemption from Income Tax. This reimbursement is open to audit and scrutiny by both tax auditors and I-T Department.

Process to claim tax benefit on your medical expenses is -
Awareness –
Know the various income tax sections available to claim tax benefits on your medical expenses
Documentation –
Keep records of your medical expense, like medical bills, doctor prescription, etc
Benefit Period – 
Medical expenses tax exemption are on financial year basis. That is your tax exemptions need to be claimed within the financial year in which your medical expenses occurred. Medical expenses cannot be carried forward to subsequent financial year for claiming tax exemptions in subsequent financial year
Expense Reporting – 
Submit all your medical expenses data and documents to your company payroll or CA before end of financial year. So that your exemptions for tax savings is accommodated in your taxation before the end of financial year. Do not wait till end of financial year, and then try to claim tax refund from Income Tax Department. As getting tax refund is tedious and takes its own time running into months to years

1. The fixed medical allowance given to an employee is taxable.

2. Medical reimbursement done to an employee by an employer is not taxable in the hands of an employee, if treatment of the employee or his family member is done in any of the following hospitals:
  • Hospital maintained by an Employer
  • Hospital maintained by Central Government or State Government or Local Authorities
  • Hospital approved by Government for its employees
  • For certain prescribed diseases/ailment, hospital approved by the Chief Commissioner of Income Tax.
The reimbursement in (a) to (d) shall be tax free without any upper ceiling or cap.

3. In respect of reimbursement of medical expenses reimbursement done to an employee for treatment in any hospital other than those covered in (a) to (d) above, there is a maximum cap of Rs. 15,000/-.

With above basic idea the reply of the queries are as under:
  • In general, Medical reimbursement up to Rs. 15,000/- is tax free. There is no bar of having an allopathic treatment only for claiming an exemption. Exemption can also be claimed for Homeopathic Medical treatment.
  • Fixed medical allowance is taxable. Subject to maximum cap of Rs. 15,000/-, reimbursement of medical expenses supported by bills / vouchers are exempt from income tax.

Gift Received as Amount or Property, its Limit, Conditions and Tax Exemption.

The gift received by any other nearest relatives to Taxpayee/Assessee is treated as gift from relatives and accordingly nothing would be taxable in the hand of Taxpayee on the amount so gifted by Relatives.

A word of Caution:
Any income arising from the assets transferred (which includes gift also) to Taxpayee/Assessee without adequate consideration is subjected to clubbing provision and is taxable in the hands of the transfer or/and not in the hands of transferee. [Section 64(1)(vi) of the Income Tax Act-1961].
In normal course, where the aggregate value of gift received from non-relative exceeds Rs.50,000/-, the entire amount of gift would be taxable (& not merely an amount in excess of Rs. 50,000/-).

Limit to receive Gift :
Existing provisions to received any Gift under the head of "Income from other Sources" under Clause (vii) of sub-section (2) of section 56, any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income.

Therefore, it is proposed to amend the provisions of section 56 so as to provide that any sum or property received without consideration or inadequate consideration by an HUF from its members would also be excluded from taxation.
Conditions to Exempt Gift Tax :
  • Gift from spouse means wife or husband.
  • Gift from brother or sister.
  • Brother or sister of the spouse.
  • Brother or sister of either of parents either husband or wife.
  • Any lineal ascendant or descendant.
  • Any lineal ascendant or descendant of the spouse.
  • Money or property received by a person on the occasion of his/her marriage.
  • Property or money transferred by the way of inheritance of either individual or H.U.F.
  • Property or money received in contemplation of the payer.
  • Property or money received from the local authority.
  • Property or money received from any local university, college, or any other government institute under section 10(23) of the income tax act or section 12AA of the income tax act.

Latest e-Tutorial for TDS on Sale of Immovable Property.

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs).

Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.

Tax so deducted should be deposited to the Government Account through any of the authorized bank branches using the e-Tax payment option available at NSDL.


Download e-Tutorial PPT (Click Here)

Due dates of Profession Tax, Exemptions and others.

Profession Tax E-Enrollment :
3rd proviso to Sec 3(2) is inserted from 01.05.2012. Which states that, a person who is liable to pay tax has remained un-enrolled; then, his liability to pay tax under this section for the periods for which he has remained so un-enrolled shall not exceed eight years from the end of the year immediately preceding the year in which he has obtained the enrolment certificate or the year in which the proceeding for enrolment is initiated against him, whichever is earlier.

Rate of Interest :
Under composition scheme of Profession Tax interest is Rs. 200/- p.m , where as in normal case interest upto 30.06.04 - 2 % p.m From 01.07.04 - 1.25 % p.m

E-Return :
Filing of e-Return for Employer is made mandatory with effect from 01-Aug-2011 in form IIIB Form (As per Trade Circular 1T 2012).

New number:
Employers Registered before 22nd July 2007 having old PTRC number can get New PT number automatically by e-enrolling on mahavat.gov.in. Those who are registered from 22.07.07 has already been granted new PTRC number

Multiple Place of business Registration :
If dealer is having multiple place of business following in different jurisdiction of Sales Tax Office, will have to get PTRC number for each such Premises/Branch/Place. That is if place of business is following in same jurisdiction then only one PTRC number should be taken.

Requirement of TAN :
For obtaining Registration Certificate (PTRC), For Principal place of business within the state of Maharashtra mentioning of TAN is optional. However if employer is applying for Registration Certificates for places other than his principal place of business in the state of Maharashtra, then he should also enter TAN number of that other location for which he is making an application.

