Download ITR 1,2,3,4 For A.Y 2013-14 in Excel & Pdf

Click Here To Download :ITR 1,2,3,4

Download Form-16 (Part-A and B) & Form-16A is mendatory from TRACES w.e.f. 31.05.13

Posted by R.D. Bhalekar Posted on 8:30:00 AM

All  TDS Deductors/Deductees can download TDS Certificate (Form 16 (Part A) and Form 16A) from TRACES. The file will be provided in text format and will contain certificate details for all requested PANs. Deductor will have to convert the text file into PDF using TRACES PDF Generation Utility. This utility will convert the text file into individual PDFs for each PAN. The same utility can be used to convert text file for Form 16 / 16A. The certificate should specify the amount of tax deducted and rate at which it is deducted Form No. 16A, under Rule 31.

Download TRACES PDF Generation Utility Ver.

Download Form-16 (Part-A and B) & Form-16A is mendatory from TRACES w.e.f. 31.05.13

Posted by R.D. Bhalekar Posted on 8:30:00 AM 

All  TDS Deductors/Deductees can download TDS Certificate (Form 16 (Part A) and Form 16A) from TRACES. The file will be provided in text format and will contain certificate details for all requested PANs. Deductor will have to convert the text file into PDF using TRACES PDF Generation Utility. This utility will convert the text file into individual PDFs for each PAN. The same utility can be used to convert text file for Form 16 / 16A. The certificate should specify the amount of tax deducted and rate at which it is deducted Form No. 16A, under Rule 31.

Download TRACES PDF Generation Utility Ver. 1.3L

Procedure to install utility

• Download the PDF Generation Utility by logging in to TRACES. Click on 'Requested Downloads' under 'Downloads' menu then click on 'TRACES PDF Generation Utility' link
• Unzip and save the utility on your desktop
• Double-click on the utility (exe) and click on 'Run'
• Utility will be installed on your desktop
• Click here for installation procedure

 Procedure to convert text file into PDF

• Open the utility from your desktop and select the text file
• Select the digital signature to digitally sign the Form 16 / 16A
• Generate PDFs
• If PDF is not digitally signed, deductor should manually sign the printed Form 16 / 16A before sending it to Tax Payers

Notes:

• TRACES PDF Generation Utility should be used to convert text file for Form 16 / 16A into individual PDFs
• Download the utility and install it on your desktop
• Pass the text file through the utility to generate PDFs for individual PANs
• You can opt for manual / digital signature for the PDFs
• File name for Form 16 / 16A text file will be as mentioned below. TAN will be masked
  • Form 16 - _Form16_, e.g., ABCxxxxx5E_Form16_2012-13.zip
  • Form 16A - _Form16A__, e.g., ABCxxxxx5E_Form16A_2012-13_Q2.zip
• Password for Form 16 / 16A text file is TAN of deductor. Enter password to open file
• File name for individual PDF files will be as mentioned below. PAN will be masked
  • Form 16 - Form16__, e.g., Form16_2012-13_ABCxxxxx4F
  • Form 16A - Form16A___, e.g., Form16A_2012-13_Q2_ABCxxxxx4F
• There is no password for individual PDF files 

Download ITR for AY 2013-14(FY 2012-13) In Excel & PDF

Click Here to Download:ITR for AY 2013-14

EPF CHALLAN IN EXCEL SOFTWARE FREE FOR EPFO ESEWA NEW VER 1.21

Update :Download Now Version 1.21 (read changes in new version)

Few Days back we have registered ourselves to EPFO e-sewa and prepare challan after reading instruction one by one .Its takes three and Half hour to prepare one challan for just 7- 8 person .We have to read all the instruction and do every thing by Hit & trail method .Next day we have searched free software for  challan preparation for ECR (EPF challan cum return) but not found any thing concrete. But few Days Back Mr Datha3 shared a free software to prepare EPFO esewa challan Text file through use of Microsoft excel Macro's .We have tried it and its working fine.

Now they have come up with improved version of free challan software to prepare Text file for EPFO e-sewa challan software in excel with use of macro's.with the help of this software you can prepare text file to upload at epfo esewa by filing simply in excel sheet. Please go through EPFO guidelines also.

while using this software Keep following points in Mind

1. Go through the "ReadMe1st" sheet 
2. Do not leave blank cells between Cells "A" to "J". 2. Do not use special characters in the Member & Father/Husband's Names field.
3. Fill details of Date of Joining and Date of Leaving of those members who have joined and left during the month for which data is being entered.
4. For exempted establishments, col. "E", "F", "I" and "J" are to be filled with 0.
5. EPS wages in Col."D" is to be changed to 0 for those who have attained the age of more than 58 yrs.
6. Voluntary Contribution, if any, may be added to Col."E" and "F".
7. Further you have to enable Macro before using this software in Microsoft excel.

while sharing this software we like to remind you that every care has been taken to prepare the software but even then there may be few unforeseen error remains for which we are not responsible .but we are committed to Improve this software day by day after receiving your Feed Back.

