Sep 282012
 

File Validation Utility version 3.6 released by NSDL

 File Validation Utility version 3.6 has been released with the following considerations,

  • FVU Version 3.6 will be in effect from 16th October 2012.
  • Upto October 15, 2012, FVU version 3.5 & FVU version 3.6 can be used.
  • For instance, Quarter 2 TDS Statement for F.Y. 2012-13, can be validated with FVU 3.5 and FVU 3.6, if filed by  15th October 2012.
  • Upto FVU 3.5, challan file was optional, but in effect from 16th October 2012, while validating e-TDS File through FVU version 3.6, challan file has become mandatory, this can be downloaded from the TIN Website under Challan Status Enquiry.
  • Challan file is only required while validating e-TDS file, in case TDS amount gets deposited through challans.
  • Deductor who does not use challan for depositing TDS, will not be required to provide challan file during TDS validation.
  • Challan file is require for validation in case of regular statement & in case of correction statement, challan file is required in following scenarios
    • Updation of Challan
    • Updation of Deductee &  corresponding challan
    • Addition of Challan.

Following Section has been introduced.

Section
Code

Section
Code to be quoted in Quarterly TDS/TCS Statement

Applicable
to TDS/TCS statement Form No.

Effective
From

194LB

4LB

27Q

FY 2011-12

194LC

4LC

27Q

FY 2012-13

206CJ

J

27EQ

FY 2012-13

206CK

K

27EQ

FY 2012-13

Two Flags have been introduced:

Flag O: - Form no. 24Q included Flag “O” explains the salary details of Super Senior Citizen (above the age 80) and has been into force since FY 2011-12 onwards.
Flag S: - Flag S, as per ITD notification dated 21/2012, for software vendor transaction in (Form 26Q – Section code 194J and 27Q –Section code 195) and has come into effect from FY 2011-12 onwards.

Sep 272012
 

Penalty for Late Filing of TDS Statement / Returns

Fees & Penalty are likely for instances such as –

  • Non-filing of e-TDS Statement / Returns.
  • Late filing of e-TDS  Statement / Returns.
  • Incorrect PAN, TDS Amount and Other Mandatory details.

This imposition of Fees & Penalty is implied by Section 234E & Section 271H.

Dear Deductors!  (Read Carefully)

The TDS filing Fees & Penal provisions are as follows –

Section 234E speaks of Levy of Fees effective from 1st July 2012

–  Failure to submit e-TDS Statement on time will result in fees on the Deductor.

If you delay or forget to file your e-TDS Statement, Fees of Rs. 200 per day will be levied on the Deductor, as long as TDS Statement is not filed.

The Levied Amount of Fee is not supposed to exceed the TDS deductibles.

Prior to Filing of TDS Statement such Fee should be paid and it should be reflected in the TDS Statement.

Section 271H speaks of Penalty effective from 1st July 2012

Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,

If Deductor exceeds one year time limit to File TDS Statement.
–  If Deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.


Not filing TDS before the deadline or with incorrect details is literally going to lose out on your hard-earned money.

 

Sep 182012
 

Steps for e-Filing of Income Tax Returns (ITR)

The process electronically filing Income Tax Returns (ITR) through the internet is known as e-Filing. It is mandatory for companies and firms requiring statutory audit u/s 44AB to submit the Income Tax Returns electronically for AY 2007-08 onwards. e-Filing is possible with or without Digital Signature.

e-Filing Process

(1) Select the appropriate type of Income Tax Return(ITR) form which you wish to proceed with e-Filing in the Sensys Income Tax Return Software also known as Sensys eForm Expert.

(2) Fill the selected ITR Form and generate the XML file.

(3) Go to Income Tax site http://www.incometaxindiaefiling.gov.in and then register yourself by using your PAN no. Create your User Id and Password at this stage.

(4) Under the Download menu on the left panel, select the appropriate ITR Form and select the option ‘Submit Return’ for FY 2011-12, AY 2012-13.

(5) Next, select the form name whichever is applicable. Click ‘Browse’ to select the XML file and click the ‘Upload Button’.

(6) On successful upload, the acknowledgement details would be displayed. Click the ‘Print’ button to take the print-out of the acknowledgment form.

(7) In case the return is digitally signed, on generation of “acknowledgement”, the return filing process gets completed. You may take a printout of the acknowledgement for your record.

(8) In case the return is not digitally signed, on successful uploading of e-Return, the ITR-V form will be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax-payer has to fill up the verification part and verify the same. A duly verified ITR-V form should be submitted with the Income Tax Office within 120 days of filing electronically.