Exemption from E Registration :
e-Registration is mandatory for all person except for holders of Permit for transport vehicle covered under Entry No.13 of Schedule I of Profession Tax Act granted under the motor vehicles Act 1988. Such Person should directly approach the concerned RTO for Enrollment certificate.

e-Payment :
With effect from 01-July-2012 every employer holding Profession Tax Registration Certificate (PTRC) shall pay Tax, Interest, Penalty or any amount due and payable by or under the said act electronically. (Notification Dated 14-06-2012)

Assessment :
  • Where all the rturns are filed by the employer for any year starting on or after the 1st April 2004 within one month from the end of the year to which such returns relate, no order of assessment under the provisos to sub-section (2) in respect of that year shall be made after the expiry of three years from the end of the said year; and if for any reason such order is not made within the period aforesaid, then the returns so filed shall be deemed to have been accepted as correct and complete for assessing the tax due from such employer If return are not filed within time then time limit for assessment is 8 yrs.
  • In case of returns pertaining to the years on or before the 31st March 2004, and filed on or before the 30th September 2004, no order of assessment shall be made under the provisos to sub-section (2) on or after the 1st April 2007.

Return Periodicity for Employers :
Previous year Tax Payemnt < Rs.50000/- Annually
Previous year Tax Payemnt > Rs.50000/- Monthly
New Registration Monthly

Time limit for payment of Assessment Dues :
The amount of tax so assessed shall be paid within fifteen (15) days of receipt of the notice of demand from the prescribed authority.

Appeal Time Limit :
Profession Tax appeal can be filed within 60 days from date of receipt of notice of Demand.
Provided that, the appellate authority may admit the appeal after the expiry of the above period, if he is satisfied that there was sufficient cause for the delay.

Help Desk :
Employers/Professionals/Persons having any sort of Queries/problems/suggestions in this respect may contact on Email Id- pteservices@mahavat.gov.in

EXEMPTIONS FOR PAYMENT OF TAX: (SEC. 27A) 
  1. The badli workers in the textile Industry.
  2. Any person suffering from a permanent physical disability (including blindness) which has the effect of reducing considerably such individual's capacity for normal work or engaging in a gainful employment or occupation.
  3. Parents or guardian of any person who is suffering from mental retardation specified in the rules made in this behalf, which is certified by a psychiatrist working in a Government Hospital 
  4. The person who have completed the age of Sixty five years.
  5. Parents or guardians of a child suffering from a Physical disability as specified in para 2.
DOWNLOAD LATER E-FILING SOFTWARE

Professional Tax : 20th of every month
ESIC                   : 21st of every month
Provident Fund   : 15th of every month
VAT                     : depends on the rule of state,it can be 15/20/25th of every month
TDS                     : 7th of every month
Service tax           : 5th of every month if paid electronically 6th of every month

Review of Ad-hoc Appointment/Promotion.

No.28036/1/2012-Estt(D)
GOVERNMENT OF INDIA
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
DEPARTMENT OF PERSONNEL & TRAINIING
North Block, New Delhi,
Dated the 3rd April, 2013
OFFICE MEMORANDUM
Subject: Ad-hoc Appointment / Promotion — Review of – Regarding.
The undersigned is directed to say that as per the extant policy of the Government, all posts are to be filled in accordance with provisions of the applicable Recruitment Rules/Service Rules. As explained in this Department’s O.M. No.28036/8/87-Estt.(D) dated 30.03.1988 read with O.M. No.28036/1/2001-Estt.(D) dated 23.07.2001, promotions/ appointments on ad- hoc basis are to be resorted to only in exceptional circumstances mentioned therein, to a post which cannot be kept vacant in consideration of its functional/operational requirement. In spite of these express provisions, it has come to the notice of this Department that the Ministries/Departments are resorting to ad-hoc arrangements in total disregard to the statutory provisions/instructions on the subject as well as proper manpower management and career advancement of the employees.

