Saturday, November 17, 2012

Income Tax Calculator in excel – A.Y. 2013-14


Download Income Tax Calculator in excel – A.Y. 2013-14


Income tax Calculator in excel format for Assessment Year 2013-14 or Financial year 2012-13 calculates tax payable by you on various source of income. It can calculate tax for all categories of Individuals including senior citizens and very senior citizens. It can calculate tax on all categories of income including business income, house property income, capital Gains, income from other sources etc.  Calculator is easy and user friendly. Calculator not only consider income from various heads but it also considers the following :-
1. Set off of Current Year Losses
2. Set off of Brought Forward Losses
3. Rebate on Agricultural Income
4. Tax on Income Taxable at special rates i.e. Capital Gain, Inning from Lottery etc.

Download Income Tax Calculator in excel – A.Y. 2013-14

Tuesday, May 29, 2012

Tally Solution


MERGE LEDGER DELETE LEDGER TALLY 7.2 TALLY 9 TALLY 9 (3 BETA)

Merge Two account ledger in tally  Features of the Utility:Allows you to merge vouchers of two Ledgers. Here's an illustration of a situation wherein this feature can be useful. Mr X had been posting his routine expenses into various ledgers a/c as show below:- a) Newspaper Expenses b) Tea Expenses c) Office Expenses. However,...
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6RECYCLE BIN FOR TALLY 7.2 -TALLY 9- TALLY ERP 9

Computer do The work very fast but create bug/error very fast too.Some time we want to create a shortcut for a file and clicks "delete button'but that Bill Gates ,there is recycle bin in windows, from where we can easily restore file deleted by accident. The same Thing can now be done in Tally also ,Yes you an retrieve your voucher...
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0TALLY SHORT CUTS-TIPS -USE TALLY IN SIMPLE WAY-SERIES III

After very good response for two tally tips publications ,Now I am publishing the 10 New tips for tally user so that you may used the tally in more efficient and better way .This tally tips can be viewed below and can also be downloaded in pdf format from the Link given below.Loading of viewer may be slow according to your net speed.Further you are requested to kindly share your experience about Tally software in comment...
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0TALLY TIPS SERIES TWO -LEARN TALLY IN SIMPLE WAY

After Getting very Good response from you ,I am today publishing the second series of tally short cuts and tips for using the simplest accounting software in more easier way.This tips are very useful and is definitely reduce the time taken to do the slimier Jobs .Moreover it will also enhance your capability to use the tally software.This time feature like Name & Mailing Name,Financial Year & Books Beginning from,Delete...
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0TALLY.ERP 9 TEN TIPS -MAKE EASIER TO USE TALLY ERP 9

I have collected thirty useful tips to run the tally easily and more efficient way .Today,I am publishing 10 tally tips only and publishing other twenty after your response.This tips are for tally.ERP 9 but few tips are also working in earlier version also .All tally Tips are shown with relevant pictures so that it is easy to understand the tips and you can learn it step by step.Due to many picture shown in the post ,this post...
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TALLY SHORTCUT KEYS :USE TALLY FAST-SIMPLE WAY

TALLY is most powerful and simple Accounting tool /programme and now its a ERP .Most of us have used this programme or using it .Its a very simple but here are few shortcut keys which make it more easy to operate and increase your efficiency while using the Tally.One of most commonly used are 1 Alt+C =Account creation while you...
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ITR Forms 12-13


INCOME TAX RETURN FORMS AY 2012-13 DOWNLOAD ITR-1,ITR-2,ITR-3 ITR-4,4S

Income Tax Return form for assessment year 2012-13 has been released by Income Tax department .ITR-1 (Sahaj) ,ITR-2 ,ITR-3, ITR-4  and ITR-4S( sugam) has been released . ITR-5 and ITR-6 can only be filed through e filing mode hence these has not been released in PDF formatyet.Further E filing of income Tax return for assessment year 2012-13 has not been started at incometaxindia efiling site .

Due date to File income tax return for Assessment Year 2012-13 for non -audit cases is 31.07.2012. Rules 12 for filing of income tax return has been amended and now Individual/ HUF having income exceed 10 Lakh have to e file their return with or without digital signature.

Further resident (but other than not ordinarily resident)and individual /HUF having interest in entity outside India are also required to file return through e filing mode only irrespective of their income.