 The e-Filing process is explained with the help of a flow chart. Click the images below to enlarge it.

Sep 152012
 

 TCS Rate Chart F.Y. 2012-2013

Sr.No

Nature of Goods

Rates in Percentage (%)

 

01.04.2012

01.07.2012

1 Alcoholic liquor for human consumption

1

1

2 Tendu Leaves

5

5

3 Timber obtained under forest lease

2.5

2.5

4 Timber obtained by any mode other than a forest lease

2.5

2.5

5 Any other forest produce not being Timber or Tendu leaves

2.5

2.5

6 Scrap

1

1

7 Parking lot

2

2

8 Toll Plaza

2

2

9 Mining & Quarrying

2

2

10 Minerals, being coal or lignite or iron ore

NA

1

11 Bullion or jewellery (if sale consideration is paid in cash exceeding Rs. 2 Lakhs)

NA

1

 

Sep 112012
 

Beginning FY 2010-2011 onwards, the Ministry of Corporate Affairs (MCA)  has mandated certain class of companies to file their Financial Statements of Balance Sheet and Profit & Loss  in “eXtensible Business Reporting Language(XBRL) Format only”.

As per MCA,  the following class of companies should file their Financial Statements in XBRL format.

(i) All companies listed in India and their Indian subsidiaries; or

(ii) All companies having a paid up capital of Rs. 5 Crore and above; or

(iii) All companies having a Turnover of Rs 100 Crore or above; or

(iv) All companies who were required to file their financial statements for FY2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies and Non-Banking Financial Companies(NBFCs) are exempted from XBRL filing till further orders.

For FY 2011-2012 , All companies referred to in above, will be allowed to file their financial statements in XBRL mode without any additional fee / penalty up to 15h November, 2012 or within 30 days from the date of their AGM, whichever is later.

Sensys is leading provider of  the XBRL Software & Conversion Services.
To know more about Sensys XBRL Software & Services, Please visit http://www.instantxbrl.com

Sep 112012
 

The following are the Professional Tax Slabs for all the different states in India :-