2. This Department has been impressing upon all the Ministries/ Departments from time to time to take adequate steps in advance so as to achieve the desired objective of timely convening of the Departmental Promotion Committee (DPC) meetings and preparing the approved select panels for regular appointments/promotions within the prescribed time limits. However, at many a time, due to non-adherence to the prescribed norms and procedures by the Ministries/Departments, the approved select panel is not ready in time and ad-hoc arrangements are resorted to. Some Ministries/Departments have taken non-acceptance of their incomplete proposals for DPCs, by the UPSC, as the reason for resorting to ad-hoc appointments. In this regard, as already emphasized in this Department’s
O.M. No.22011/3/2011-Estt.(D) dated 24.03.2011, it is reiterated that the responsibility of sending the DPC proposals, complete in all respect, to the UPSC, lies entirely on the administrative Ministries/ Departments concerned. 
3. Other reasons for resorting to ad-hoc arrangements are absence/revision of Recruitment Rules, disputed Seniority Lists etc. With regard to tackling the problem of absence of RRs, it may be pointed out that the OM No. AB 14017/79/2006-Estt. (RR) dated 6th September, 2007 provides that where no Recruitment Rules exist or where the existing Recruitment Rules are repealed as per the prescribed procedure, the option of approaching the UPSC for one time method would be available. These instructions further provide that it will not be feasible or advisable for the UPSC to suggest one time method of recruitment in cases where Recruitment Rules exist even if they are perceived as unworkable. In such situations, the administrative Ministries/Departments will have to process necessary amendments required in the Recruitment Rules and, thereafter, initiate the recruitment process.
4. Ad-hoc appointments/promotions should be made only in rare cases and for exigencies of work, where the post cannot be kept vacant until regular candidate becomes available. Persons appointed on ad-hoc basis to a grade are to be replaced by persons approved for regular appointment by direct recruitment, promotion or deputation, as the case may be, at the earliest opportunity. As already provided in this Department’s O.M. No.28036/1/2001- Estt.(D) dated 23.07.2001, no appointment shall be made on ad-hoc basis by direct recruitment from open market. Where the vacant post cannot be kept vacant for functional considerations, efforts are required to be made to entrust the additional charge of the post to a serving officer under provisions of FR-49, failing which only appointment by ad-hoc promotion/ad-hoc deputation is to be considered in terms of provisions of this Department’s O.M. No.28036/8/87-Estt.(D) dated 30.03.1988.
5. As already provided in this Department’s O.M. No.22011/3/75-Estt.(D) dated 29th October, 1975, and reiterated in O.M. No.28036/8/87-Estt.(D) dated 30.03.1988 and O.M. No.28036/1/2001-Estt.(D) dated 23.07.2001, an ad-hoc appointment does not bestow on the person a claim for regular appointment and the service rendered on ad-hoc basis in the grade concerned also does not count for the purpose of seniority in that grade and for eligibility for promotion to the next higher grade. As per existing provisions, these facts are to be clearly spelt out in the orders of the ad-hoc promotions/ ad-hoc appointments. Therefore, such ad-hoc arrangements are neither in the interest of the individuals nor the organizations concerned. It is, thus, not appropriate to resort to ad-hoc arrangements in a routine manner.
6. As per existing instructions vide O.M. No.28036/8/87-Estt.(D) dated 30.03.1988 and O.M. No.28036/1/2001-Estt.(D) dated 23.07.2001, the total period for which the appointment/ promotion may be made, on an ad-hoc basis, keeping in view the exceptionalities anticipated in these OMs, by the respective Ministries/ Departments, is limited to one year only. These instructions further provide that in case of compulsions for extending any ad- hoc appointment/promotion beyond one year, the approval of the Department of Personnel and Training is to be sought at least two months in advance before the expiry of the one year period. Also, if the approval of the Department of Personnel & Training to the continuance of the ad-hoc arrangement beyond one year is not received before the expiry of the one year period, the ad-hoc appointment/promotion shall automatically cease on the expiry of the one year term. Notwithstanding these provisions, instances have come to notice of this Department where Ministries/ Departments have continued ad-hoc arrangements beyond one year without express approval of this Department, and later on, approached this Department to seek ex-post facto approval for continuation of such arrangements. It is reiterated that continuation of any ad-hoc arrangement beyond one year and release of pay and allowances for the same, without express approval of this Department is not in order.
7. This Department vide O.M. No.39036/02/2007- Estt.(B) dated 14.11.2008, has requested all the Ministries/ Departments to comply with the regulation-4 of the UPSC (Exemption from Consultation) Regulations, 1958, which provide that if a temporary or officiating arrangement made by ad-hoc appointment to a post falling within the purview of UPSC is likely to continue for a period of more than one year from the date of appointment, the Commission shall immediately be consulted in regard to filling up of the post. For this purpose, the Ministries/Departments are required to furnish monthly and six-monthly returns to the Commission showing all such Group ‘A’ and S’
Gazetted appointments and promotions made without reference to the Commission, as emphasized in this Department’s OM No. 39021/1/94-Estt.(B) dated 22.07.1994. These instructions are again reiterated and all the Ministries/Departments are requested to ensure that requisite returns are furnished to the Union Public Service Commission as per the time schedule prescribed so as to effectively monitor the ad-hoc appointments being resorted to by various Ministries/Departments without consulting the UPSC.
8. All the administrative Ministries/Departments are requested to review the ad-hoc appointments/promotions made by them, from time to time, and at least once a year, on the basis of the guidelines and instructions in force, so as to bring down the instances of such ad-hoc manpower arrangements to the barest minimum, in respect of both Secretariat as well as non-Secretariat offices under them.
sd/-
(Pushpender Kumar)
Under Secretary to the Government of India
Source: www.persmin.nic.in

Complete procedure for furnishing TDS, e-tax payment of TDS on property.

E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. Please follow the steps as under to pay tax online:-

Step 1 :

a) Log on to NSDL-TIN website (www.tin-nsdl.com).
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.

Step 2 :

After selecting the form you will be directed to the screen for entering certain information.

Example:-

a) Permanent Account Number (PAN) of Property Purchaser and Seller.
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code - To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”

It is important to ensure that PAN of Buyer and Seller are correctly mentioned in the form. There is no online mechanism for subsequent rectification. Deductor will have to approach the Assessing Officer or CPC-TDS for rectification of errors.

Step 3 :

After entering all the above detail, click on PROCEED button. The system will check the validity of PAN. In case PAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.

If PAN is available then TIN system will display the contents you have entered along with the “Name” appearing in the ITD database with respect the PAN entered by you.

Step 4 :

You can now verify the details entered by you. In case you have made a mistake in data entry, click on “EDIT” to correct the same. If all the detail and name as per ITD is correct, click on “SUBMIT” button. Nine digit alpha numeric ACK no. will be generated and you will be directed to the net-banking site provided by you.

Please be informed that the name and status of PAN is as per the ITD PAN Master. You are required to verify the name before making payment. In case any discrepancy is observed, please confirm the PAN entered by you. Any change required in the name displayed as per the PAN Master can be updated by filling up the relevant change request forms for PAN. If the name is correct, then click on "Confirm"

Step 5 :

After confirmation an option will be provided for submitting to Bank. On clicking on Submit to Bank deductor will have to 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.

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.

Once Again Parliament denied Retirement Age from 60 to 62.

While answering to a question in Parliament today on 22nd August 2013, the Minister of Personnel, Public Grievances and Pensions Shri. V.Narayanasamy said that ‘at present there is no proposal to increase the age of retirement of Government employees’.

He also added, as per Fundamental Rules 56(a) except as otherwise provided, every Government servant shall retire on attaining the age of 60 years.

Last week formal announcement regarding this policy was expected to declare on 15th August. Now the Central government has denied to pursue the policy of increasing the age of retirement of CG staff once again in Parliament.

Source: CGEN.in

Simple 5 Steps to file e-TDS/TCS Return.

