OPEN to the World

11/09/2012

TDS CORRECTION STATEMENTS

HOW TO MAKE CORRECTION STATEMENT FOR TDS RETURNS

1. Can I update a deductee record?
Yes. You can update a deductee record.
2. How can I update a deductee record?
You can update deductee details viz; PAN of deductee, name, amount etc. Steps to update a deductee record are as under:
· Identify the challan corresponding the deductee record to be updated by
o its sequence no as per regular statement
o CIN, deposit amount as per regular statement
· Identify the underlying deductee record to be updated by
o its sequence number as per regular statement under the challan identified as above.
o PAN of deductee, total tax deducted and total tax deposited as per regular statement.
· Update the deductee details as required.
· Along with the updated values, the correction statement should contain CIN, deposit amount in challan details, PAN of deductee, total tax deducted and total tax deposited in deductee details as per regular statement as well.
Example: In order to correct deductee PAN from PANINVALID to AAAPI0147G in the sixth deductee record of the fourth challan of the regular statement filed by you, the steps as under need to be followed:
1. Identify challan no. 4 and corresponding deductee record having sequence no. 6 as per regular statement
2. Update the value in the field deductee PAN to AAAPI0147G.
3. Ensure that the value in the field Last deductee PAN is PANINVALID, i.e. as per regular statement.
3. Can I add a deductee?
Yes. You can add a deductee record.
4. How do I add a deductee record?
You can add a new deductee records under an existing challan. The procedure for adding deductee records is as under:
· identify the challan corresponding the deductee record to be updated by
o its sequence no as per regular statement
o CIN, deposit amount as per regular statement

· Add the new deductee record
· Maintain sequence of the new deductee record in continuation to the sequence number of the last deductee record under the said challan as per regular statement add details of deductee in this record.
· Along with newly added deductee record, correction statement should contain value of CIN and deposit amount as per regular statement as well.
Example: If a regular statement filed by you has six challans and you wish to add five more deductees to challan 4 which has 4 deductees as per regular statement, the steps as under need to be followed:
1. Identify challan having sequence no. 4
2. Sequence of new deductee being added to 5 in the challan details section
3. Add underlying five deductees in the deductee annexure and associate them with challan having sequence no. 4.
5. Can I delete a deductee record?
Yes. You can delete a deductee record.
6. How can I delete a deductee record?
Steps to delete a deductee record are as under:
· identify the challan corresponding the deductee record to be updated by
o its sequence no as per regular statement
o CIN, deposit amount as per regular statement
· Identify the deductee record to be updated by
o its sequence number as per regular statement under the challan identified as above.
o PAN of deductee, total tax deducted and total tax deposited as per regular statement.
· Flag the deductee details to be deleted
· Along with the flag for deletion, the correction statement should contain CIN, deposit amount in challan details, PAN of deductee, total tax deducted and total tax deposited in deductee details as per regular statement as well.

11/09/2012

Thursday, 2 August 2012
RELAXATION IN COMPULSORY e-FILING OF IT RETURNS

Subject: Relaxation from compulsory e-filing of return of income for assessment year 2012-
13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg

Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided
family, if his or its total income or the total income in respect of which he is or it is assessable
under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return
electronically for the assessment year 2012-13 and subsequent assessment years.

2. It has been brought to the notice of the Board that the agents of non-residents, within the
meaning of section 160(1) (i) of the Income –tax Act, are facing difficulties in electronically
furnishing the returns of non-residents. This is because there may be more than one agent of the
non-resident in India for different transactions or a person in India may be an agent of more than
one non-resident. Such situations are not covered by the existing e-filing software which
functions on the principle of one assessee-one PAN-one return.

3. It has also been brought to the notice of the Board that ‘private discretionary trusts’ having
total income exceeding ten lakh rupees are facing problems in filing their return of income
electronically in cases where they are filing their return in the status of an individual. This is
because status of a private discretionary trust has been held in law as that of an ‘individual’. The
existing e-filing software does not accept the return of a private discretionary trust in the status
of an ‘individual’.

4. Accordingly it has been decided by the Board that:

(i) it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i)
of the Income –tax Act, if his or its total income exceeds ten lakh rupees, to electronically
furnish the return of income of non-residents for assessment year 2012-13;
(ii) it will not be mandatory for ‘private discretionary trusts’, if its total income exceeds ten
lakh rupees, to electronically furnish the return of income for assessment year 2012-13.

11/09/2012

REGISTRATION PROBLEM IN e-FILING


If you have e filing registration problem and error is shown as wrong name then follow this points

