MyTaxMitra|Blog --- Your Tax Friend

March 2014

Banks & RBI to facilitate Tax Payments on March 29,30,31st Mar 2014

Posted by: Mytaxmitra Posted date: 8:35 PM / comment : 0 RBI

As per RBI Press Release dated 26.03.2014 - all designated branches of agency banks and RBI Offices conducting government business will keep their counters open for extended hours on Saturday, March 29, and Monday, March 31, 2014 till 8.00 p.m. This arrangement will apply where March 31, 2014, has not been declared as a public holiday. On Sunday, March 30, 2014, and on Monday, March 31, 2014 (at places where holiday under the Negotiable Instruments Act has been declared), agency banks would keep select branches open for transacting government business at locations identified by them based on volume of transactions.

Facility of electronic transactions would, however, continue till midnight on March 31,2014.

In order to facilitate government receipts, necessary arrangements have also been made to conduct special clearing operations across the country. Centralised payment systems, such as, Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) will also be operational on these three days (from March 29,2014, to March 31, 2014).

Rural Development And Panchayati Raj Department - Chickballapur Karnataka

Posted by: Mytaxmitra Posted date: 5:34 PM / comment : 0 Opportunity

Last Date : 15/04/2014
Independent Concurrent Audit Of The Schemes of Rural Development & Panchayat Raj Department In Karnataka.

Address: Rural Development And Panchayati Raj Department,MS Bldg, 3rd Gate, 2nd Floor RDPR Dept, GoK, Bangalore 080-22342162
Phone:
Email: nregs-ka@nic.in

Click Here to Download the Tender Documents

All form under RSUB/PUCL would be processed by concerned officials of the ROC/RD/Central Government

Posted by: Mytaxmitra Posted date: 4:24 PM / comment : 0 Company Law

All forms under RSUB/PUCL would be marked back to respective officials of the ROC/RD/Central Government as the case may be starting midnight 25 Mar 14. The forms would be processed by the respective officials. However, “Form FTE”, “Form EES2010”, “Form EES2011”, “Refund Form”, Investor Complaint Form” and all LLP forms” would continue to be allowed for filing under RSUB/PUCL.

MCA21 Stopped accepting Offline payment facility (Challan, NEFT and Pay Later) from 26th Mar 2014 Till 31st Mar 2014

Posted by: Mytaxmitra Posted date: 3:52 PM / comment : 0 Company Law

Offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March 2014 till 31st March (both days inclusive). You are requested to make payment only through online mode (Credit/Debit Card and Net Banking)

Banks & Income Tax office to remain open on last three days on Year ending 31/03/2014

Posted by: Mytaxmitra Posted date: 11:00 AM / comment : 0 Income Tax, RBI

Bank branches will remain open for full day on March 29, 30 and 31 to facilitate tax collection.

While March 29 is a Saturday, March 30 is Sunday and March 31 is the last year of financial year and is a public holiday in some parts of the country.

"The Chairperson, Central Board of Excise and Customs (CBEC) has requested the Secretary Financial Services to issue instructions to have the banks open for full day on 29th, 30th and 31st March 2014 so that the efforts made for collections of revenue are reflected appropriately," an office memorandum said.

Bulk of the revenue is received at the end of the month, it said, adding banks need to facilitate electronic tax payment by assessees.

In the 2014 interim budget, the government has lowered the indirect tax collection target for the current fiscal by Rs 45,483 crore to over Rs 5.19 lakh crore.

Of this, over Rs 1.75 lakh crore and Rs 1.79 lakh crore is to be mobilised from customs and excise duty collection and about Rs 1.65 lakh crore from service tax

Income tax department offices across the country will remain open on 30 and 31 March for taxpayers who want to file their returns and conduct other tax related businesses.

The central board of direct taxes (CBDT) has taken the measure as the last two days of the month are Saturday and Sunday. Also, 27 and 29 March are holidays owing to Holi and Good Friday and the offices would be closed then, an official said.

The CBDT has also asked all the chief commissioners of tax collection ranges to open additional counters to facilitate the taxpayers who would file their income tax returns for the 2012-13 fiscal.