NSDL-TIN has introduced a easy way to submit e-TDS/TCS return in simple 5 steps.  As per NSDL TDS Deductors can submit e-TDS returns through TIN-Facilitation Centres (TIN-FC) established by NSDL or directly upload through NSDL web-site.  It is mandatory (w.e.f. June 1, 2003) for corporate deductors to furnish their TDS returns in electronic form (e-TDS return).  Therefore TIN-NSDL introduced 5 simple steps for e-TDS/TCS return which are as follows:

STEP - 1 :
The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified below:
(a) Annual e-TDS Return :
(b) Annual e-TCS Return :
(c) Quarterly Return :
For Regular Statements pertaining to FY 2010-11 onwards:
For Regular Statements up to FY 2009-10
For Correction statements pertaining to FY 2010-11 onwards:
For correction statements up to FY 2009-10:
STEP - 2 :
e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with 'txt' as filename extension. e-TDS/e-TCS return can be prepared using in-house software, any other third party software or the NSDL e-TDS Return Preparation Utility (e-TDS RPU-Light).
Sample files prepared as per the file formats given below for reference.
Annual Return :
Quarterly Return :
For statement pertaining to FY 2010-11 onwards:
For statement upto FY 2009-10
STEP - 3 :
Once the file has been prepared as per the file format, it should be verified using the File Validation Utility (FVU) provided by NSDL.
* FVU for Annual Returns: e-TDS / e-TCS returns prepared for FY 2004-05 (Forms 24, 26, 27 and 27E) can be validated using this utility.
* FVU for Quarterly Returns: e-TDS / e-TCS returns prepared upto FY 2009-10 (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
* FVU for Quarterly Returns: e-TDS / e-TCS returns prepared for FY 2010-11 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.

STEP - 4 :
In case file has any errors the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU. 

STEP - 5 :
The upload file generated by the FVU on successful validation is to be furnished to a TIN-FC or directly uploaded through the NSDL web-site.
Annual Returns:
Each e-TDS return saved in a CD/Pen Drive to be submitted along with a signed copy of the control chart (Form 27A).
Each e-TCS return saved in a CD/Pen Drive to be submitted along with a signed copy of the control chart (Form 27B).
Quarterly Returns:
Each e-TDS/TCS return saved in a CD/Pen Drive to be submitted along with a signed copy of the control chart (Form 27A).

UID or Aadhaar Card use as Address Proof

Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme.

RBI vide its circular dated 28.09.2011 has advised banks to accept the Aadhar letter issued by Unique Identification Authority of India (UIDAI) as an officially valid document for opening bank accounts without any limitations applicable to small accounts. Further, the RBI has also advised the banks vide its circular dated 10.12.2012 that if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address.

This was stated by Shri Namo Narain Meena, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.

Source: PIB News

IDBI Mutual Fund launches IDBI Tax Saving Fund

IDBI Mutual Fund has announced the launch of IDBI Tax Saving Fund, an open ended equity linked savings scheme (ELSS) offering income tax benefits under section 80 C of the IT Act, 1961. The product is designed keeping in mind  investors who are seeking capital appreciation as well as saving income tax through their investment. Investors not desiring tax benefits can also invest in the scheme as a medium to long term equity investment.

The New Fund Offer (NFO) will open for subscription on August 20, 2013 and close on September 03, 2013. The units will be available at par (Rs.10/-) during the NFO and at NAV related prices thereafter. The scheme will re-open for continuous sale from September 17, 2013.

The investment objective of the scheme is to provide investors with an opportunity for capital appreciation and income along with the benefit of income-tax deduction (under section 80C of the IT Act, 1961) on their investments. Investments in this scheme would be subject to a statutory lock-in period of 3 years from the date of allotment to be eligible for income-tax benefits under section section 80C.

Speaking on the occasion, Mr. Debasish Mallick, MD & Chief Executive Officer, IDBI Asset Management Ltd said “We are happy to announce the launch of IDBI Tax Saving Fund. Investments, upto Rs 1 lakh, made in the scheme will be eligible for benefits u/s 80C of the Income Tax Act, with the maximum benefit upto Rs 30,900/- in the highest tax bracket. We are launching the issue in August so as to enable investors to choose for lumpsum investment during NFO, when units will be allotted at par, or alternatively plan their investment by way of SIP, in a phased manner, till March so as to enjoy full tax benefits. Apart from upfront Income Tax benefits, capital gains and dividend returns are also tax free under the IDBI Tax Saving Fund.”

Source: moneycontrol

Dearness Relief @ 166% w.e.f 1st January, 2013 in the pre-revised scale

Government is pleased to decide that the rate of dearness relief with effect from 1st January, 2013 will be enhanced from 151% to 166% to the State Government pensioners /family pensioners on their Basic Pension/Family Pension and Dearness pension/ Dearness family pension(if any) who draw their pension in the pre-revised scale.

2. It will be the responsibility of the Pension Disbursing Authority, i.e. Pay and Accounts Officer, Mumbai/Treasury Officers, as the case may be, to calculate the quantum of dearness relief payable in each individual case.

3. Government is also pleased to direct that above decision should mutatis mutandis, apply to those pensioners including family pensioners of Recognised and Aided Educational Institutions, Non-Agricultural Universities and Affiliated Non-Government Colleges and Agricultural Universities to whom the pension scheme is made applicable.

4. In exercise of the powers conferred by the proviso to Section 248 of the Maharashtra Zilla Parishads and Panchayat Samities Act, 1961 (Mah. V of 1962) and of all the other powers enabling it in that behalf, Government is further pleased to decide that the above decision shall apply to the pensioners including family pensioners of Zilla Parishads.

