Apr 262013

Service Tax Return Filing due date for for the period from 1st October 2012 to 31st March 2013, has been extended from 25th April 2013 to 31st August 2013.

Service Tax Order No: 03/2013 dated 23rd April 2013

In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3, for the period from 1st October 2012 to 31st March 2013, from 25th April, 2013 to 31st August, 2013.

The circumstances of a special nature, which have given rise to this extension of time, are as follows: “The Form ST-3, for the period from 1st October 2012 to 31st March 2013, is expected to be available on ACES around 31st of July, 2013”

Apr 252013

TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.


All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.


The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31.

Download Circular & New Form16

Apr 252013

Important Due dates for TDS and TCS return filing, March Deposit and Certificates (16,16A,27D)

  • Tax deducted for Salary & Non Salary in the Month of March 2013 –  Due date for deposit is 30th April 2013.
  • Tax colected in the Month of March 2013  Due date for deposit is 7th April 2013. (not 30th April 2013)
  • Salary (Form 24Q) Quarterly Return for 4th Quarter from 01-01-2013 to 31-03-2013  –  Due date for Filing is 15-05-2013
  • Non Salary (Form 26Q) Quarterly Return for 4th Quarter from 01-01-2013 to 31-03-2013  –  Due date for Filing is 15-05-2013
  • Payment to Non Residents (Form 27EQ) Quarterly Return for 4th Quarter from 01-01-2013 to 31-03-2013  –  Due date for Filing is 15-05-2013
  • Issuing of Form 16 (Salary) to Employees – Due date is 31-05-2013.
  • Issuing of Form 16A (Non Salary) for 4th Quarter from 01-01-2013 to 31-03-2013 – Due date is 30-05-2013.
  • TCS Certificate Form 27D – Due date is 30-05-2013
Apr 032013

Tuition fees as a deduction under section 80C

The section 80c provides deduction from the taxable income for the tuition fees paid for his/her children .The upper limit for the deduction under this section is Rs 1 lakh. Parents are allowed to claim the deduction for their children’s tuition fees. This deduction is strictly available only  on the tuition fees paid and not the exam fee, sports fee, lab fee, admission fee or the hostel fee. A parent is individually allowed to claim deduction for two children , thus both the  parents can together claim deduction for four children. The deduction claim is permissible for only full time courses and not part time, coaching classes, distance learning or private tuitions. This however includes tuition fees for playschools and pre-nursery. The deduction is available on the amount paid by the individual and the period for which the payment is made is not to be considered.

Apr 032013


A  Mediclaim policy is one that refers to the medical insurance of individual, HUF, spouse, parents or dependent children, also known as health insurance .The section 80D of Income Tax Act provides for deduction of the payment made subject to the premiums of such medical policies. This exemption is over and above the deductions of Rs.1,00,000 under the section 80C. Medical insurance is vital in order to insure the health and safety of the family members, and it comes to aid in times of illness and makes up for your medical expenditure.

The medical premium varies with age, and as you grow older the premium increases.(Hence it is recommended that a senior citizen gets himself medically insured) The insurance can take place at any point of time between the age span of 18-59 yrs. As per the budget 2011-12, a senior citizen is a person of the age 60yrs or more. Before that, 65 yrs and more was considered as the age for senior citizens) the policy can be in the name of any of the following persons:

Individual or the taxpayer

Parents: Parents of the individual and of the spouse may be covered under this irrespective of their dependence on the assessee.

Dependent children: legitimate children or legally adopted children fall under this category and may be insured by the taxpayer. This includes male child who is unemployed, under the age of 25 yrs and he is a bonafide student fully dependent on the assessee . In case of a girl child, she is considered d as dependent until she is unmarried.

And in case of an HUF, any family member can be insured.

The total amount of deduction included under the section 80d mediclaim policies is Rs.35000. It is split into parts as shown below:

For an individual:

Basic deduction: The insurance premium of self, spouse and children is covered under this amount. Maximum deduction upto Rs.15000 is allowed .however, a deduction upto Rs.20000 is allowed in case the insured person is a senior citizen.

Additional deduction: Includes the medical premium paid for parents and a maximum deduction upto Rs.15000 is allowed. If the parent in this regard is a senior citizen then the amount is increased upto Rs.20000.

For HUF:

The premium can be paid for any member of HUF and the maximum deduction of Rs.15000 is permissible. Only when the person is a senior citizen the amount available for deduction is Rs.20000.

The medical premium is paid under medical insurance scheme of General Insurance Corporation approved by the Central Government or by any other insurer approved by IRDA (Insurance Regulatory and Development Authority).. Before 1st April 2009, the only mode of payment allowed was cheque. The payments for such premiums can now be made via any mode other than cash.