Invitation to act as Checker for Chartered Accountants Examinations

Posted by: Mytaxmitra Posted date: 10:50 AM / comment : 0 CA CS CWA

No.13-CA (Exams)/CheckEmpanel/May-14

March 18, 2014

The Examination Department of the Institute avails the services of examiners to evaluate the answer books of Chartered Accountants Examinations. To assist them in totaling etc. of marks awarded by them, a Checker is allocated to each examiner. The Institute would like to avail the services of the members of the Institute (upto 15 years of experience) to act as Checker for totaling the marks awarded in the answer books valued by the examiners etc., The details of Eligibility requirement to become a checker, functions of checker, honorarium, terms and conditions, etc., are given in Annexure ‘A’ (Please click here).

Those who had applied to act as Checker for the examinations held earlier are also required to apply online afresh.

Members desirous of empanelling as checker may click here.

ICAI Correction Window for May-2014 Online Exam Forms - ICAI

Posted by: Mytaxmitra Posted date: 10:48 AM / comment : 0 CA CS CWA

Companies Act 2013 Key Features in PPT by ICAI

Posted by: Mytaxmitra Posted date: 7:43 PM / comment : 0 CA CS CWA, Company Law

ICAI to help EC make political funding more transparent

Posted by: Mytaxmitra Posted date: 7:26 PM / comment : 0 CA CS CWA

Accounting regulator ICAI will assist Election Commission in ensuring that "sound

accounting principles" are followed in the financial statements of political parties to

make election funding more transparent.

The Institute of Chartered Accountants of India had provided assistance to the

Election Commission on accounting and auditing of political parties in the Assembly

elections last year.

Various issues related to election spending were discussed today at a workshop,

'Election Expenditure Monitoring and Auditing and Accounts of Political Parties',

organised by the Election Commission of India.

Auditors of the major political parties and ICAI representatives participated in the

meeting.

A presentation on 'Guidance Note on Accounting and Auditing of Political Parties'

was made by the ICAI.

Among others, the note has recommended that accrual basis of the accounting has

to be followed by the political parties in the preparation of their financial statements,

according to an ICAI statement.

Besides, the grouping of chartered accountants has recommended that general

purpose in financial statements of a political party should comprise of balance sheet,

income and expenditure account, cash flow statement and notes forming part offinancial statements.

ICAI President K Raghu said the endeavour of the institute and the Election

Commission would go a long way in esstablishing sound accounting principles for the

political parties.

"This will ensure transparency and accountability in party funds and election

expenditure," he added.

Source : Business Today

How to Calculate Interest u/s 234A, 234B & 234C ? Download Excel Calculator

Posted by: Mytaxmitra Posted date: 11:47 AM / comment : 0 Download, Income Tax

Section 234A, 234B and 234C deals with interest for delay in ITR Filing or Short/Non deposit of Advance tax. Interest is payable under section 234A for delay in furnishing of income tax return in time. Interest is also payable under section 234A and 234B for deferring or non payment of advance tax as required under section 208 of the Income Tax Act, 1961.

CLICK HERE TO DOWNLOAD THE EXCEL CALCULATOR

Donate for the cause of India - BJP

Posted by: Mytaxmitra Posted date: 6:29 PM / comment : 0 MISC

Dear Friends,

2014 is going to be a milestone in India's destiny.

Today our nation is at the cross roads. This is the time for all citizens to come together and contribute towards building a strong and vibrant India.

The Bharatiya Janata Party puts the nation first. To build a strong and vibrant India, we need a visionary leader with a proven development track record.

We request your support for of our party's Prime Ministerial Candidate Shri Narendra Modi by contributing to the #ModiForPMFund and helping us build a clean and transparent polity.

Donate for the cause of India!

We also request you to spread the message to your friends and family and make this a mass movement.

With Best Regards,
Team BJP

Follow us on

www.narendramodi.in | www.bjp.org | donate.bjp.org

Assesses Mobile and Email id to be updated into Income tax e-Filing Website

Posted by: Mytaxmitra Posted date: 6:13 PM / comment : 0 Income Tax

Income Tax Department is now asking for assesses mobile number and email id to be updated in e-filing website and they have also given an option to add CA mobile number and email id.

PAN of Landlord Required for Rent payment more than Rs.1,00,000/- Per Annum

Posted by: Mytaxmitra Posted date: 5:13 PM / comment : 0 Income Tax

If you plan to claim tax exemption under house rent allowance (HRA) for the current financial year, remember that you will have to furnish the Permanent Account Number (PAN) of your landlord if your annual rent exceeds Rs.1 lakh, or Rs.8,333 per month. Earlier you had to furnish PAN of your landlord only if annual rent exceeded Rs.1.80 lakh, or Rs.15,000 per month.