5. State Government Employees who had drawn lumpsum payment on absorption in a PSU/Autonomous body/Local Bodies and have become entitled to restoration of 1/3rd commuted portion of pension as well as revision of the restored amount in terms of Government Resolution, Finance Department, No. COP1099/306/SER-4, dated 15th Novermber 1999 will also be entitled to the payment of dearness relief on full pension as per the provisions of Government Resolution, Finance Department, No. COP-1001/50/SER-4, dated 9th April 2001, at the prescribed rate and from the date, prescribed in paragraph 1 above.

6. The expenditure on this account should be debited to the Budget Heads to which the retirement benefits of the employees mentioned in the above paras are debited and should be met from the grants sanctioned thereunder.

7. All orders in force in regard to the payment of relief on pension sanctioned by Government from time to time will, mutatis mutandis, apply to the dearness relief now sanctioned.

Download Government Resolution Regarding D.A. (Click Here)

Tax Exemptions, Allowable Deductions & Computation of Income.

An Individual is required to file the Income Tax Return if his/her total income without allowing deductions exceeds the basic exemption limit.
 
For A.Y. 2013-2014 (i.e., FY 2012-13) , the basic exemption limits are as under:
  • For Men & Women below the age of 60, the exemption limit is Rs. 2 Lacs.
  • For senior citizens whose age is between 60 to 80 years, the exemption limit is Rs. 2.50 Lacs.
  • For very senior Citizens (i.e., 80 years & above), the basic exemption limit is Rs. 5.00 Lacs.
There is no gender basis discrimination in the FY 2012-13 in the basic exemption limit as was there earlier.  With a look at the basic exemption limit applicable for the FY 2012-13, the replies to your queries are as under:
  1. The Gross total income (i.e., income before allowing deductions u/s 80C, 80D, 80G etc) is Rs. 3.40 Lacs. Since, the income is above the basic exemption limit, it is mandatory for her to file the Income Tax Return. It may be noted that she, being a non senior citizen, the basic exemption limit would be Rs. 2 Lacs and not Rs. 2.50 Lacs.
  2. If the employer has not deducted any tax at source, then it is not obligatory on part of the employer to issue Form No. 16. But in the given case, after allowing the deductions u/s 80C, taxable income is of Rs. 2.40 Lacs on which probably tax of Rs. 4,120/- may have been deducted. In such situations, it is compulsory for the school to issue TDS Certificate failing which the penal provisions get attracted. In any case, where Form No. 16 is not issued to the employee for any reason whatsoever, the employee can still file the income tax return on the basis of self computations also.

Physical Disability and Income Tax Exemptions u/s. 80U.

Section 80U of the I.T. Act, 1961 allows a deduction to an individual who is resident and who at any time during the previous year is certified by a medical authority to be a person with disability. The deduction under this Section is a sum of Rs 50,000/- in normal cases and if the person is suffering from a severe disability (80% or more) then a sum of Rs. 1,00,000/- is allowable as deductions.
“Person with Disability” for the purpose of section 80U means a person suffering from not less than 40% of any of the disability given below:
i) blindness
ii) low vision
iii) leprosy-cured
iv) hearing impairment
v) locomotor disability
vi) mental retardation
vii) mental illness
viii) austim
ix) cerebral palsy
x) multiple disability referred to in clauses (a), (c), & (h) of section 2 of the National Trust for welfare of persons with Austim Cerebral Palsy, Mental Retardation & Multiple Disabilities Act-1999.
With above basic provision about the deduction u/s 80U, pointwise reply to your queries are as under:
1.      Polio leads to locomotor disability & the disability is well covered within the meaning of the word “person with disability”. The deduction can be considered by DDO while working out the TDS of the employee. [Circular No. 8/2012 [F.NO. 275/192/2012-IT(B)], Dated 05-10-2012 issued by the CBDT]
2.      The deduction is admissible U/s 8OU. The amount, as elaborated above,  could be either Rs. 50,000/- or Rs. 1,00,000/-.
3.      The following documents should be obtained by the DDOs before considering the deduction u/s 80U:
a] A copy of the certificate issued by the medical authority as defined in Rule 11A(1) in the prescribed form as per Rule 11A(2) of the Rules. The deduction should be allowed only after seeing that the Certificate furnished is from the Medical Authority defined in this Rule and the same is in the form as mentioned therein.
b] Further, In cases where the condition of disability is temporary and requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any subsequent period unless a new certificate is obtained from the medical authority as in 1 above is furnished.

Government not considering to raise retirement age to 62 years.


Government not consider Retirement Age 62

NEW DELHI : There is raging speculation that the Centre may raise the retirement age of its staff but top sources say there is no such move.
"There is no such plan to raise the retirement age to 62 from 60 years," a reliable source in the government said. There are about 50 lakh central government employees working in various departments including the Railways across the country. 

Source: PTI

Taxation of Leave Salary / Leave Encashment.

