New Income Tax Return Forms

http://www.incometaxindia.gov.in/download_all.asp

Clarifications regarding Form 24Q

1) Whether the particulars of the whole year or of the relevant quarter are to be filled in Annexures I, II and III of Form No. 24Q?

(i) In Annexure I, only the actual figures for the relevant quarter are to be reported.

(ii) In Annexures II & III, estimated/actual particulars for the whole financial year are to be given. However, Annexures II & III are optional in the return for the 1st, 2nd and 3rd quarters but in the quarterly statement for the last quarter, it is mandatory to file Annexures II & III giving actual particulars for the whole financial year.

2) In Form No. 24Q, should the particulars of even those employees be given whose income is below the threshold limit or in whose case, the income after giving deductions for savings etc. is below the threshold limit?

(i) Particulars of only those employees are to be reported from the 1st quarter onwards in Form No. 24Q in whose case the estimated income for the whole year is above the threshold limit.

(ii) In case the estimated income for the whole year of an employee after allowing deduction for various savings like PPF, GPF, NSC etc. comes below the taxable limit, his particulars need not be included in Form No. 24Q.

(iii) In case, due to some reason, estimated annual income of an employee exceeds the exemption limit during the course of the year, tax should be deducted in that quarter and his particulars reported in Form No. 24Q from that quarter onwards.


3)How are the particulars of those employees who are with the employer for a part of the year to be shown in Form No. 24Q?

(i) Where an employee has worked with a deductor for part of the financial year only, the deductor should deduct tax at source from his salary and report the same in the quarterly Form No. 24Q of the respective quarter(s) up to the date of employment with him. Further, while submitting Form No. 24Q for the last quarter, the deductor should include particulars of that employee in Annexures II & III irrespective of the fact that the employee was not under his employment on the last day of the year.

(ii) Similarly, where an employee joins employment with the deductor during the course of the financial year, his TDS particulars should be reported by the current deductor in Form No. 24Q of the relevant quarter. Further, while submitting Form No. 24Q for the last quarter, the deductor should include particulars of TDS of such employee for the actual period of employment under him in Annexures II & III.

4) The manner of computing total income has been changed in the budget for the current year by allowing deduction under section 80C. However, the present Form No. 24Q shows a column for rebate under section 88, 88B, 88C and 88D. How should Form No. 24Q be filled up in absence of a column for section 80C?

While filling up Form No. 24Q, the columns pertaining to sections 88, 88B, 88C and 88D may be left blank. As regards deduction under section 80C, the same can be shown in the column 342 pertaining to 'Amount deductible under any other provision of Chapter VI-A'.

5) Form No. 24Q shows a column which requires explanation for lower deduction of tax. How can a DDO assess it? Please clarify.

Certificate for lower deduction or no deduction of tax from salary is given by the Assessing Officer on the basis of an application made by the deductee. In cases where the Assessing Officer has issued such a certificate to an employee, deductor has to only mention whether no tax has been deducted or tax has been deducted at lower rate on the basis of such a certificate.

Rules and Forms for TDS/TCS returns

http://www.incometaxindia.gov.in/AmendmentRule.ASP


Return preparation software we can download from bellow link :)

http://www.tin-nsdl.com/eTDSRPU.asp

All forms

Hey guys here is the link for all govt forms....


http://www.incometaxindia.gov.in/allforms.asp

Central Excise Duty

Registration:

Every person who produces or manufactures excisable goods, is required to get registered, unless exempted. If there is any change in information supplied in Form A-1, the same should be supplied in Form A-1.

Daily Stock Account/ RG 1 Register

Manufacturer is required to maintain Daily Stock Account (DSA) of goods manufactured, cleared and in stock.

Clearance of goods under Invoice

Goods must be cleared under Invoice of assessee. In case of cigarettes, invoice should be countersigned by Excise officer

Payment of excise duty

Duty is payable on monthly basis through GAR-7 challan / Cenvat credit by 5th/6th of following month, except in March. SSI units have to pay duty on quarterly basis by 5th/6th of month following the quarter. Assessee paying duty through PLA more than Rs 10 lakhs per annum is required to make e-payment only

Returns of production, clearances and payment of excise duty

Monthly return in form ER-1 should be filed by 10th of following month. SSI units have to file quarterly return in form ER-3. EOU/STP units to file monthly return in form ER-2 – see rule 17(3) of CE Rules E-return is mandatory where duty paid in previous year (by cash and/or through Cenvat credit) exceeded Rs 10 lakhs in previous year.

Annual Financial Information

Assessees paying duty of Rs one crore or more per annum through PLA are required to submit Annual Financial Information Statement for each financial year by 30th November of succeeding year in prescribed form ER-4

Loss on sale of Fixed Asset

Let’s take a practical example to see how to pass journal entry for sale of fixed assets--

Mady bros. who is into the business of Manucturing electrical goods, sold Machine for Rs. 1,50,000.00 which was bought 3 months ago for Rs. 1,80,000.00 .

