Friday, May 20, 2011

Tax Deduction At Sourse -TDS

TDS:

Due Date for monthly TDS rETURN : 7TH of everymonth

TDS on Salaries-192B
TDS on Contractors-194C
TDS ON Rent- 194I
TDS on Professional Fees- 194 J

TDS Querterly Returns:

1st Q-Apr to June- Due date-15th of July
2nd Q- July to Sept- Due Date- 15 Th of Oct
3rd Q- Oct to Dec- Due Date- 15th of Jan
4th Q- Jan to Mar- Due Date 15 Th June

Quartly Returns:
24Q for salaries
27Q for other than salaries

Tds on Salaries: 192B
if u wanna reduse u r tax burden thn u can minimize ur tax amt max up to 20,000 INR by showing ur investments like insurance etc...

New Income Tax Slabs for FY 11-12 Others & Men
(FY 2011-12)
1. Up to Rs 1,80,000/No tax / exempt
2. 1,80,001 to 5,00,000-10%
3. 5,00,001 to 8,00,000-20%
4. Above 8,00,000-30%


Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2011-12)
1. Up to Rs 1,90,000-No tax / exempt
2. 1,90,001 to 5,00,000-10%
3. 5,00,001 to 8,00,00-20%
4. Above 8,00,000-30%


New Income Tax Slabs for FY 11-12 for Resident Senior Citizens (FY 2011-12)
1. Up to Rs 2,40,000--No tax / exempt
2. 2,40,001 to 5,00,000--10%
3. 5,00,001 to 8,00,000--20%
4. Above 8,00,000--30%


New Income Tax Slabs for FY 11-12 Very Senior Citizen (FY 2011-12)
1. Up to Rs 5,00,000--No tax / exempt
2. 5,00,001 to 8,00,000--20%
3. Above 8,00,000--30%

U can show ur ur investments by deducting u r income unser sce 80C

Contracts (including work land labour contract) - 194 c The tax has to be deducted @ 2% on contract payments and 1% for subcontract and advertisement contract payments. The tax is required to be deducted if a single payment exceeds Rs. 20000/- or if the aggregate payments exceed Rs. 50000/- per annum.


Rent- 194 i Any amount paid as rent above Rs. 120000/- per year will attract TDS provisions @ 10% for Individual & HUF and 20% for others.


Fees for professional or technical services/royalty/Income on units of mutual funds: 194 j
The tax has to be deducted @10% with some basic exemption limits.


Interest on securities/Dividends/Interest/Insurance commission-:193, 194, 194A& 194D The tax has to be deducted @ 20% for domestic companies and 10% for others with some basic exemption limits, in the case of interest if the amount of interest is up to Rs. 5000/- during a financial year. however, in the case of interest paid by a banking company, Co-operative society engaged in the business of banking and a public company engaged in the financing or construction of residential houses in India, this limit is Rs. 10000/-.

Insurance commission-: Any person responsible for paying to a resident any remuneration or reward whether by way of commission or otherwise, for procuring insurance business is required to deduct tax @ 20% for companies and 10% for other person if the amount credited or paid is more than Rs. 5000/- in a financial year.

Wednesday, May 18, 2011

VAT / Sales Tax Returns

Sales /Output Vat Entries:
By Customer Dr XXX
To Local/Interstate sales Cr xxx
TOCentarl Excise(Output)10% cr XXX
TO Edu Cess (Output) 2% cr xxx
To Sec.Edu cess( Output) 1% cr xxx
To Vat/ Entry Tax cr xxx

Sales Returns:
To Customer Cr xxx
By Local/Interstate sales Dr xxx
By Centarl Excise(Output)10% Dr XXX
By Edu Cess (Output) 2% Dr xxx
By Sec.Edu cess( Output) 1% Dr xxx
By Vat/ Entry Tax Dr xxx

Purchase / Input Entries:
To Party/Vendor Cr xxx
By Raw materials Purchases Dr xxx
By Vat(Input) Dr xxx

Purchase Returns:
By Party Dr xxx
To Raw materials Purchases Cr XXX
To vat xxx



VAT = Output Vat – Input Vat

Entry for Vat/sales Tax:
By Output Vat 5% Dr xxx
By Output Vat 13.5% Dr xxx
To Input Vat 5% Cr XXX
TO Input Vat 13.5% Cr xxx
To Input Vat 15% Cr xxx
To VAT Payable xxx