Update :New Version 1.21 (date 03/06/2012)

Two separate File for Microsoft Excel ,2003,(2007,2010)

In case MS Excel 2007,Following Message will be shown

"Excel found unreadable content in "ecr file template version 1.21 xslmDo you want to remove the content of this workbook?if you trust the source of this workbook,click yes."please press Yes.

Some more options have been included for exempted establishments and updated the Help file.

Deduction on preventive health check-up u/s 80D up to 5000

Under the existing provisions contained in section 80D of the Income-tax Act, a deduction is allowed in respect of premium paid towards a health insurance policy for insurance of self, spouse and dependent children or any contribution made to the Central Government Health Scheme, up to a maximum of Rs.15,000 in aggregate. A further deduction of Rs.15,000 is also allowed for buying a health insurance policy in respect of parents.

This section has been amended from financial year 2012-13 to also include any payment made by an assessee on account of preventive health check-up of self, spouse, dependent children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the  deduction on account of expenditure on preventive health check-up (for self, spouse, dependent children and parents) shall not exceed in the aggregate Rs.5,000.

It is further amended that for the purpose of the deduction under section 80D, payment can be made – 

(i) by any mode, including cash, in respect of any sum paid on account of preventive health check-up and 

(ii) by any mode other than cash, in all other cases.

These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-14 and subsequent assessment years.

So if you have incurred any expenses for Health test for 

1. Self
2. Spouse
3. Dependent children
4. dependent parents 

Then you can claim deduction u/s 80D up to Rs 5000/- 

• This deduction can be claimed even amount has been paid in cash .
• This deduction is included in overall limit of 15000/- of section 80D for health insurance and if you have already used this limit for health insurance then you can not claim deduction for preventive health check up.

If any query then please add in comment section.

Sl.No.	I.T. Sec.	Nature of Deduction	Amount of deduction
1. a. b. c.	80 CCE 80 C 80 CCC 80 CCD	Limit on Deduction u/s.80C, 80CCC & 80CCD  Life Insurance Premia, PF, PPF, NSC, ELSS, Units of Mutual Fund referred to u/s.10(23D), Tuition Fees(max. 2 Children), Repayment of Principal of Housing loan, Bank Fixed Deposit of 5 yrs period, notified Bonds of NABARD, Deposit in an account under Senior Citizens Savings Scheme rules, 5 year time deposit in an account under Post Office Time Deposit Rules, 1981 etc. Premium paid towards approved Pension Fund (like LIC’s Jeevan Suraksha) max. 1 lakh. Contribution to Central Government Pension Schemes. Upto 10% of salary with matching contribution from Government.	Maximum overall Deductions allowed u/s. 80C, 80CCC & sub- section (1) of sec.80CCD is Rs. 1,00,000(READ who's name savings can be done u/s 80C)
2.	80 CCG	Deduction in respect of investment made under an equity savings scheme(only for Resident Individual) (subject to conditions)	50% of the amount invested subject to a maximum of Rs.25,000
3.	80 D	(a) Health Insurance Premium paid by an individual/HUF by any mode of payment other than cash to effect or keep in force an insurance on the health of the assessee(self) or his family(spouse & dependent children) for policies taken from General Insurance Corporation /other approved Insurance Regulatory and Development Authority or any contribution made to the Central Government Health Scheme or any payment made on account of preventive health check-up subject to a maximum of Rs.5,000. (b) Medical Insurance Premium paid by an individual/HUF by any mode of payment other than cash to effect or keep in force an insurance on the health of his/her parent or parents for policies taken from General Insurance Corporation /other approved Insurance Regulatory and Development Authority or any contribution made to the Central Government Health Scheme or any payment made on account of preventive health check-up subject to a maximum of Rs.5,000. (c) For Senior Citizens in respect of (a) & (b) above Preventive health check up	Upto Rs.15,000 Upto Rs.15,000 Upto Rs.20,000 up to 5000/- included in above limit.
4.	80 DD	(a) Any expenditure for Medical, Nursing & Rehabilitation incurred on dependant suffering from permanent disability including blindness, mental retardation, autism, cerebral palsy or multiple disabilities (b) Deposits under LIC, UTI’s Scheme & other IRDA approved insurers for the benefit of physically handicapped dependent	Rs.50,000 (Rs.1,00,000 if the disability is severe exceeding 80%)
5.	80 DDB	(a) Actual expenditure incurred on Medical treatment of Self or dependant or a member of HUF suffering from terminal diseases like Cancer, AIDS, Renal failure etc. (b) For Senior Citizens(self or dependent on whom expenditure on medical treatment is taken)	Upto Rs.40,000 Upto Rs.60,000
6.	80 E	Interest on loan taken from Financial/Charitable Institutions for Self/Spouse/Children for pursuing Higher Education (for a max. period of 8 yrs)	Actual Interest repaid
7.	80 G	(a) Donations made to National Defence Fund, Prime Minister’s Relief Fund, approved Funds of reputed Educational Institutions, National Trust for Welfare of persons with Autism, Cerebral Palsy etc. (b) Donations made to Jawaharlal Memorial Fund, PM’s Drought Relief fund, Any approved Charitable Institution/Trust, Religious Institutions, a corporation established by the Government for promoting interest of the members of a Minority Community	100% of Donation 50% of Donation restricted to 10% of Adjusted Gross Total Income
8.	80 GG	Deduction in respect of rents paid, provided the assessee is not in receipt of HRA and no house is owned by self, spouse, minor child or HUF in the place of work subject to filing of declaration in Form No.10BA	25% of income or rent paid in excess of 10% of income or ceiling of Rs.24,000 p.a whichever is less
9.	80TTA	Deduction in respect in interest on deposits(not being time deposits) in a savings account with a banking company, a co-operative society and a post office	Rs.10,000
10.	80 U	Persons certified by the medical authority to be a person with disability	Rs.50,000 (Rs.1,00,000 in case of severe disability)