Salary Slabs Per Month Professional Tax Per Month
Andhra Pradesh
upto Rs.5,000/- Nil
Rs.5,001/- to Rs.6,000/- Rs.60/-
Rs.6,001/- to Rs.10,000/- Rs.80/-
Rs.10,001/- to Rs.15,000/- Rs.100/-
Rs.15,001/- to Rs.20,000/- Rs.150/-
Rs.20,001/- and above Rs.200/-
Assam
upto Rs.3,500/- Nil
Rs.3,501/- to Rs.5,000/- Rs.30/-
Rs.5,001/- to Rs.7,000/- Rs.75/-
Rs.7,001/- to Rs.9,000/- Rs.110/-
Rs.9,001/- and above Rs.208/-
Chattisgarh
upto Rs.12,500/- Nil
Rs.12,501/- to Rs.16,667/- Rs.150/-
Rs.16,668/- to Rs.20,833/- Rs.180/-
Rs.20,834/- to Rs.25,000/- Rs.190/-
Rs.25,001/- & above Rs.200/-
Gujarat
upto Rs.2,999 Nil
Rs.3,000/- to Rs.5,999/- Rs.20/-
Rs.6,000/- to Rs.8,999/- Rs.40/-
Rs.9,000/- to Rs.11,999/- Rs.60/-
Rs 12,000/- and above Rs.80/-
Karnataka
upto Rs.9,999/- Nil
Rs.10,000/- to Rs.14,999/- Rs.150/-
Rs.15,000/- and above Rs.200/-
Kerala
upto Rs.1,999/- Nil
Rs.2000/- to Rs.2999/- Rs.20/-
Rs.3000/- to Rs.4,999/- Rs.30/-
Rs.5,000/- to Rs.7,499/- Rs.50/-
Rs.7,500/- to Rs.9,999 Rs.75/-
Rs.10,000/- to Rs.12,499/- Rs. 100/-
Rs.12,500/- to Rs.16,666/- Rs.125/-
Rs.16,667/- to Rs.20,833/- Rs.166/-
Rs.20,834/- and above Rs.208/-
Madhya Pradesh
upto Rs.3,333/- NIL
Rs.3,334/- to Rs.4,166/- Rs.30/-
Rs.4,167/- to Rs.5,000/- Rs.60/-
Rs.5,001/- to Rs.6,666/- Rs.90/-
Rs.6,667/- to Rs.8,333/- Rs.150/-
Rs.8334/- and above Rs.175/-
Maharashtra
upto Rs.5000/- Nil
Rs.5,001/- to Rs.10,000/- Rs.175/-
Rs.10,001/- and above Rs.200/-*
* Rs.300/- for the month of February
Meghalaya
upto Rs.4,166/- Nil
Rs.4,167/- to Rs.6,250/- Rs.16.50/-
Rs.6,251/- to Rs.8,333/- Rs.25/-
Rs.8,334/- to Rs.12,500/- Rs.41.50/-
Rs 12,501./- to Rs.-16,666 Rs.62.50/-
Rs.16,667/- to Rs.20,833/- Rs.33/-
Rs.20,834/- to Rs.25,000/- Rs.35/-
Rs.25,001/- and above Rs.38/-
Orissa
upto Rs.5000/- Nil
Rs.5,001/- to Rs.6,000/- Rs.30/-
Rs.6,001/- to Rs.8,000/- Rs.50/-
Rs.8,001/-to Rs.10,000/- Rs.75/-
Rs.10,001/- to Rs.15,000/- Rs.100/-
Rs.15,001/- to Rs.20,000/- Rs.150/-
Rs.20,001/- & above Rs.200/-
Tamil Nadu
upto Rs.3,500/- Nil
Rs.3501/- to Rs.5000/- Rs.16.50/-
Rs.5001/- to Rs.7500/- Rs.39/-
Rs.7501/- to Rs.10000/- Rs.85/-
Rs.10001/- to Rs.12500/- Rs.126.50/-
Rs.12501/- & above Rs.182.50/-
Tripura
upto Rs.2500/- Nil
Rs.2501/- to Rs.3500/- Rs.55/-
Rs.3501/- to Rs.4500/- Rs.85/-
Rs.4501/- to Rs.6500/- Rs.100/-
Rs.6501/- to Rs.10000/- Rs.140/-
Rs.10001/- and above Rs.180/-
West Bengal
upto Rs.5,000/- Nil
Rs.5,001/- to Rs.6,000/- Rs.40/-
Rs.6,001/- to Rs.7,000/- Rs.45/-
Rs.7,001/- to Rs.8,000/- Rs.50/-
Rs.8,001/- to Rs.9,000/- Rs.90/-
Rs.9,001/- to Rs.15,000/- Rs.110/-
Rs.15,001/- to Rs.25,000/- Rs.130/-
Rs.25,001/- to Rs.40,000/- Rs.150/-
Rs.40,001/- and above Rs.200/-

 

Sep 082012
 

XBRL e-Form 23AC and 23ACA

Beginning FY 2010-2011 onwards, the Ministry of Corporate Affairs (MCA)  has mandated certain class of companies to file their Financial Statements of Balance Sheet and Profit & Loss  in “eXtensible Business Reporting Language(XBRL) Format only”.

As per MCA,  the following class of companies should file their Financial Statements in XBRL format.

(i) All companies listed in India and their Indian subsidiaries; or

(ii) All companies having a paid up capital of Rs. 5 Crore and above; or

(iii) All companies having a Turnover of Rs 100 Crore or above; or

(iv) All companies who were required to file their financial statements for FY2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies and Non-Banking Financial Companies(NBFCs) are exempted from XBRL filing till further orders.

For this, the MCA have come up with Form 23AC (Balance Sheet) and 23ACA (Profit & Loss) in Electronic format (e-Form 23AC and 23ACA) through which the financial statements can be submitted. Note that the traditional Form 23AC and 23ACA shall continue to be there for filing by companies to which XBRL filing is not applicable; and for filing of earlier year’s documents.

e-Form 23AC and 23ACA which are in PDF format provide option to attach the XBRL Instance Document (XML file) for Balance Sheet and Profit & Loss statement respectively. In other words, the XML Instance Document for Balance Sheet and Profit & Loss statement can be attached in the PDF files 23AC and 23ACA respectively.

The e-Forms 23AC and 23ACA need to be digitally signed by the authorized signatories of the company. Also these forms are also required to be certified by a practicing professional (i.e  a member of ICAI/ICSI/ICWAI). Once these e-Forms are completed with all the information, the same can be uploaded on the MCA website for submission.

For FY 2011-2012 , All companies referred above, will be allowed to file their financial statements in XBRL mode without any additional fee / penalty up to 15h November, 2012 or within 30 days from the date of their AGM, whichever is later.

Click here for Form 23AC

Click here for Form 23ACA