1. Name shown on pan card may some times different then recorded in the pan data base due to abbreviation used in the pan card.So don't rely on Pan name given on pan card.
2. If you are individual then Look at the fifth digit of the pan and reconcile it with your name detail fifth letter is representing surname. suppose your pan name is rajan kumar gupta. and your pan 5th digit is 'G' then put gupta in to sur name
3. but if 5th digit of the pan is 'k' then put kumar gupta in the surname column and if 5th digit is "R" then put rajan kumar gupta in the surname so fifth digit is important of the pan.
4. If you are registering pan other then individual then put whole name in surname column and leave blank first name and middle name .
5. If you are not able to get it right then Find First name,surname,middle name one by one. Put tentative names and get error details when one of fields remove from error list then try others.
6. Look at forth digit of your pan if it is p then it is allotted to a individual (personal)
7. know about forth digit detail from pan structure check here
8. Use Hit and trail method ,try each part one by one . Site will point point out which part is incorrect. Suppose First name is incorrect is shown , then it means Middle and surname is ok.So note down the correct part and try to change the only incorrect part.
9. Don't think about logic,that how my first name can be surname , it may be feeding mistake or mistake at the time of filing of Pan application by you , forget about the logic and try every thing possible as suggested above . We have already helped More than 10000 person to got register their pan at efiling site.
10. DOB is not remember, then mail your detail to [email protected] and reply will be received in one- two days.
11. Date of Birth problem in case of HUF:In some cases of HUF registeration on pan dob is written as "ancestral" in this case what should be dob? in this case use default date as 01/01/0001 ,yes ,use this date and u will be able to register on e filling portal .if this is not worked then try to use 01/01/2001.
12. If you are not able to register even after applying all the trick and wanted to e file your return then you can file return through e intermediatry .No need to register at efiling site of income Tax department .ITR-V will be sent to you through mail.
13. Correct Father's name as per pan data base is not mandatory for registration so Put father's name as per actual.
14. For password reset and link activation, please send login credentials to [email protected] . Mails pertaining to these subjects will not be entertained at any other mail id. See details about How to reset password at www.incometaxindiaefiling.gov.in here
15. Check your PAN AO code , Ward circle range complete Jurisdiction Detail
16. Please Note that to register at Income Tax India E filing site You must use Internet explorer or Firefox mozila ,Google chrome is not compatible .However after Registration Chrome is also working Fine.

11/09/2012

Friday, 3 August 2012
GOT A PROBLEM IN e-FILING ?????
E FILING INCOME TAX RETURN COMMON PROBLEMS AY 2012-13

http://www.simpletaxindia.net/2012/07/e-filing-income-tax-return-common.html

Common problem in efiling Faq e filing , registration problem, xml generation problem, revised return.

11/09/2012

ALL THE INFORMATIONS YOU WANT ABOUT KERALA VAT :- Please clik the following link
http://comtax.kerala.gov.in/KVAT/HAND_BOOK_eServices.pdf

11/09/2012

Saturday, 4 August 2012
5 SIMPLE STEPS FOR TDS e-FILING

Filling e-TDS return is compulsorily for company and government deductors as per section 206 of Income tax law. So, it is the need of time to learn how to fill e-TDS return, if you are interested to work as accountant in company or government sector.

Before learning simple steps, you should know, what is e-TDS? E-TDS means electronic tax deducted at source. It is duty of above mentioned deductors to deduct the amount income tax when they pay to others and prepare return in form No.24, 26 or 27 or 24Q, 25Q or 26Q in electronic media as per prescribed data structure in either a floppy or a CD ROM. The floppy or CD ROM prepared should be accompanied by a signed verification in Form No.27A.




Central Board of Direct Taxes (CBDT) has appointed National Securities Depository Ltd.(NSDL), Mumbai as e-TDS Intermediary.

5 Simple Steps for filling e- TDS Return

Ist Step

Choose the format or data structure for preparing e-TDS return

Income tax department and NSDL have made different format according to nature of payments. So, accountant should choose any one from following format.

1. (a) Annual e-TDS return:

o File Format for Form 24
o File Format for Form 26
o File Format for Form 27

(b) Annual e-TCS return:

o File Format for Form 27E

(c) Quarterly return:

o File Format for Form 24Q
o File Format for Form 26Q
o File Format for Form 27Q
o File Format for Form 27EQ

Data structure for Form 24Q of the quarter ending 31-March

2nd Step

E-TDS return for successful acceptance

1. E-TDS clean text ASCII format: You can use any software like ms excel, compu tax or Tally.ERP or NSDL’s software Return Preparation Utility (e-TDS RPU-Light) for making e-TDS return but E-TDS file formats must be in clean text ASCII format with 'txt' as filename extension.
2. Correct Tax deduction Account Number (TAN) of the Deductor is clearly mentioned in Form No.27A as also in the e-TDS return, as required by sub-section (2) of section 203A of the Income-tax Act.
3. The particulars relating to deposit of tax deducted at source in the bank are correctly and properly filled in the table at item No.6 of Form No.24 or item No.4 of Form No.26 or item No.4 of Form No.27, as the case may be.
4. The data structure of the e-TDS return is as per the structure prescribed by the e-Filing Administrator.
5. The Control Chart in Form 27A is duly filled in all columns and verified and as enclosed in paper form with the e-TDS return on computer media.
6. The Control totals of the amount paid and the tax deducted at source as mentioned at item No.4 of Form No.27A tally with the corresponding totals in the e-TDS return in Form No. 24 or Form No. 26 or Form No.27, as the case may be.
7. Bank Branch code or BSR code is a 7 digit code allotted to banks by RBI. This is different from the branch code which is used for bank drafts etc. This no. is given in the OLTAS challan or can be obtained from the bank branch or from www.tin-nsdl.com. It is mandatory to quote BST code both in challan details and deductee details. Hence, this field cannot be left blank. Government deductors transfer tax by book entry, in which case the BSR code can be left blank.











3rd Step

Validate or verify your prepared e-TDS return

After the file has been set as per the file format, it should be verified using the File Validation Utility(FVU) (download here ) provided by NSDL.





4th Step
Rectify the errors and verify the file

In case file has any errors the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU.





5th Step

Filling of e-TDS Return

A ) Go to TIN – FC ( center) near to your office

e-TDS returns can be filed at any of the TIN-FC opened by the e-TDS Intermediary for this purpose. Addresses of these TIN-FCs are available at the website onhttp://www.incometaxindia.gov.in/ or at http://www.tin-nsdl.com/ .


B) Filling of e-TDS Return Online

Now, you have also facility to file your e-TDS return online for this you have to register to NSDL.

Tax Information Network (TIN) is an initiative by Income Tax Department of India (ITD) for the modernization of the current system for collection, processing, monitoring and accounting of direct taxes using information technology. Know more