Beware! Your every transaction is under surveillance Of Income Tax Department

If you receive a scrutiny letter from the income tax (I-T) department, don’t get surprised. It may not be based on your return of income; there may be many other reasons for scrutiny call. For example, High value transaction in your bank, foreign remittance, receipts in foreign currency, sale/purchase of property, cash deposit in your bank account, credit card payment, refund amount, fixed deposit, foreign travel etc

The induction of advances information technology in Income Tax Department has made it possible to manage the large data of taxpayers and information at Income Tax Department. While on one part, the new policies and mechanism have simplified procedures and set up mechanism that makes it easier for the larger body of honest taxpayer to comply with the tax laws, it simultaneously raises the deterrence for non-compliances to make such behavior uneconomical.

This article has been compiled for the interest of general public who are not much aware about these transactions, how the department gets information about these, and more importantly how does the department deals with the information?

1. PAN – A common Connection

Rule 114B of Income Tax Rules, 1962 has made it mandatory to quote PAN in most of the transaction starting from opening a bank account to purchase/sell of jewellery articles. It has covered almost every significant transaction to track down the possible default in tax compliances. The following transaction has been prescribed where quoting PAN No. would be compulsory.

a) Sale/purchase of any immovable property of Rs. 5 Lacs or more;

b) Sale/purchase of motor vehicle;

c) Fixed Deposit exceeding Rs. 50,000/- in any bank;

d) Deposit exceeding Rs. 50,000/ - in any post office;

e) Sale/purchase of Securities exceeding Rs. 1,00,000/-;

f) Opening an Account with any Bank;

g) Application for a telephone connection (including a mobile telephone connection);

h) Payment to hotels and restaurants against their bills for an amount exceeding Rs. 25,000/- at any one time ;

i) Payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating Rs. 50,000/- or more during any one day;

j) Cash deposit in cash aggregating Rs. 50,000/- or more, with a banking company during any one day;

k) Payment in cash for any foreign country travel exceeding Rs. 25,000/- at any one time.

l) Application to any bank for issue of a credit or debit card;

m) Payment of an amount of Rs. 50,000/- or more to a Mutual Fund for purchase of its units;

n) Payment of an amount of Rs. 50,000/- or more to a company for acquiring shares issued by it;

o) Payment of an amount of Rs. 50,000/-or more to a company or an institution for acquiring debentures or bonds issued by it;

p) Payment of an amount of Rs. 50,000/- or more to the Reserve Bank of India, for acquiring bonds issued by it;]

q) Payment of an amount aggregating Rs. 50000/- or more or more in a year as life insurance premium

r) Payment to a dealer for purchase of bullion or jewellery, of an amount of Rs. 5 Lacs or more at any time

If any person does not have PAN No., he/she need to file declaration Form No. 60 for such transaction. Hence, your every transaction can be tracked down by the department.

Further, the decision of Finance Ministry to make PAN as the single unique identifier for financial markets has made the task of the department easier though the data volume has multiplied.