Wednesday, May 11, 2011

Due Dates for Statutory Compliances (payments)

CENTRAL EXCISE PLA DEPOSITE- 31st of everymonth

Central Excise ER1 Returns- 10 th of everymonth

Serveice Tax Monthly Returns- 5th of every month

TDS ( Tax Deduction at Source)- 7th of everymonth

TDS -Quartly Returns----
1st Q-Apr to June- Due date-15th of July
2nd Q- July to Sept- Due Date- 15 Th of Oct
3rd Q- Oct to Dec- Due Date- 15th of Jan
4th Q- Jan to Mar- Due Date 15 Th June


ESI-21ST of everymonth

Sales Tax(VAT)- 20 of everymonth
Entry Tax- 20th F EVERYMONTH

Professional Tax- 20th of everymonth


Providend Fund- 14th of everymonth

ELECTRONIC TDS RETURN (E-TDS)

192C -Contractors,
194B- Salaries
194I- Rent
194J- Professinal Charges

Quartly Returns
24Q for salaries
27Q for other than salaries

CERTAIN IMPORTANT INFORMATION
I.
Related Websites:
1.
For New TAN: New TAN can be searched on website “incometaxindia.gov.in” by feeding old TAN or Company’s name.
2.
For downloading Form No. 24Q/26Q/27Q and instruction, log on to “tin.nsdl.com.”.
II.
If TAN number is not available, taxes cannot be paid and e-TDS statement will not be accepted.
III.
Fees to be paid as under:
Deductee Records Fees (including Service Tax) Up to 100 records Rs. 30/-101 to 1000 records Rs. 182/-More than 1000 records Rs. 606/-
IV.
Tin facilitation centres in Mumbai for filing e-TDS returns:-List of Facilitation Centres can be downloaded from Website: www.tin.nsdl.com.
V.
Each e-TDS statement file (Form 24Q, 26Q or 27Q) should be furnished in a separate CD/floppy along with duly filled and signed Form 27A in physical form.
VI.
Separate Form 27A in physical form should be furnished for each e-TDS statement.
VII.
Label to be affixed on CD/floppy containing details of deductor like name & address of deductor, PAN, TAN, Form No. and period to which statement pertains.
VIII.
e-TDS return file if compressed, is to be compressed using Winzip 8.1 or Zip It Fast 3.0 compression utility only.
IX.
In case of change in name or change in address, correction application need to be filed to amend record with ITD.
STEPS FOR PREPARING E-TDS RETURN WITH EFFECT FROM FEBRUARY, 2008
The procedure is changed w.e.f. February, 2008
The excel based forms have been discontinued. All the forms are in VB (Visual Basic) based format, which is very user friendly.
Now, all forms are to be filed using RPU —W.E.F. 13/4/2009 Version 1.7 and FVU Version 2.126 (both merged together) for any form — whether original or revised and for any quarter starting from F.Y. 2005-06.
STEPS:
Download the necessary files (RPU/FVU)
JRE version SUN JRE: 1.42_03or 1.4.2_04 or IBM JRE: 1.4.1.0 should be installed in the computer.
Download latest version of VB based files for Forms from the NSDL website –www.tin.nsdl.com
Present version w.e.f. 13/4/2009 is e-TDS RPU Version 1.7. It will be downloaded in zip format and by default it will be downloaded in C: Drive.
But you can download it any folder by giving it the desired path.
Double click and then “RUN” the file so as to make it unzipped.
As a result, a folder named e-TDS RPU 1.7 will be created automatically. In this folder there are 17 files. For practical use, only RPU (S. No. 10 RPU.exe) is to be utilized.
Double click on RPU and VB file be displayed.
Select the necessary Form (No. 24Q/26Q/27Q/27EQ) using the drop–box.
Select the type of statement (Regular/Correction) to be prepared
Complete all sheets- viz. Form, Challan details and Annexures (i.e., deductee details)
After filling up all the data in all the sheets and final saving of the input file, click on “CREATE FILE” option.
The file will be validated automatically and the validation results will be saved by default in the same folder, where the input file is saved.
In case of errors, an Error-Response file will be generated giving the error report.
Once this is done, the screen will display “File Validation Successful”. The valid e-file will be created, which may be copied on a floppy or CD.
Finally, give print command to generate Form No. 27A to be signed by the deductor and which should be submitted to the TIN-FC and then the process is over.