Leave salary, also known as leave encashment, means that employee will receive the cash for leaves which are not taken by the employees. The leave encashment received during the service period is taxable for all the employees as per the income tax slab applicable to the employee. However, the tax treatment is different for the leave encashment received at the time of retirement/ superannuation. Further, the tax treatment is different for Government employee (Central or State) vis a vis  Non –Government employee as under:  
·   In the case of Central/ State Government employee, any amount received as cash equivalent of leave salary in respect of period of earned leave at his credit at the time of retirement/ superannuation is fully exempt from tax u/s 10(10AA)(i). 
·      In the case of Non-Government employee (i.e., the employee other than an employee of the Central Government or a State Government) leave salary is exempt from the tax u/s 10(10AA) (ii) to the extent of the least of the following:
i] Cash equivalent of the leave salary in respect of the period of earned leave to the credit of an employee only at the time of retirement whether on superannuation or otherwise (earned leave entitlement cannot exceed 30 days for every year of actual service rendered for the employer from whose service he has retired): or
ii] 10 month “Average Salary” or
iii] The amount not chargeable to tax as specified by the Government. (Presently, Rs. 3 Lacs has been specified).
iv] Leave encashment actually received at the time of retirement.
Average salary, as mentioned above, is to be calculated on the basis of average salary during the period of 10 months immediately preceding the retirement/ superannuation.
”Salary” here means basic salary & includes dearness allowances if term of employment so provided. It also includes commission based on a fixed percentage of turnover achieved by an employee as per term of contract of employment but excludes all other allowances & perquisites.
Now, with above basic brief up about taxability of leave salary, the opinions on the issue raised in your queries are as under:
1.      Leave salary received at the time of retirement is exempt only in the hands of State or Central Government employee. It will not be exempt in the hands of the employee of PSU or Local Authorities. The definition of “Government Employee” is not specifically given in the Income Tax Act-1961. However, the Act has specifically incorporated the PSU employees, Government undertaking employee, Local Authorities employees etc in various other Sections / clauses in the Income Tax Act-1961 where the benefit is meant to be conferred to them. The same is not there in Section 10(10AA).
2.      The Leave Salary is taxable under the head “Income from Salary”. The Salary Income is taxable in the year in which it has accrued or in the year in which it is received, whichever is earlier. Accordingly, the leave encashment is taxable as income of the FY 2012-13 and not FY 2013-14.
TAXABILITY OF LEAVE SALARY AT A GLANCE:
S.No.
Particulars
Tax Treatment
A]
Encashment of leave during service
It is charged to tax.
B]
Encashment of leave at the time of retirement
1. If Central or State Government Employees
Fully exempt from tax u/s 10(10AA)(i)
2. For any other employees
Lease of the following is exempt:
1. Earned leave months x Average salary
2. Avg. monthly salary x 10
3. Maximum amount Rs. 3,00,000/-
4. Actually received

Source: The Hitwada News Paper

Voluntary Retirement Scheme (VRS) in CRPF, BSF, ITBP, SSB, CISF and AR

Voluntary Retirement Scheme (VRS) in CRPF, BSF, ITBP, SSB, CISF and AR : Statistics of year wise retired CAPF personnel under VRS...
The below information was submitted in Parliament as a written reply by the Minister of Home Affairs on 6th August, the table of CAPF personnel proceeded on Voluntary Retirement during each of the last three years and the current year. And the action taken by the Central Government as remedial measures to stop such cases and improve the service and working of CAPF.
Last three years and current year report is given below...

YEAR
OFFICERS/GOs#
JCOs/SOs#
ORs#
Total
Male
Female
Male
Female
Male
Female
Total
2010 CRPF 16 1 230 8 2522 27 2804

BSF 18 # 171 # 5254 # 5443

ITBP 2 # 42 2 418 # 464

SSB 7 # 49 # 391 # 447

CISF 29 1 235 2 611 10 888

AR # # 18 # 715 3 736
2011 CRPF 26 # 280 25 2026 26 2383

BSF 26 # 202 # 5649 # 5877

ITBP 4 # 42 1 342 # 389

SSB 1 # 35 I I276 # 313

CISF 23 1 252 4 682 11 973

AR # # 20 2 774 4 800
2012 CRPF 20 1 321 20 4491 23 4876

BSF 19 # 225 # 3227 # 3471

ITBP 8 # 78 2 256 # 344

SSB 4 # 62 # 381 # 447

CISF 23 1 230 1 778 7 1040

AR # # 24 1 351 2 378
2013
(upto June,
2013)
CRPF 17 1 129 5 1177 14 1343

BSF 14 # 108 # 1117 # 1239

ITBP
3 34 1 98 # 136

SSB 1 # 18
94 1 114

CISF 1 1 61 1 256 4 324

AR # # 8 1 273 2 284
Total
262
7
2874
77
32159
134
35513

(GOs-Gazetted Officer, JCO/SOs-Junior Commanding Officer/Subordinate Officers, # ORs- Other Ranks)

From the above, it may be seen that the total number of personnel who have proceeded on voluntary retirement during last three years and the current year is only 35513, which is about 1.18% of the Forces posted strength per year. The personnel proceed on voluntary retirement from service mainly due to various personal and domestic reasons including children/family issues, health/illness of self or family, social/family obligations and commitments etc. The Government has taken following steps to improve the service and working conditions of the personnel:

(i) Implementing a transparent, rational and fair leave policy;

(ii) Grant of leave to the Force personnel to attend to their urgent domestic problems/issues/needs;

(iii) Regular interaction, both formal and informal, among Commanders, officers and troops to find out and address their problems;

(iv) Revamping of grievances redressaI machinery;

(v) Regulating duty hours to ensure adequate rest and relief; 

(vi) Improving living conditions through provision of basic amenities! facilities for troops and their families;

(vii) Motivating the forces through increased risk, hardship and other allowances;

(viii) Provision of STD telephone facilities to the troops to facilitate being in touch th their family members and to reduce tension in the remote locations;

(ix) Better medical facilities for troops and their families including introduction of Composite Hospitals with specialized facilities;

(x) Organising talks by doctors and other specialists to address their personal and psychological concerns;

(xi) Yoga and meditation classes for better stress management;

(xii) Recreational and sports facilities and provision of team games and sports etc;

(xiii) Providing welfare measures like Central Police canteen facility to the troops and their families, scholarships to their wards, etc;

(xiv) Giving status of ex-CAPFs personnel to the retired personnel of CAPFs, which is expected to boost the morale of the existing CAPFs personnel and also expected to provide better identity, community recognition and thus higher esteem and pride in the society to the Ex-CAPFs personnel.