2. AIR – Providing Direct Information to Income Tax Department

Section 285BA of Income Tax Act, 1961 as amended by Finance (No.2) Act, 2004, has brought a concept of Annual Information Report (AIR) of ‘specified financial transactions’, as distinct from the Return of Income. Under this concept, it has been made mandatory for various regulatory authorities like Registrars of immoveable properties, Registering authority for motor vehicles, Post Master General, Reserve Bank,

Stock exchanges, and Depositories etc to furnish an AIR of specified transactions entered into by them during the year.

Since, AIR does not involve any payment of tax, it become easy and hassle- free for third parties to discharge their obligations regarding specified financial transactions.

Specified Financial Transaction:- Section 285BA of Income Tax Act, 1961 defines the ‘Specified Financial Transactions’ to mean any prescribed transaction above Rs. 50,000/- of

- Purchase/sale or exchange of goods or property or right or interest in a property; or

- Service of any service; or

- Works contract; or

- Investment made or expenditure incurred; or

- Taking or accepting loan or deposit

3. TDS return/Form – 26AS

As per section 206AA of Income Tax Act, 1961 has made it obligatory to furnish PAN no. for all transaction where TDS shall be deducted. In case of non-furnish of PAN No., TDS shall be deducted @ 20% irrespective of the rates prescribed under any other section. Form 26AS contains the detail TDS deducted during any financial year. If any person who has received amount on which TDS has been deducted, person may be required to furnish the records and accounts based on his Form 26AS.

Role of NSDL

IT department has appointed National Securities Depository Limited (NSDL) as the agency to receive these electronic AIRs and TDS Returns. Their mandate requires NSDL to ensure that the AIRs filed electronically conform to prescribed format and that the data is clean and free of virus etc. before it is uploaded on the department's central system. NSDL has made available various facilities making it easier to file these returns correctly. The result is that the department is getting clean and structured information in electronic format in a central database on a regular basis.

How the process works of TDS matching?

The process adopted at Income Tax department can be summarized in the following points:-

(i) First, the data is identified by PAN No. and TAN No.

(ii) Since application of these rules is countrywide and the data is uploaded in a central database, it is possible to collate information about different transactions made by a person at different times, at different places, or with different parties. Thus, information about multiple credit cards or different bank accounts or different investments in mutual funds or in immovable properties in different cities made by a person becomes available in a single database.

(iii) From the above database, an 'Individual Transaction Statement' is prepared in respect of each person based on its PAN.

(iv) Above statement is supplemented by information coming from the electronic TDS returns which also contain the information about various payments. Even where PAN is not given or incorrect PAN is given it becomes possible to identify the transacting party using advanced IT tools. Thus all transactions of a year in respect of a particular PAN-holder whether coming from AIR or from the returns of Tax Deduction at Source, get appended to the 'Individual Transaction Statement' of the PAN-holder.

(v) It takes few steps on the central system to create the family tree of a taxpayer along with names/ addresses of the concerns with which he is associated, and then to get the 'Transaction Statements' of such concerns. Once these statements are electronically linked with the data of returned/assessed incomes and tax payments of the taxpayer from the relevant databases, the department has an access to what it calls a 360 degree profile.

The Income tax department utilizes this information at the first level, to widen its tax base, i.e. to identify tax non-filers.

Hence, if such transactions are being reported in your bank accounts, it should dealt with proper tax planning and reporting.

Amarpal, ACA, DISA and Ms. Dipti Sharma

For, Centrik Business Solutions Private Limited

Head office :- H-23A, 2nd Floor, Kamal Tower, Vikas Marg, Laxmi Nagar, New Delhi- 92 – Ph. 011 22526072, Email – amarpal@centrik.in web:- www.centrik.in,

Mobile – 9717105008

Note: The above article is based on the personnel interpretation of the Author which may be different from person to person.

Assesment of Charitable trust & Institution under Income Tax Act

Click Here to Download PDF FIle:Assesment of Charitable Trust & Institution

Definition of charitable trust under Income Tax Act

Click Here to Download PDF File:Defintion of charitable trust

Definition of person under Income Tax Act

Section 2(31) in The Income- Tax Act, 1995

(31) " person" includes-

(i) an individual,

(ii) a Hindu undivided family,

(iii) a company,

(iv) a firm,

(v) an association of persons or a body of individuals, whether incorporated or not,

(vi) a local authority, and

(vii) every artificial juridical person, not falling within any of the preceding sub- clauses;