What’s the change?

According to a circular Click Here issued by the Central Board of Direct Taxes (CBDT) on 10 October 2013, if annual rent paid by an employee exceeds Rs.1 lakh per annum, it is mandatory for the employee to report PAN of the landlord to the employer. The new circular replaces the earlier circular wherein for financial year 2011-12 onwards, CBDT had stated that while computing the tax liability employees who are paying house rent of more than Rs.15,000 per month and are claiming exemption under HRA are required to furnish a copy of the PAN card of the landlord.

What is the exemption?

Under section 10 (13A) of the Income-tax Act, if you are a salaried individual and get HRA from your employer, you are entitled for tax exemption. In order to claim tax exemption, you need to produce house rent receipts. For administrative ease, salaried employees who get house rent allowance up to Rs.3,000 per month don’t have to produce rent receipt.

This concession is only for the purpose of tax exemption at source. However, the assessing officer can ask for a receipt, if required, as he deems fit for the purpose of satisfying himself that the employee has incurred actual expenditure on payment of rent.

For any rent above Rs.3,000 per month, you have to produce a rent receipt to claim tax exemption. The actual HRA exemption that one can avail under section 10(13A) would be the minimum of the following: the actual amount of HRA received, or 50% of the salary for individuals residing in metros (Delhi, Mumbai, Chennai or Kolkata) and 40% of the salary for individuals living in non-metros, or the rent paid minus 10% of the total salary.

What should you do if your landlord doesn’t have PAN?

If your landlord doesn’t have a PAN, you have to make a declaration. According to the CBDT circular, in case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employee.

Digital signature issuing for 2 year stopped due to some technical Issue till further notice

Posted by: Mytaxmitra Posted date: 4:47 PM / comment : 0 Digital Signature

The Controller of Certifying Authorities of India are renewing their root certificate, this means that, download for 2 years validity of Digital Signature Certificate, shall be forced to be downloaded into 1 year validity from 10th March 2014. The process of renewing this root certificate may take some time. Post the renewal download of the 2 years certificate will be available as usual.

How to Send Screenshot online- Pasteboard

Posted by: Mytaxmitra Posted date: 4:26 PM / comment : 0 MISC

Login to http://i.is.cc and paste the screenshot into the screen and click upload. You will get a link which you can send it to your friend

Empanelment of CA firm for concurrent audit of Andhra Bank

Posted by: Mytaxmitra Posted date: 11:49 AM / comment : 0 News, Opportunity

Empanelment of Chartered Accountant firm for concurrent audit assignment of Andhra Bank – Terms and conditions