No major Changes has been made in income tax return form except details of interest in entity /Banks balance etc outside India have to be furnished in Income Tax return form .For these special columns has been provided.
Person having total taxable income up to Rs 5 lakh Salary income from one employer including saving bank interest up to Rs 10000 is exempted from Income tax return for assessment year 2012-13 (read details here)Exemption from return filing up to 5 Lakh Ay 2012-13

Download Income Tax return forms in PDF format for Assessment year 2012-13 (previous year 2011-12)  
 720  453 370 ShareThis1579 
Which Income Tax return form Should you use.


Compulsory / Mandatory E filing of Return with digital signature and without digital signature 




Income Tax Return filing  mandatory if your Individual/HUF  income is more than 10  Lakh in Fy 2011-12.So you have e File your return Read notification .However he may file with or without digital signature.
So if your Income is more than 10 Lakh then you have to e file you income tax return and you can not submit income tax return on paper Form.

Before filing of Income Tax return you should check your Tax deducted deposited and collected through Form 26AS. How to check Form 26AS in three ways is available here


Income Tax return Up to 5 Lakh is exempted for salaried person for Asessment year 2012-13 up to taxable income of 5 Lakh Salary including saving bank interest up to ten thousand.


If you have not sign ur online return with digital signature then uploading of xml file on e filing site is not enough ,Please furnish the Form ITR-V to the Income Tax Department , CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka BY ORDINARY POST ONLY within 120 days after the date of transmitting the data electronically .


tags:ITR-6 in excel format, ITR-7 in excel format, ITR-1 SAHAJ in word format, ITR 2 in word format, ITR 3 in word format, SUGAM (ITR-4S) in word format, ITR-4 in word format, ITR 5 in word format, ITR-6 in word format, ITR-7 in word format, ITR-1 SAHAJ in PDF format, , Download ITR-4 A.Y. 2012-13 Download ITR 5 A.Y. 2012-13, DownloadITR-6 A.Y. 2012-13, Download ITR-7 A.Y. 2012-13, Download ITR-1 SAHAJ, Download ITR 2, Download ITR 3, Download SUGAM (ITR-4S), Download ITR-4, Download ITR 5, Download ITR-6, Download ITR-7 , ITR-1 SAHAJ in excel format, ITR 2 in excel format, ITR 3 in excel format, SUGAM (ITR-4S) in excel format, ITR-4 in excel format, ITR 5 in excel format.,ITR 2 in PDF format, ITR 3 in PDF format, SUGAM (ITR-4S) in PDF format, ITR-4 in PDF format, ITR 5 in PDF format, ITR-6 in PDF format, ITR-7 in PDF format,Download ITR-1 SAHAJ A.Y. 2012-13, Download ITR 2 A.Y. 2012-13, Download ITR 3 A.Y. 2012-13, Download SUGAM (ITR-4S) A.Y. 2012-13


TDS Rate Chart


TDS RATE CHART FY 2012-13 TCS RATES CHART AFTER BUDGET 2012 WEF 01.04.2012

TDS(tax Deducted at source) Rate chart for Financial year 2012-13 is given below for your ready reference . TCS( Tax collection rate chart ) for financial year 2012-13 is also given here under. In Budget 2012 Very few changes has been made in TDS rates and cut off amounts.However few new items has been inserted on which TDS is required to be deducted .Like Purchase of Immovable property ,and TCS on jewellery sale etc. Complete details Of TDS rate changes , Tcs rate changes, Due date to deposit TDS , Due date for Form 16, Due date for Form 16A , Due date for ETDS return Form 24Q,Penalty and interest provision for late deposit of TDS ,consequences for default in filing of Etds Return , TDS rate applicable in case of Non submission of PAN ,TDS rate applicable on service tax or not , on job work or not , which rate is applicable to individual , HUF , who should deduct TDS , who should not deduct tds ,whether tds should be deducted on service tax on rent or professional services all such queries has been replied here
under.
Download Link for full complete post is give in the end.
we will update this post regularly ,if their is any mistake ,error then please point out this in comment section.