FREE E BOOK ON TDS HUF TRUST CAPITAL GAIN SERVICE TAX

Free E book listed price 1000/- is available for download . Book mainly coverd following topics.Covering Various Practical Aspects on Complex Topics .• TDS • HUF• Taxation of Charitable Trust• Taxation of Deemed Dividend u/s 2(22)(e)• Analysis of Section 14A• Capital Gain• Overview of Wealth Tax• Service Tax (Amended upto 31st August, 2012)

Credit of This Book goes to Voice of CA.Voice of CA is a registered NGO formally incorporated on 05/03/2009, working with the objective of professional development of members of the “Institute of Chartered Accountants of India”. In all spheres of professional, Social & Political exposure, Voice of CA attempted to share thoughts, news and views concerning CA’s (after collecting data from various reliable sources, deep scrutiny and vision) through email from the forum of www.voiceofca.in. Besides this, issues related to the profession are also brought to the notice of members. More than 30000 members come in to its horizon. 

Direct Taxes
Part I: TDS
I. Amendments brought in “TDS Provisions vide Finance Act 2012” 3
II. TDS from Salary 8
III. TDS from Payments to Contractors 20
IV. TDS from Commission and Brokerage 36
V. TDS on rent 42
VI. TDS on Fees for professional or technical services 51
VII. Miscellaneous Issues 61
VIII. FAQ on E-filing of TDS Returns 68


Part II: HUF
I. Concept of Hindu Undivided Family 99
II. Karta of HUF 106
III. Sole Surviving Coparcener 110
IV. Consequence of Amendment in Hindu Succession (Amendment) Act, 2005 112
V. Mode of Creation of HUF 117
VI. Some Important aspects of HUF under Income Tax, 1961 121

Part III: Taxation of Charitable Trust 141
I. Brief Description of relevant provisions 143
II. Income from property held for charitable or religious purposes- Section 11 151
III. Meaning of word ‘income’- Section 11 153
IV. Treatment of Capital Gains - Section 11(1A) and Treatment of 161
Income not received or applied during the Previous Year-
Explanation 2 to Section 11(1)
V. Section–11(1)(d) Voluntary Contribution 166
VI. Section 11(4) & Section 11(4A) - Income from Business Activities 171
Other Issues
Provisions of Section 13B 174

[ viii ]
Section 115BBC - Anonymous donations 174
Taxability of a Public Trust at a glance 177
Applicability of Section 60 to 63 177
Taxability of a Public Trust at a glance 177
Other Miscellaneous Issues 178
Legal Compliances – Section 10(23C), 12AA & 80G 187
of the Income Tax Act, 1961

Part IV:Various aspects of Taxability of Deemed Dividend u/s 2(22)(e) of 191
Income Tax Act, 1961
I Basics concepts 193
II Analysis of the Provisions of Section 2(22)(e) 195
III Exceptions to Section 2(22)(e) 204
IV Accumulated Profits 209
V Miscellaneous Issues 213

Part V: Analysis of Provisions of Section 14A 215

Part VI: Capital Gain 229
I. Basic Concept – I 231
II. Basic Concept – II 245
III. Capital Gain or Business Income 253
IV. Capital gains in case of depreciable assets 258
V. Computation of capital gain in certain cases-u/s 51, 50D & 50B 261
VI. Full value of Consideration & Reference to Valuation Officer 265
VII. Capital Gain on sale of Agricultural Land 269
VIII. Section 45(5) - Compulsory Acquisition 271
IX. Exemption from Capital Gain 274
X. Miscellaneous Issue 292
Part VII: An Over-view of Wealth Tax 295
I. Applicability 297
Taxability of assets located outside India and in India (Section6) 298
Meaning of Valuation date, Net Wealth, Debt and Assets 298
Deemed Assets under Section 4 305
Exemptions in respect of certain assets under Section 5 307


[ ix ]
II. Valuation of Asset 309
Assessment Procedure under Wealth Tax Act and Analysis of provisions 318
of Section 14, 16A, 17, 17(1A), and 17A of the Wealth Tax Act, 1957
Miscellaneous Issues 321
InDirect Taxes

Part VIII: Service Tax [Covering amendments upto 31st August, 2012] 323
I. Negative List on Service Tax 325
II. Mega Exemption Notification 343
III. Place of Provision of Service Rules, 2012 346
IV. Point of Taxation Rules, 2011 361
V. Reverse Charge 366
VI. Classification of Services 373
VII. Cenvat Credit Rules, 2004 377
VIII. Registration 396
IX. Service Tax Returns 400
Annexure-A: Articles by CA Bimal Jain on 403
o FAQ on Service provided by Directors to Company 405
o FAQs on Reverse Charge Mechanism under Service Tax 408
o Service tax on staff benefits and employment related transactions- 412
Suggestions invited by TRU
o Service tax on Vocational education/training courses 415

HOW TO CLAIM DEDUCTION RAJIV GANDHI EQUITY SAVING SCHME 80CCG

The Rajiv Gandhi Equity Savings Scheme (RGESS) is a new tax benefit scheme introduced for equity investment in select stocks, mutual funds and ETFs as declared by the Ministry of Finance.