1	Andhra bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor of the bank.
2	Applicant should be a partnership firm with minimum two partners as FCAs / Proprietory concerns ( Proprietor should be an FCA) with minimum standing of 5 years. Preference shall be given to partnership firm
3	The audit Firm having CISA/ DISA qualified partners/ Proprietors would have preference.
4	The Firms will be selected from the RBI panel as per gradation suggested for branch Statutory Auditor appointment
5	Period of the assignment is from April 2014 to March 2015 and the last date for submission of application is 20.03.2014.
6	The concurrent audit is to be carried out as per the guidelines issued by ICAI /RBI /GOI and our bank from time to time.
7	The Audit Firm should undertake that they will not subcontract the audit assignment
8	The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignment.
9	While accepting the assignment, the firm should execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank.
10	A declaration to be furnished by the firm that credit facilities availed by the firm or the partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantors are not turned or are existing as nonperforming assets as per the prudential norms of RBI. In case the declaration is found incorrect , the assignment would get terminated besides the firm being liable for any action as per ICAI/ RBI guidelines.
11	The Firm/ any partner of the Firm should not be statutory auditors of our bank for the year 2013-14.
12	The Firm/any partners should not have any disciplinary matters pending with ICAI/ RBI and they should not have suffered any disqualification including Section 226 of the Companies Act.
13	The audit Firm provisionally selected only, will be intimated. No individual intimation will be sent to others.
14	A qualified chartered accountant has to visit the Branch at least twice a week to supervise the audit work. The Audit Firm is required to conduct the audit work for a minimum of 21 working days in a month.
15	Bank reserves the right to terminate the assignment by giving one month’s notice in writing if it is found that the quality of the audit is not satisfactory. In case the auditors choose to resign, one-month prior notice should be given to the Branch/Zonal Office/ Head Office and in such a case the assignment will get terminated only after the Head Office issues communication accepting the resignation.
16	Concurrent Audit also includes short inspection. Short inspections are to be conducted as per the directions of Zonal Office and the report should be submitted to the concerned Zonal Office.
17	Concurrent auditors are required to carry out Limited review of accounts for all specified quarters
18	Verification of Forex Transactions: (applicable to all “B” category branches) a. Concurrent auditors will have to carry out 100% verification of bills of entry in respect of import transactions and submit a separate certificate on quarterly basis. b. EDI copy of shipping form along with SDF have to be verified for ensuring that Short realization or Non Realizations allowed if any are within the powers delegated to them or duly approved by RBI. c. Concurrent auditors have to verify export bills written off during the month and certify that the branch has recovered export incentives availed by the exporter as per RBI guidelines, while writing off the unrealized export bills. d. This report is to be sent to Investment and International Banking Department, Mumbai. Copy of the covering letter to be sent to Inspection and Audit Department, Head Office. .
19	Concurrent audit has to be carried out on a daily basis covering transactions of all the working days of the calendar month as per Risk Based concurrent audit. Reporting however will be on monthly basis.
20	Concurrent audit extends to Extension Counters attached to the branch and all other areas of branch operations without exception including ATMs attached to the branch / Forex business etc. You may also report on any other relevant aspects, which you may come across during the course of the Audit without restricting yourself to Structured Format of reporting.
21	The fee for concurrent Audit ranges from Rs. 13,000 to Rs. 26,000 p.m based on size of business of the branches. In addition to the monthly fees, the following additional payments are also payable • Rs. 500 for every Extension Counter attached to the Branch per month. • Rs. 500 per fortnight for all Forex Category A & B Branches as per format for issuing fortnightly certificates • 10% of quarterly fee is given for certification of quarterly accounts • Service Tax payable is extra and TDS will be deducted at source. • One qualified Charted Accountant is eligible for TA & DA for conducting outstation unit inspections /stock audits/short inspections and for attending joint meetingss convened by Zonal offices as per eligibility of concerned Branch Managers. • For conducting short inspection, a fee of Rs.1500/- per borrowal account for the number of accounts in excess of 10.
22	The concurrent auditor has to submit the report by 10 th of succeeding month. Penalty by way of deduction of fee by 10% would be imposed, if the report is not submitted by 20 th of the succeeding month.
23	The Auditor/Audit firm will be responsible for not reporting serious irregularities/discrepancies/frauds/gross negligence/ malafide intention (With or without financial loss). Further Bank reserves the right to terminate the audit assignment besides notifying such deficiencies and in competencies to the Council of ICAI / RBI/ IBA.
	For Technical Support you may call us at 040-23122265 (Ext-501) (10.30 AM to 5.30 PM only) Click Here to Apply

How to Download 26QB & Form 16B From Traces after Tax Payment Made u/s 194IA

Posted by: Mytaxmitra Posted date: 11:31 AM / comment : 0 Download, Income Tax

From June 2013, purchaser of property with value of Rs50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller.

I would like to run the readers through the TDS payment process and the steps to be taken to obtain Form 16B (for the deductor or buyer) and Form 26QB for the (seller or deductee).

Firstly one has to go to the following link:

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

Once this link is opened click on Form 26QB (Payment of TDS on sale of property).
Select (0021) in case of non corporate payer and 0020 in case of corporate payer.
On filling in the various details called for in that form, click on ‘Proceed’ at the bottom of the page, this will then take you to the next page, which will give you the option to select your bank.
Once you select the bank, then login using the normal online process for your bank.
Once the payment is made the bank will let you print challan 280 with a tick on (800), which is payment of TDS on sale of property.
Take a printout of the challan and keep the same for your records and for the builder/seller if required.

This is the first phase of the process. Once this is completed one has to wait for seven days for the details to be reflected on TRACES web site – https://www.tdscpc.gov.in/. As a first time user, you will have to register on this website. Once you register whether as seller or buyer, you will be able to obtain the Form 16B or 26QB which has been approved and is reflected against your PAN in your Form 26AS.

Check Form 26 AS after seven days and you will notice that the payment you had effected against TDS on sale of property is reflected in Part F of the Form 26 AS under ‘Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]. This will give you details such as the TDS certificate number (generated by TRACES), name of deductee, PAN of deductee, acknowledgement number, total transaction amount, transaction date, TDS deposited, date of deposit, status of booking and date of booking.

