Responsibilities of person who is responsible for deduction of TDS on salary (Part 3- of Circular No. 17/2014)

4.PERSONS RESPONSIBLE FOR DEDUCTING TAX AND THEIR DUTIES: 4.1. As per section 204(i) of the Act, in case of payments other than payments by the Central Government or the State Government, the “persons responsible for paying” for the purpose of Section 192 means the employer himself or if the employer is a Company, the Company itself including the Principal Officer … Read more

Format of Form No. 12BA (Part 6 of Circular 17/2014)

ANNEXURE-II        1)      Name and address of employer :   3)    TDS Assessment Range of the employer :     (where the employer is a company) 6)      Income under the head “Salaries” of the employee : (other than from perquisites)   8)      Valuation of Perquisites S.No Value of Amount of     (see … Read more

Person Responsible for filing Form No. 24G in case of State Govt. Departments (Part -8 of Circular 17/2014)

    1.  Under what income tax rule should Form 24G be filed? Income-tax Department Notification no. 41/2010 dated May 31, 2010amended the Income Tax Rule 30 which mandates that in case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan … Read more

PROCEDURE OF PREPARATION OF QUARTERLY STATEMENT OF DEDUCTION OF TAX UNDER SECTION 200(3) OF THE ACT (Part -9 of Circular 17/2014)

ANNEXURE VI POINT NO. 4.9 OF CIRCULAR OF DEDUCTION OF TAX AT SOURCE FROM SALARIES U/S 192 OF THE INCOME TAX ACT, 1961 – FINANCIAL YEAR 2014-15 – PROCEDURE OF PREPARATION OF QUARTERLY STATEMENT OF DEDUCTION OF TAX UNDER SECTION 200(3) OF THE ACT 1.    Quarterly e-TDS statement/return should be prepared by Deductor/DDO as per … Read more

FORMAT OF DECLARATION TO BE FILED BY THE ASSESSEE CLAIMING DEDUCTION U/S 80 GG (Part-11, of Circular 17/2014)

      I/We………………………………………………………………………………………….. ( Name of the assessee with permanent account number) do hereby certify that during the previous Year………….I/We had occupied the premise………………………….(full address of the premise) for the purpose of my/our own residence for a period of…………………..months and have paid Rs. ………………. In cash/through crossed cheque, bank draft towards payment of rent … Read more

Interest Subvention Scheme for National Rural livelihoods Mission (NRLM)

RBI/2014-15/342FIDD.GSSD.CO.BC.No.45/09.01.03/ 2014-15 December 09, 2014 The Chairman / Managing DirectorAll Public and Private Sector Banks Dear Sir / Madam, National Rural livelihoods Mission (NRLM) – Aajeevika – Interest Subvention Scheme Please refer to our circular RPCD.GSSD.CO.BC.No.57/09.01.03/2013-14 dated November 19, 2013 on Interest Subvention Scheme under National Rural Livelihoods Mission (NRLM). 2. The revised guidelines for the year … Read more

RBI Introduced “Jeevan Pramaan”, a Digital Life Certificate for Pensioners

RBI/2014-15/343DGBA.GAD.H- 2529/45.01.001/2014-15 December 9, 2014 The Chairman/Chief Executive OfficerAll agency banks Dear Sir Introduction of Digital Life Certificates for Pensioners As per the present scheme for payment of government pension, pensioners are required to furnish a life certificate in November every year to the bank concerned for continued receipt of pension without interruption. Even though … Read more

Anti-dumping duty on imports of cable ties, originating in or exported from People’s Republic of China and Chinese Taipei, for a period of five years

TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY]                                                            GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)   Notification No. 47/2014-Customs (ADD)   New Delhi, the 9th December, 2014                           G.S.R.       (E). – Whereas, the designated authority, vide  notification No. 15/20/2013-DGAD, dated the 17th October, 2013, published in the Gazette … Read more

The registration requirement for export of cotton yarn (Tariff Codes 5205, 5206 & 5207) has been dispensed

To be published in the Gazette of India Extraordinary Part II Section 3, Sub Section (ii)   Notification No. 103(RE-2013)/2009-14 New Delhi, Dated 8 December, 2014     2. The existing entries stipulated against Sl. No. 200, 201 & 202 in Chapter 52 of Schedule 2 of ITC(HS) Classification of Export & Import Items are … Read more

Every assessee make available the records for the scrutiny of the officer or the audit party – Service Tax Third Amendment Rules 2014

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]   GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS     NOTIFICATION No. 23/2014-SERVICE TAX   New Delhi, the 5th December, 2014 14 Agrahayana, 1936 Saka   G.S.R.    (E).-    In exercise of the powers conferred by clause (k) … Read more