Under this scheme, if you are a first time investor with a gross annual income less than`10 lakh, then up to `50,000 of your investments in the stock market will be eligible for tax deduction under section 80-CCG.

Answer the questions to know if you are eligible to invest in stocks under the RGESS scheme:

1. Is your gross total annual income above Rs 10 lakh?
2. Have you made any transactions in equity or derivatives before November 23, 2012?

if answer of the both of  above question  is NO then you can avail this deduction .Follow these steps to avail the deduction u/s 80CCG (RGESS)

HOW TO START
If you are eligible, you need to undertake the following steps:

1. Open a demat account with either NDSL or CDSL through a depository participant. A depository participant is either a broker or a bank and you can get a list of depository participants from NSE, NDSL and CDSL site.
2. Designate the demat account as a RGESS account. If you have an existing demat account where you haven’t traded, then you should designate that account as a RGESS account. You can use the Form A for this purpose.
3. Purchase eligible stocks through one or more transactions across the year.
4. Claim tax benefits under Section 80 CCG when you file your Income Tax returns.
5. The investment made under RGESS is locked in for a total period of three years. However only the first year is a fixed lock-in. In the subsequent two years, the investment is subject to a flexible lock-in. During this flexible lock-in period the investor has a freedom to book profit or alter the securities in her/his portfolio provided the value of securities in the demat account is maintained equal to the amount declared as investment under RGESS in the first year.

Eligible Securities
You can pick the below listed stocks from four categories: CNX 100, BSE 100, Maharatna and Navaratna & ETFs

1.Securities in CNX 100(list can be changed by NSE)

2. Securites in BSE 100
3 MAHARATNA & NAVARATNA COMPANIES

a)MAHARATANA

Coal India Limited
Indian Oil Corporation Limited
NTPC Limited
Oil & Natural Gas Corporation Limited
Steel Authority of India Limited
b)NAVRATNA Bharat Electronics Limited
Bharat Heavy Electrical Limited
Bharat Petroleum Corporation Limited
GAIL (India) Limited
Hindustan Petroleum Corporation Limited
Mahanagar Telephone Nigam Limited
National Aluminium Company Limited
NMDC Limited
Neyveli Lignite Corporation Limited
Oil India Limited
Power Finance Corporation Limited
Power Grid Corporation of India Limited
Rural Electrification Corporation Limited
Shipping Corporation of India Limited 

4..ETF(exchange traded Funds)

Birla Sun Life Nifty ETF* BSLNIFTY
Goldman Sachs Banking Index Exchange Traded Scheme BANKBEES
Goldman Sachs Nifty Exchange Traded Scheme NIFTYBEES
Goldman Sachs Nifty Junior Exchange Traded Scheme JUNIORBEES
Goldman Sachs S&P CNX Nifty Shariah Index Exchange Traded Scheme SHARIABEES
IIFL NIFTY ETF* IIFLNIFTY
Kotak Nifty ETF* KOTAKNIFTY
Motilal Oswal MOSt shares M50 ETF* M50
Quantum Index Fund QNIFTY
R*Shares Banking Exchange Traded Fund* RELBANK
Religare Nifty Exchange Traded Fund RELGRNIFTY

Medical, House Rent & Conveyance Allowance Expenditure and Tax liability.

Medical, House Rent & Conveyance Allowance Expenditure and Tax liability.

When Employer paid salary to employee in breakup form like as Basic, Dearness allowance, House Rent Allowance, Conveyance Allowance and Medical Allowance etc. either in Private Sector or Public Sector, the question is arise that whether the paid salary or entire salary amount is taxable or  exempted. How to calculate tax liability on drawn salary ? etc. thus the some clarification regarding such type of queries of Employer as follows:

1. Medical Allowance:

• Only reimbursement of medical expenses up to Rs. 15,000/- is exempt from income tax. Amount received over and above Rs. 15,000/- is taxable as “Income From Salary”.
• Fixed Medical allowance is taxable in the hand of employee. It is not plainly exempt from income tax even if it is actually expended for medical treatment by the employee.

2. House Rent Allowance (HRA):
In respect of HRA, the least of the following is exempt from tax u/s 10(13A):

• 40% of salary (50% for Mumbai, Kolkata, Delhi and Chennai).
• HRA for the period the house is occupied by the employee.
• The excess of rent paid over 10% of salary. However, an employee living in his own house or where he does not pay any rent is not eligible for this exemption.