Sl. No.
Section Of Act
Nature of Payment in brief
Cut Off Amount
Rate %
01.04.2012
01.07.2012
HUF/IND
Others
1
192
Salaries
Salary income must be more thenexemption limit after deductions.
Average Rate
2
193
Interest on debentures
2500
5000
10
10
3
194
Deemed dividend
-
-
10
10
4
194A
Interest other than Int. on securities (by Bank)
10000
10000
10
10
4A
194A
Interest other than Int. on securities (By others)
5000
5000
10
10
5
194B
Lottery / Cross Word Puzzle
10000
10000
30
30
6
194BB
Winnings from Horse Race
5000
5000
30
30
7
194C(1)
Contracts
30000
30000
1
2
8
194C(2)
Sub-contracts/Advertisements
30000
30000
1
2
9
194D
Insurance Commission
20000
20000
10
10
10
194EE
Payments out of deposits under NSS
2500
2500
20
-
11
194F
Repurchase of units by MF/UTI
1000
1000
20
20
12
194G
Commission on sale of lottery tickets
1000
1000
10
10
13
194H
Commission or Brokerage
5000
5000
10
10
14
194I
Rent (Land & building)
180000
180000
10
10
Rent (P & M , Equipment, furniture & fittings)
180000
180000
2
2
15
194J
Professional/Technical charges/Royalty & Non-compete fees
30000
30000
10
10
16
194J(1)(ba) 
Any remuneration or commission paid to director of the company(Effective from 1 July 2012)
NA
NIL
10
10
17
194LA
Compensation on acquisition of immovable property
100000
200000
10
10
18
194LLA
Payment on transfer of certain immovable property other than agricultural land (Finance Minister has withdraw TDS on such transaction on 07/05/2012)
 (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) 
withdrawn by Finance Minister on 07/05/2012no tds on such transactions 

Note:
  1. Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
  2. TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
  3. No TDS on Goods Transport  :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
  4.  Surcharge on Income-tax is not deductible/collectible at source in case of  individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
  5.  
    In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000. 
  6. NoCess on payment made to resident:Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
TDSMAN is a simple to use software ideally suited for filing eTDS returns. Among a host of features it offers, the software can be used for F.Y 2012-13 and all previous years. This implies that apart from all quarters of 2012-13, one can also file returns for 4th quarter of 2011-12 or earlier quarters 

This software is fully updated to support latest FVU version. It also has an inbuilt module for “Correction Returns” which is extremely helpful in correcting the regular returns.
  1. Download Free Trial of TDSMAN
  2. Watch Video Demo of TDSMAN software
  3. Place an order for TDSMAN software 
Download this post complete with detail of changes in 

 

TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business & Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the preceding financial year shall not be liable to deduct tax u/s.194A,194C, 194H, 194I & 194J.So no tax is deductible by HUF/Individual in first year of operations of business even sales/Fees is more than 100/25 Lakh.



TCS (tax collection at source rates fy 2012-13)(read more details by Tax collection at source)


Sl.No.
Nature of Goods
Rates in %
1
Alcoholic liquor for human Consumption
1
2
Tendu leaves
5
3
Timber obtained under  forest lease
2.5
4
Timber obtained by any mode other than a forest lease
2.5
5
Any other forest produce not being timber or tendu leaves
2.5
6
Scrap
1
7
Parking lot
2
8
Toll plaza
2
9
Mining & Quarrying
2
10
Minerals, being coal or lignite or iron ore 
1 wef 01.07.2012
11
Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 5 lakhs in jewellery and two lakh in case of Bullion) 
1 wef 01.07.2012


Due date to Deposit TDS and TCS

“Time and mode of payment to Government account of tax deducted at source or tax paid under sub­ section (1A) of section 192.

Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐

(a) on the same day where the tax is paid without production of an income‐tax challan; and

(b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.
Tax to be deducted by Govt  Office
1
Tax deposited without challan
Same day
2
Tax deposited with challan
7th of next month
3
Tax on perquisites opt to be deposited by the employer
7th of next month
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government ‐

(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
(b) in any other case, on or before seven days from the end of the month in which‐
  1. the deduction is made; or 
  2. income‐tax is due under sub‐section (1A) of section 192. 
Tax deducted by other
1
tax deductible in March
30th April of next year
2
other months & tax on perquisites opted to be deposited by employer
7th of next month
(3) Notwithstanding anything contained in sub‐rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table:‐
SrNo
Quarter ended On
Date of payment
1
30th June
7th July
2
30the September
7th October
3
31st December
7th January
4
31st March
30Th April

Person required to file ETDS Return Filing due Dates 

NOTIFICATION No. 238/2007, dated 30-8-2007.Now following person are liable to file etds/etcs return.

