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You are here: Home / Archives for April 2009

TDS Certificate Forms 16 & 16A Changed by CBDT!

April 30, 2009 By taxworry 1 Comment

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Excerpt: UPDATE!From 1/4/2009 , the rule regarding deposit of tax ,issuing certificate and reporting through returns have been changed .As such the form 16 & 16A have been changed by CBDT vide this notification        and also new Form 17 has been introduced for depositing the tax deducted at source.The new Form 16 , 16A & 17 may be downloaded from here.Read more about change in relevant rules for deduction of tax in this article New TDS Payment Challan Introduced and Now Deposit TDS/TCS By Online Method Mandatory For All!All the things written below is valid upto 31/3/2009Now the tax deductor…

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Filed Under: Forms, TDS Tagged With: ,

Which Tax Return Form Should Be Used In Case Of One Time Counsltancy Fee Receipt!

April 30, 2009 By taxworry Leave a Comment

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Excerpt: I have income from pension and interest only. But I have one casual income for the year ending 31-3-2009, a one-time consultation fee for service rendered from a private company. What IT form should I use now? Earlier years, I had used ITR 1.R.V.Ramachandran , BangloreITR-4 is used by person receiving income from “business or profession”. Consultancy fee certainly comes within purview of meaning of “income from profession”. However, in the light of facts that you are paid one-time consultancy fee, complete facts of the case can only show whether the one time payment should be assessed under the head ‘income…

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Filed Under: Filing of Return

What Are The Tax Benefits to Winners of Galantry Awards?

April 28, 2009 By taxworry 2 Comments

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Excerpt: I am an army officer who has been awarded Sena Medal for Gallantry. I am in active service, what kind of tax benefits/exemptions do I get. Please tell me the authority, act etc which I can quote to the relevant authorities. Abhishek Singh, Delhi Sena Medal is  an Indian Military decoration which is awarded to members of the army, of all ranks, “for such individual acts of exceptional devotion to duty or courage as have special significance for the Army.” However,Sena Medal(Distinguished) is given for distinguished service carried out by any soldier,not in the face of enemy. From 1 February 1999, the central government set…

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CBEC Clarifies What is Export of Service For The Service Tax Purpose By A Circular!

April 25, 2009 By taxworry Leave a Comment

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Excerpt: Confusion on the “Service of Exports ” have been tried to be clarified by CBEC through a circular dated the 24th February, 2009 stating that the relevant factor is the location of the service receiver and not the place of performance . Read the circular given belowF.No.137/307/2007-CX.4 (Pt.) Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Excise & Customs)***** New Delhi, dated the 24th February, 2009. Subject: Applicability of the provisions of the Export of Services Rules, 2005 in certain situations In terms of rule 3 (2) (a) of the Export of Services Rules 2005, a taxable…

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CBDT Extends Dates For Claiming Higher Depreciation Benefits on Commercial Vehicle Purchase!

April 25, 2009 By taxworry Leave a Comment

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Excerpt: It was reported earlier on this blog CBDT Notifies Enhanced Depreciation and Changes Due Date For Filing Quarterly Statements of TDS in Case Of Non Residents . Now the Central Board of Direct Taxes have issued a notification vide S.O. 989(E) dated 21st April 2009 (NotificationNo.37/2009/F.No.142/01/2009-TPL) to this effect, substituting the words “1st day of April 2009”with the words “1st day of October 2009”. As per the press release by CBDT “The benefit of enhanced depreciation on commercial vehicles has been extended up to30th September 2009. Now, commercial vehicles acquired on or after 1st January 2009 and put to…

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How To File TDS Return Without Sufficient Numbers of PAN of Deductees?

April 24, 2009 By taxworry Leave a Comment

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Excerpt: As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS statements with a threshold limit of Permanent Account Number (PAN) of deductees. ReadPAN Percentage FOR TDS/TCS Return Enhanced!NSDL has put following solution for overcoming problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the deductees who have intimated their PAN, the Income Tax Department (ITD) has specified the following procedure for filing TDS/TCS returns:Deductors can file a return containing deductee records which meets the specified threshold limit of PAN quoting, i.e.,…

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Filed Under: Filing of Return, How Tos, TDS Tagged With: , , , , , , , , ,

Download Return For Assessment Year 2009-10

April 24, 2009 By taxworry Leave a Comment

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Excerpt: The New return Forms ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 ,ITR-6, ITR-7,ITR-8 and Acknwledgment for Assessment year 2009-10 have been notifed and now can be downloaded. For this reason, you should not use the old forms valid for Assessment Year 2008-09 . Download the forms from below:ITR-1 …

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Filed Under: Filing of Return

How To Verify Tax Payment Status Through SMS?

April 24, 2009 By taxworry Leave a Comment

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Excerpt: Now the status of tax payments through challans can be verified through SMS. This facility has been launched by NSDL. The procedure of verifying the tax through SMS is as underThe tax payer can send an SMS to 575758 with a message containing the word CSI followed by a space and CIN provided by the respective Bank at the time of making the Direct tax payment.The CIN should be separated by comma (,).Challan Identification Number (CIN ) consists of details such as BSR Code of Collecting Branch (seven digit) , Challan Tender Date (DDMMYYYY) and Challan Serial No (length less…

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Can Exemption u/s 54F Be Claimed For Buying Two Adjacent Flats Joined By Breaking Internal Wall?

April 22, 2009 By taxworry 2 Comments

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Excerpt: I plan to buy two adjacent flats in Mumbai. These two flats are already joined by breaking-down the internal wall between these flats. As these two flats are in the name of two different people (spouse of each other) there would be two sale agreements. The source of the funds to buy these two flats would be proceeds from sale of an assets (long term capital gain from sale of shares), my own existing savings and bank loan. Right now, I do not have any property in my name. I want to know if I can avail benefits under Sec.54F…

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Filed Under: Exemption, capital gains Tagged With:

Is Payment To Travel Agent Requires TDS To Be Made?

April 21, 2009 By taxworry Leave a Comment

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Excerpt: Will TDS be deducted from the payment to be made to the travel agent for the contract to be made with the travel agent ? CA BHARATKUMAR GOVINDBHAI PATEL , AhmedabadTDS us/ 194C required to be made if there is a contract between Specified Person and a contractor for doing a Work where the single payment for the work is Rs 20,000 or more or during the whole year , aggregate payment exceeds Rs 50,000.Specified persons means Company,Govt,Corporation,Co-opertive society,any statutory authority and includes Individual and HUF having business turnover exceeding Rs 40 Lakhs in year previous to the year…

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