3. Conveyance Allowance:

Any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit is fully exempt from tax u/s. 10(14) read with Rule 2BB (1)(c). However, transport allowance for commuting between residence and place of duty is exempt up to Rs 800/- per month.

CHANGES IN VAT RATES 03.09.12 NOTIFICATIONS VAT RETURN PROCESSING CHARGES

Punjab Govt. has recently increased the VAt rate across the board by half percent. Further Rs 800/- annual vat return processing charges has also been imposed wef from current financial year and payable with Vat return for second quarter each year.Notification for Vat rate charges wef 03.09.2012 in Punjab and other changes wef 05.09.2012 is given below for your ready reference .

1. Schedule " B " Items are covered under 5.5 % rate from 5.0 rate earlier. 10% surcharge is remain as it is .

The 3rd September, 2012 

No. S.0 65/P.A.8/2005/S.8/2012 .-Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule—B appended to the said Act, with immediate effect, by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

"in the said Schedule for the heading "LIST OF GOODS TAXABLE @ 5 PERCENT", the following heading shall be substituted, namely;- 

"LIST OF GOODS (EXCEPT DECLARED GOODS) TAXABLE @ 5.5 PERCENT

2. Schedule " C1 " Items are covered under 4.5% rate from 4.00 rate earlier. 

The 3rd September, 2012 

No. S.0 671P.A.8/2005/S.8/2012 .-Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of  Punjab is pleased to make the following amendment in Schedule—C-1 appended to the said Act, with immediate effect, by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

In the said Schedule, for the heading, the following heading shall be substituted, namely:- 

"LIST OF GOODS (OTHER THAN WHEAT, PADDY AND RICE) @ 4.5 PERCENT.". 

3. Change in schedule E

The 3rd September, 2012 

No. S.0 691P.A.8/2005/S.8/2012 .-Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest; 

Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule--E appended to the, said Act with the following Schedule, with immediate effect, by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

For the said Schedule the following Schedule shall be substituted, namely:- 

'SCHEDULE - E

(See section 8) 

LIST OF GOODS TAXABLE AT SPECIAL RATES

1. Diesel other than premium diesel 8.75 Percent 

Explanation. - The premium diesel shall mean the branded diesel which is superior to the diesel. 

2.Petrol 28 Percent 

3. Plastic granules, plastic powder and 8.5 Percent master batches

4. Change in schedule F Rates increased from 12.5 % to 13 % .Surcharge 10% remains as it is.

The 3rd September, 2012 

No. S.0 701P.A.8/2005/8.8/2012 .-Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule—F appended to the said Act, with immediate effect, by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

In the said Schedule, in the heading, for the figures, sign and words 

"12.5 PERCENT", the figures and words "13 PERCENT' shall be substituted. 

5. withdrawal of vat on Sugar including khandseri 

The 3rd September, 2012 

No. 5.0 641P.A.812005/S.8/2012 .-Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule—A appended to the said Act, with immediate effect by dispensing 

with the condition of previous notice, namely:- 

AMENDMENT 

In the said Schedule—A, after serial No. 79, the following serial No. and entry relating thereto shall be added, namely:- 

"80. Sugar including Khandsari.".

6. Amendment in schedule B Item no 169 deleted 

The 3rd September, 2012 

No. S.0 66/P.A.8/2005/S.8/2012 .-Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest. 

Now, therefore, in exercise of the powers conferred by sub —section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of  Punjab is pleased to make the following amendment in Schedule—B appended to the said Act, with immediate effect by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

In the said Schedule, serial No. 169 and entry relating thereto shall be omitted.

7. Annual processing fee applicable on vat return 800/- per year.

The 5th September, 2012 

No. G.S.R.451P.A.8/2005/S.70/Amd.(44)/2012.- In exercise of the powers conferred by sub-section (1) of section 70 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following rules further to amend the Punjab Value Added Tax Rules, 2005, namely:- 

RULES 

1. (1) These rules may be called the Punjab Value Added Tax (Third Amendment) Rules, 2012. 

(2) They shall come into force on and with effect from the date of their publication in the Official Gazette. 

2. In the Punjab Value Added Tax Rules, 2005, after rule 40, the following rule shall be inserted namely:- 

"40-A. Annual processing fee.- Every taxable person shall pay annual processing fee of rupees eight hundred in the month of October every year and proof of the payment thereof shall be attached alongwith the quarterly return.".