1. All Government department/office or
2. All companies.or
3. All person required to get his accounts audited under section 44AB in the immediately preceding financial year; or
4 The number of deductees’ records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty, 
DUTIES OF TAX DEDUCTOR/COLLECTOR
  1. To apply for Tax Deduction Account Number (TAN) in form 49B, in duplicate at the designated TIN facilitation centers of NSDL(please see www.incometaxindia.gov.in), within one month from the end of the month in which tax was deducted.
  2. To quote TAN (10 digit reformatted TAN) in all TDS/TCS challans, certificates, statements and other correspondence.
  3. To deduct/collect tax at the prescribed rates at the time of every credit or payment, whichever is earlier, in respect of all liable transactions.
  4. To remit the tax deducted/collected within the prescribed due dates by using challan no. ITNS 281 by quoting the TAN and relevant section of the Income-tax Act.
  5. To issue TDS/TCS certificate, complete in all respects, within the prescribed time in Form No.16(TDS on salaries), 16A(other TDS) 27D( TCS).
  6. To file TDS/TCS quarterly statements within the due date.
  7. To mention PAN of all deductees in the TDS/TCS quarterly statements.
CONSEQUENCES OF DEFAULT

Failure to deduct or remit TDS /TCS(full or part)
  • Interest:Interest at the rates in force (12% p.a.) from the date on which tax was deductible /collectible to the date of payment to Government Account is chargeable. The Finance Act 2010 amended interest rate wef 01.07.2010 and created a separate class of default in respect of tax deducted but not paid to levy interest at a higher rate of 1.5 per cent per month, i.e. 18 per cent p.a. as against 1 per cent p.m., i.e. 12 per cent p.a., applicable in case the tax is deducted late after the due date. The rationale behind this amendment is that the tax once deducted belongs to the government and the person withholding the same needs to be penalized by charging higher rate of interest Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.
  • In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3 months to 7 years and fine can be levied.
  • Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of TAN :Penalty of Rs.10,000 is leviable u/s.272BB(for each failure)
  • Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time or Failure to furnish statement of perquisites in time or Failure to file Quarterly Statements in time: For each type of failure, penalty of Rs.100/- per day for the period of default is leviable. Maximum penalty for each failure can be up to the amount of TDS/TCS.
New Section for Penalty for non submission of ETDS /ETDS return (section 271H)(applicable from 01.07.2012)
  • Failure to deliver statement within time prescribed u/s 200 (3) or to the proviso to sub-section (3) of section 206C may liable to penalty which shall not be less than Rs. 10,000/- but which may extend to Rs. 1,00,000/-. No penalty if payment of tax deducted or collected along with fee or interest and delivering the statement  afforsaid before the expiry of 1 year from the  time prescribed for delivering the such statement. However No penalty shall be imposed u/s 271H if the person proves that there was reasonable cause for the failure.(section 273B) 
Assessee In default (amendment in section 201)


The Deductor will not to be treated as assessee in Default provided the resident payee has furnished his return u/s 139 and has taken into account such  amount for computing  income in such Return of Income and has paid the Tax Due on the income declared by him in such return of income and furnishes a certificate to this effect, duly certified by a CA, in the prescribed form. This form is yet to be notified.  

However, the interest for not deducting tax would be  payable from the date on which such tax was collectible till the date of  furnishing of return of  income by the resident payee. 

The limit of passing orders under section 201(1) increased from 2 years to 6 years (retrospective amendment wef 1-04-2010) 


Due Dates For ETDS returns (Form 24Q for salary and 26Q for contractors others ,27Q for Non-resident
Due date ETDS return 24Q, 26Q 27Q and Form16 ,Form 16A
Sl. No.
Quarter ending
From 01.11.2011 on wards For Govt offices 
For other deductors
Etds return
Form 16A
Etds return
Form 16A
1
30th June
31st July
15th August
15th July
30th July
2
30th September
31st October
15th November
15th October
30th October
3
31st December
31st January
15th Feburary
15th January
30th January
4
31st March
15th May 
30th May        (31st May   for form 16)
15th May
30th May        (31st May for form 16)

Download Full Notification 41/2010.right click on link and select save target as or save link as as the case may be "

GENERAL INFORMATION
  1. Deduction at lower or nil rate requires certificate u/s.197, which will take effect from the day it is issued. It cannot be used retrospectively.
  2. If TDS/TCS certificate is lost, duplicate may be issued on a plain paper giving necessary details marking it as duplicate.
  3. Refund can be claimed by the deductee on filing of return of income.
  4. Even if the recipient of payment has shown it in his income-tax return and paid the taxes thereon, the deductor/collector who has failed to deduct/collect tax will be liable to pay interest and penalty.

Other Point to be Noted
Download this post complete with detail of changes in 
TDS rates and TCS rates in Fy 2012-13 (Budget 2012)

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Read more: http://www.simpletaxindia.net/2012/04/tds-rate-chart-fy-2012-13-tcs-rates.html#ixzz1wHsT917P

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