Once the payment is reflected in 26AS as above, you will have to go to the TRACES again. Login to the website, and click on ‘Downloads’ tab. In the dropdown menu click on ‘requested downloads’. If no application has been made you will be asked to make a request for download, here fill in the acknowledgment number (nine digit number) which is reflected on Form 26AS Part F as mentioned above. Once this is done, you will be able to view the status of your application, which generates an application request number.

Within a couple of hours, the application gets processed and you will be able to view your Form 16B by putting in the request number which you have obtained. You can take a printout of the same for your records as well as for handing over to the seller of the property. A similar process has to be followed by the seller to obtain form 26QB.

The entire process is system driven and works very smoothly.

How to Remove Password from password protected PDF( ITR V)

Posted by: Mytaxmitra Posted date: 12:12 PM / comment : 0 MISC

Frequently Asked Question ( FAQ) Relating to Karnataka Value Added Tax

Posted by: Mytaxmitra Posted date: 7:51 PM / comment : 0 Sales Tax

1.) Can we avail input credit for all purchases like stationery, consumables, machine parts etc., made in Karnataka if our supplier issues a tax invoice, charging VAT?

Ans: Subject to the restriction mentioned in the 5th schedule to the VAT Act, all the goods purchased in the course of business for use in business would be eligible for input tax rebate. If those goods purchased find entry under the said schedule, then it would not be eligible for input tax credit. In fact, the return Form in VAT 100 clearly specifies the purchases other than those coming under schedule 5 of the VAT Act.

Procedure of registration under the provisions of the KVAT Act, 2003

Posted by: Mytaxmitra Posted date: 6:57 PM / comment : 0 Sales Tax

Registration under the KVAT Act,2003

Procedure of registration under the provisions of the

KVAT Act, 2003 read with KVAT Rules, 2005.

1. The dealer is required to submit a combined application in Form VAT- 1 along with fees and the following documents to the jurisdictional Local VAT Office or VAT –Sub Office for registration.

(a) Rs.500/- as one time Registration fee towards administrative costs.

(b) Two color photographs.

(c) Two copies of passport size photos of a proprietor in case of an individual, all the partners in case of partnership firm and Karta of HUF

Due Dates of Forms under the KVAT( Karnataka VAT ) Act

Posted by: Mytaxmitra Posted date: 6:49 PM / comment : 0 Sales Tax

I N D E X

Sl.No.	Form - No	Subject	Due Date

1	Form VAT – 1	Application for Registration under	At the time of
		KVAT Act,2003	registration

2	Form VAT – 2	Amendment of VAT / CoT Registration	Whenever there is a
		details	change

3	Form VAT – 3	Additional Places of Business Address	Whenever additional
		details	place of business is
			added
4	Form VAT – 4	Partner details form	Whenever there is a
			change in constitution of
			firm
5	Form VAT – 5	Authorized Signatories Form	Whenever new
			authorisation is given.
6	Form VAT – 6	Form to update registration data	Before April 30^th of
			every year.
7	Form VAT – 100	Monthly return of turnover	ON or before 20^th of
			every month

8	Form VAT – 110	Return for causal traders	ON or before 20^th of
			every month

9	Form VAT – 120	Tax Returns for composition dealers	ON or before 15^th of
			every month

10	Form VAT – 125	Monthly Statement of tax deducted by	ON or before 20^th of
		Govt.Dept.	every month

11	Form VAT – 126	Monthly statement of tax deducted at	ON or before 20^th of
		source (for industrial canteens)	every month

12	Form VAT – 127	Monthly statement of tax deducted at	ON or before 20^th of
		source for certain goods	every month

13	Form VAT – 135	Annual statement for COT dealers	Before 30^th May of every
			year

14	Form VAT – 140	Certificate of payment of tax by Agent	Within 25 days after
			close of month

15	Form VAT – 145	Declaration for purchase of goods on	Within 10 days of close
		behalf of principal	of month

16	Form VAT- 152	Challan for payment of tax and Reg.Fee	As and when required
		.

17	Form VAT – 153	Challan- for payment of miscellaneous	As and when required
		amount

18	Form VAT – 155	Application for permission to pay tax in	As and when required
		installments

19	Form VAT – 240	Audited Statement of Account under see	On or before 31^st Dec.
		31(4)	every year

20	Form VAT - 530	Application for issue of transit pass	At the time of entry into
			the State at the entry
			check post

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