8. Sales made to  canteen store department (CSD) is exempted from VAT Item no 43 added in schedule A 

The 5th September, 2012 

No. S.O.711P.A.8/2005/S.8/2012. -Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule—A appended to the said Act, with immediate effect, by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

1 In the said Schedule, for serial No. 43 and entry relating thereto, the following shall be substituted, namely:- 

"43. Sales made to Canteen Stores Department subject to furnishing, of a certificate duly signed and stamped by the officer authorized to make purchase certifying that the goods purchased are meant for sale to serving military personal and ex-serviceman directly or through unit run Canteens.".

9. Sales made by  canteen store department (CSD) is covered under VAT 5.5 % Item no 100A added in schedule B

The 5th September, 2012 

No. S.0.731P.A.8/2005/S.8/2012. -Whereas the State Government is satisfied that the circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in Schedule -B appended to the said Act, with immediate effect, by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

In the said Schedule, for serial No. 100-A and entry relating thereto, the following shall be substituted, namely:- 

"100-A. Sales made by Canteen Stores Department to serving military personal and ex-servicemen directly or through unit run Canteens.". 

10.Shoes up to Rs 250/- is covered in schedule B Now ,SR no 84 and 139 deleted from schedule B

The 5th September, 2012 

NO. S.0.721P.A.8/2005/S.8/2012.- Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to n- ake the following amendment in Schedule —B appended to the said Act, with immediate effect by dispensing with the condition of previous notice, namely:- 

AMENDMENT 

"In the said Schedule—B, 

(i) for serial number 72 and entry relating thereto , the following shall be substituted, namely:- 

"72, Shoes including moulded plastic footwear, hawai chappals and straps thereof, Plastic footwear or Hand crafted footwear the price whereof does not exceed rupees 250/-." ; 

(ii) Serial No. 84 and the entries relating thereto shall be omitted; and 

(iii) Serial No. 139 and the entries relating thereto shall be omitted.

11. Tax rate changes in case of Brick Klin 

The 5th September, 2012 

No. S.0.741P.A.8/2005/S.8-A/2012.-Whereas the Governor of Punjab is satisfied that it is expedient so to do in the public interest; Now, therefore, in exercise of the powers conferred by section 8-A of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in the Government of Punjab, Department of  Excise and Taxation, Notification No. S.O. 28/P.A.8/ 2005/S.812008, dated the 16th April, 2008, namely:- 

AMENDMENT 

In the said notification, for the Table, the following shall be substituted 

namely:-

"TABLE

Sr. Capacity of kiln No.		Category	Lump sum tax payable in lieu of tax
1.	Brick-kiln of capacity of more than 33 number of Ghori	+A	Rs. 4,48,000/- plus Rs. 15,600/- per additional Ghori above 33 Ghori
2.	Brick-kiln of capacity of 28 to 33 number of Ghori	A	Rs. 4,48,000/-
3.	Brick-kiln of capacity of 22 to 27 number of Ghori	B	Rs. 3,50,0001-
4.	Brick-kiln of capacity of below 22 number of Ghori	C	Rs. 2,80,000/-
5.	Brick-kiln not fired during the year ending 31th March in which stock in and outside the kiln as on 1st April last does not exceed five lakhs bricks of all categories.	D	Rs. 70,000/-

Note:- If a kiln is designed to be fired at two places, the rate of lump sum tax payable by the owner of such kiln shall be double of the aforesaid rates." 

12 : Rate defined under Punjab Tax Luxuries ACt,2009 has been doubled to 8 % from earlier 4 %

The 5th September, 2012 

No. S.0.75/P.A.4/2009/S.4/2012.-In exercise of the powers conferred by section 4 of the Punjab Tax on Luxuries Act, 2009 (Punjab Act No. 4 of 2009), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment in the Government of Punjab, Department of Excise and Taxation, Notification No. S.0.85/P.0.4/ 2008/S.4/2008 dated the 28th November, 2008, namely :- 

Cost inflation index for financial 2012-13 notified

Cost of Inflation Index

Financial Year	Cost of Inflation Index (CII)
1981 - 82	100
1982 - 83	109
1983 - 84	116
1984 - 85	125
1985 - 86	133
1986 - 87	140
1987 - 88	150
1988 - 89	161
1989 - 90	172
1990 - 91	182
1991 - 92	199
1992 - 93	223
1993 - 94	244
1994 - 95	259
1995 - 96	281
1996 - 97	305
1997 - 98	331
1998 - 99	351
1999 - 00	389
2000 - 01	406
2001 - 02	426
2002 - 03	447
2003 - 04	463
2004 - 05	480
2005 - 06	497
2006 - 07	519
2007 - 08	551
2008 - 09	582
2009 - 10	632
2010 - 11	711
2011 - 12	785
2012 - 13	852