Online e-Filing Income Tax Return Procedure for Asstt. Year 2013-14

Income Tax Department has published the latest Online e-File Income Tax Return Procedure for Asstt. Year 2013-14.  In this new procedure Taxpayee can free download ITR-I to ITR-4S (Excel Base) to upload online XML. The complete latest procedure is as follows:

e-File Income Tax Return Online

Income Tax Return (ITR-1/ITR-4S) is available online. To avail this feature, Assessee should register, LOGIN and GO TO 'e-File' --> 'Prepare and Submit ITR online'. Fill the information and click SUBMIT.

Download Income Tax Return and Upload XML

To file an Income Tax Return electronically, you should download the Income Tax Return (ITR) Utility applicable, fill and generate an XML. This XML should be uploaded in the application post LOGIN.
You can also pre-fill Personal and Tax information, a new feature in this application.
You can import the details of the previous version into the new version of the utility using the "Import Previous Version " facility. Click on the "Import Previous Version" button and select the path where the previous version is available and click OK. The data is uploaded successfully.
Steps to Download ITR
  1. On home page, GO TO 'Downloads' section and select applicable Income Tax Return Form of the desired Assessment Year OR Login to e-Filing application and GO TO 'Downloads'-->'Income Tax Return Forms' and select applicable Income Tax Return Form of the desired Assessment Year.
  2. Download the excel utility of the Income Tax Return (ITR).
  3. Fill the excel utility and Validate. (Please refer the "Steps to pre-fill in Income Tax Return" as mentioned below)
  4. Generate an XML file and save in desired path/destination in your desktop/system.
  5. LOGIN to e-Filing application and GO TO --> e-File --> Upload Return.
  6. Select the Income Tax Return Form and the Assessment Year.
  7. Browse and Select the XML file
  8. Upload Digital Signature Certificate, if available and applicable.
  9. Click 'SUBMIT'.
  10. On successful upload, Acknowledgement details would be displayed. Click the link to view or generate a printout of Acknowledgement/ITR-V Form.
Steps to pre-fill in Income Tax Return
  1. LOGIN to e-Filing application and GO TO 'Downloads' --> 'Income Tax Return Forms'
  2. Download the excel utility of the selected Income Tax Return.
  3. GO TO 'Downloads' --> 'Download Pre-fill XML' and download.
  4. Open the excel utility.
  5. Click the button 'Import Personal/Tax Details from XML'. An option to BROWSE a file is displayed.
  6. Click on 'BROWSE' and select the path where the downloaded Pre-Fill XML file is stored.
  7. Click the SUBMIT button
  8. The Personal and Tax information is pre-filled in the respective fields of the excel utility (ITR). You can edit the Tax information, if needed.

Calculate Interest u/s. 234A, 234B, 234C.

The Income Tax Act provides for charging of interest for non- payment/short payment/deferment in payment of advance tax which is calculated as below:

INTEREST U/S 234A: For late or non furnishing of return, simple interest @ 1% for every month or part thereof from the due date of filing of return to the date of furnishing of return, on the tax as determined u/s 143(1) or on regular assessment as reduced by TDS/advance tax paid or tax reliefs, if any, under Double Tax Avoidance Agreements with foreign countries.

INTEREST U/S 234B: For short fall in payment of advance tax by more than 10%,simple interest @ 1% per month or part thereof is chargeable from 1st April of the assessment year to the date of processing u/s 143(1) or to the date of completion of regular assessment, on the tax as determined u/s 143(1) or on regular assessment less advance tax paid/ TDS or tax reliefs, if any, under Double Tax Avoidance Agreements with foreign countries.

INTEREST U/S 234C: For deferment of advance tax. If advance tax paid by 15th September is less than 30% of advance tax payable, simple interest @ 1% is payable for three months on tax determined on returned income as reduced by TDS/TCS/Amount of advance tax already paid or tax relief, if any, under Double Tax Avoidance Agreement with forgiving contribution. Similarly, if amount of tax paid on or before 15th December is less than 60% of tax due on returned income, interest @ 1% per month is to be charged for 3 months on the amount stated as above. Again, if the advance tax paid by 15th March is less than tax due on returned income, interest @ 1% per month on the shortfall is to be charged for one month.

INTEREST U/S 234D: Interest @ 0.5% is levied under this Section when any refund is granted to the assessee u/s 143(1) and on regular assessment it is found that either no refund is due or the amount already refunded exceeds the refund determined on regular assessment. The said interest is levied @ 0.5% on the whole or excess amount so refunded for every month or part thereof from the date of grant of refund to the date of such regular assessment.

Free Download Click Here 
(Developed by- CA Prakash Dugar)

Tax Free Bonds for Individuals Investors and Institutional Buyers.

NOTIFICATION NO. 61/2013, DATED 8-8-2013

S.O. 2424(E) – In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the following Table, to issue, during the financial year 2013-14, tax-free, secured, redeemable, non-convertible bonds, aggregating to amounts mentioned in column (3) of the said table, subject to the conditions, namely; -

Eligibility.
1. The following shall be eligible to subscribe to the bonds:—
   (a) Retail Individual Investors (RIIs);
   (b) Qualified Institutional Buyers (QIBs);
   (c) Corporates.- (including statutory corporations), trusts, partnership firms, limited liability partnerships, Co-operative banks, regional rural banks and other legal entities, subject to compliance with their respective applicable legislations; and
   (d) High Networth Individuals (HNIs).

Tenure of bonds.
2. The tenure of the bonds shall be ten, fifteen or twenty years.

Permanent Account Number.
3. It shall be mandatory for the subscribers to furnish their Permanent Account Number to the issuer.