Now the entry can be made as under :

• Cash Rs. 1,50,000 Dr
  

Machinery Rs. 1,50,000 Cr

(Being sale of furniture)

• Accu. depreciation account Rs. 4,500 Dr
  

Machinery Rs. 4,500 Cr

(Being 10% dep. for 3 months )

• loss on sale of assets Rs. 25,500 Dr
  

(Under indirect expenses)

Machinry A/c Rs. 25,500 Cr

(Being loss suffered on sale of fixed assets)

In the above example, you will see that Machinery account is squared off

Now final entry will be the:-

Cash A/c - 1,50,000 Dr
Acc. Depreciation A/c- 4,500 Dr
Loss on sale of Fixed Asset - 25,500 Dr

Machinery A/c 1,80,000 Cr

(Being loss on sale of fixed asset ) ;)

KARNATAKA PROFESSION TAX

Rates of professional Tax:-

Up to 10,000 --Nil
10,000 To 15,000--150 Rs
15,000 and above--200 Rs

1. Profession tax is levied under the Karnataka Tax on Professions,
Trades, Callings and Employments Act, 1976:

Profession Tax shall be paid by every person exercising any
Profession or calling or is engaged in any trade or holds any appointment,
public or private as specified in the Schedule to the Act.
[However no tax is payable by persons who have attained age of sixty
five years. Also no tax is payable for holding any Profession for less than
120 days in that year.]

2. A person is defined under the Act to mean, any person who is engaged
in any Profession, trade, callings or employment in the State of Karnataka
and includes :-

· Hindu undivided family (HUF)
· Firm
· Company
· Corporations
· Other Corporate bodies
· Any Society
· Any Club or Association.

[Every branch of a firm, company, corporation or other corporate body, any
society, club or association is treated as separate person for the purpose of
tax liability.]

3. REGISTRATION:

In case of salary or wage earners whose salary or wage for a month is
not less than Rs.10,000/-, the employer is liable to deduct Profession Tax
payable under this Act. It is the responsibility of the employer to deduct tax
and pay on behalf of all such employees within 20 days of expiry of the
month. If the amount of tax deducted in a month is less than Rs.5,000/-, the
employer could opt for payment of such tax within 20 days of expiry of a
Quarter. [Quarter means period ending 31st May, 31st August, 30th
November and 28thor 29th February ].

All such employers other than Government shall obtain a Certificate
of Registration from the Profession Tax Officer of the jurisdiction.

4. ENROLLMENT:

Class of persons enumerated in Sl. No.2 to 74 of the Schedule
(Annexure 1) shall obtain a Certificate of Enrollment from the Profession
Tax Officer of the jurisdiction. Such persons with Enrollment Certificate
shall pay tax every year before 30th of April at the rates specified in Column
3 of the Schedule.


5. EXEMPTION:

The following class of persons are exempted from payment of
Profession Tax.

a. All charitable and philanthropic hospitals or nursing homes
situated in places below the taluk level in all districts of the State
except Bangalore and Bangalore Rural District.

b. Directors of Companies registered in Karnataka and nominated by
the financing agencies owned or controlled by the State
Government or by other statutory bodies.

c. Foreign technicians employed in the State provided their
appointments are approved by the Government of India for the
purpose of exemption from payment of income tax for the said
period( exemption is for a period of 2 years from the date of their
joining duty).

d. Combatant and civilian non combatant members of the Armed
Forces who are governed by the Army Act, the Navy Act and the
Air Force Act.

e. Salaried or wage earning blind persons.

f. Salaried or wage earning deaf and dumb persons

g. Holders of permits of single taxi or single three wheeler goods
vehicle.

h. Institutes teaching Kannada or English Shorthand or Typewriting.

i. A Physically handicapped person not less than 40% of permanent
disability (subject to production of certificate from the HOD of
Government Civil Hospital).

j. An ex-serviceman not falling under Sl No.1 of the Schedule.

k. A person having single child and who has undergone sterilization
operation, subject to production of a certificate from the District
Surgeon, Government Civil Hospital, for having undergone such
operation.

l. Central Para Military Force (CPMF) Personnel.

m. Persons running educational institutions in respect of their
branches teaching classes upto twelfth standard or pre-University
Education.


6. PENALTIES UNDER PROFESSION TAX ACT, 1976.


i) Penalty for non-registration in case of employer – Rs.1,000/-
In case of other persons Rs.500/-.

ii) Penalty for non filing of Returns for an employer Rs.250/-.

iii) Penalty for non-payment of tax by enrolled person and
registered employer with interest at rate of 1.25% per month
and Penalty not exceeding 50% of the tax amount due.

From 01-04-2011 provision has been made for the Registration /
Enrollment, payment and filing of Returns under Profession Tax Act
online through website commercial taxes department..