Rate of interest.
4. (1) There shall be a ceiling on the coupon rates based on the reference Government security (G-sec) rate.
   (2) The reference G-sec rate shall be the average of the base yield of G-sec for equivalent maturity reported by Fixed Income Money Market and Derivative Association of India (FIMMDA) on a daily basis (working day) prevailing for two weeks ending on Friday immediately preceding the filing of the final prospectus with the Exchange or Registrar of Companies (ROC) in case of public issue and the issue opening date in case of private placement.
   (3) The ceiling coupon rate for AAA rated issuers shall be the reference G-sec rate less 55 basis points in case of RIIs and reference G-sec rate less 80 basis points in case of other investor segments referred to at (b), (c) and (d) of paragraph 1 above.
   (4) In case the rating of the issuer entity is AA+, the ceiling rate shall be 10 basis points above the ceiling rate for AAA rated entities as given in clause (3).
   (5) In case the rating of the issuer entity is AA or AA-, the ceiling rate shall be 20 basis points above the ceiling rate for AAA rated entities as given in clause(3).
   (6) These ceiling rates shall apply for annual payment of interest and in case the schedule of interest payment is altered to semi-annual, the interest rates shall be reduced by 15 basis points.
   (7) The higher rate of interest, applicable to RIIs, shall not be available in case the bonds are transferred by RIIs to non retail investors.

Issue expense and brokerage.
5. (1) In the case of private placement, the total issue expense shall not exceed 0.25 per cent of the issue size and in case of public issue it shall not exceed 0.65 per cent of the issue size.
   (2) The issue expense would include all expenses relating to the issue like brokerage, advertisement, printing, registration etc.

Public issue.
6. (1) At least 70 per cent of the aggregate amount of bonds issued by each entity shall be raised through public issue and the same shall not be applicable in case of entities where the aggregate amount of bonds as per column (3) of the table is less than rupees five hundred crore.
   (2) 40 per cent of such public issue shall be earmarked for RIIs.

Private placement.
7. (1) While adopting the private placement route to issue the bonds, each entity shall adopt the book building approach except for those mentioned in sub-paragraph (2) except as per regulation II of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations 2008, wherein bids shall be sought on the coupon rate subject to a ceiling specified by the entity and the allotment shall be made at the price bid.
   (2) The issuers shall earmark suitable amounts within their private placement allocation for placing with Sovereign Wealth Funds, Pension and Gratuity Funds without the requirement of book building procedure: Provided that in the event of any non-response, the issuers shall be free to offer the un-subscribed amount through book building route under private placement in domestic market.
   (3) The bonds shall be paid for and issued at a premium but with a fixed coupon so that the instrument can be traded under a single International Securities Identification Number (ISIN) and the yield shall be worked out based on the price quoted and then allotment shall be done for the best price (lowest yield).
   (4) The ceiling rate of the interest shall either be equal to or lower than the rate mentioned in paragraph 4 above.
   (5) While calling for bids, there shall be no limit on the number of arrangers who can bid for the issue.

Repayment of bonds.
8. (1) The issuer entity shall submit a financing plan to the Ministry of Finance to demonstrate its ability to repay the borrowed funds once the repayment becomes due.
   (2) The financing plan referred in sub-paragraph (1) shall be submitted to the Infra-Finance Section, Infrastructure Division, Department of Economic Affairs, Ministry of Finance, within three months of closure of the issue, duly supported by a resolution of the respective entity’s Board of Directors.

Selection of merchant bankers.
9. (1) The merchant bankers shall be selected through competitive bidding process with transparent pre-qualification criteria and the final selection shall be based on evaluation of financial bids.
   (2) The benefit under section 10 of the Income-tax Act, 1961 (43 of 1961) shall be admissible only if the holder of such bonds register his name and the holding with the entity.
   (3) The issue shall be made in compliance with the public issue requirements specified in the Companies Act, 1956 (1 of 1956) and Securities and Exchange Board of India (Issue and Listing ofDebt Securities) Regulations, 2008 including inter alia, the filing of a prospectus with the Registrar of Companies, as applicable.
TABLE
Sl. No.
Entities
Allocated amount of bonds (Rs. in Crore)
(1)
(2)
(3)
1
Cochin Ship Yard Limited(CSL)
250
2
Ennore Port Limited (EPL)
500
3
Airport Authority of India Limited(AAI)
500
4
Indian Infrastructure Finance Company Limited (IIFCL)
10,000
5
Indian Renewable Energy Development Agency Limited (IREDA)
1000
6
Housing and Urban Development Corporation Limited (HUDCO)
5000
7
Rural Electrification Corporation Limited(REC)
5000
8
National Housing Bank (NHB)
3000
9
Power Finance Corporation Limited (PFC)
5000
10
Indian Railway Finance Corporation Limited (IRFC)
10,000
11
National Highways Authority of India (NHAI)
5000
12
NHPC Limited (formerly known as National Hydroelectric Power Corporation Ltd.)
1000
13
NTPC Limited (formerly known as National Thermal Power Corporation)
1750
Explanation.—For the purposes of this notification,—
(1) Qualified Institutional Buyers shall have the same meaning as assigned to them in the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.
(2) Retail individual Investors means those individual investors, Hindu Undivided Family (through Karta ), and Non-Resident Indians (NRIs), on repatriation as well as non-repatriation basis, applying for upto rupees ten lakh in each issue and individual investors investing more than rupees ten lakh shall be classified as High Networth Individuals.
(3) The bonds issued to NRIs shall be subject to the provisions of Notification No. FEMA 4/2000-RB dated 3rd May, 2000 and Notification No. FEMA 20/2000-RB dated 3rd May, 2000, issued under clause (b) of sub-section (3) of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), as amended from time to time.
(4) The credit rating referred to in paragraph 4 of this notification shall mean the credit rating, as assigned by a credit rating agency which is approved by the Securities and Exchange Board of India as well as the Reserve Bank of India and where an entity has been rated differently, by more than one rating agency, the lower of the two ratings shall be considered.

[F.NO.178/37/2013-(ITA-I)]
SURABHI SHARMA, Under Secy.