National Securities Depository Ltd.
Depository for equity market in India
New File Validation Utilities – FVU 3.6 & 2.133 has been released pertaining to validation of eTDS & eTCS returns and will be exclusively applicable with effect from 16th Oct 2012. However till then the current versions (3.5 & 2.132) could still be used. FVU 3.6 will be applicable for quarterly TDS / TCS statements…
Last date for payment of tax deductions/collections for September – 7th October, 2012 Last date of filing of TDS/TCS returns for Q2 of F.Y. 2012-13 – 15th October, 2012 Last date for issuance of the TDS/TCS certificates for Q2 – 30th October, 2012 * The above is applicable for deductors other than the Office of…
Everyone who wants to apply PAN or who is required to apply PAN as per the law of Income Tax shall apply PAN on Application form 49A. Form 49A – Indian citizens of India, HUFs, company firm, LLP, AOP, Trusts, BOI, Local Authority, or artificial juridical persons can apply through Form 49A. Now Income tax…
Since no provision is made in the Act or the Rules for claiming refund of excess TDS deducted with respect to remittance to the foreign company, CBDT issued its circular No. 769, dated 6-8-1998 and made provision for granting such refund to the Indian assessee deductee under the following circumstances: (i) after the deposit of…
LETTER [F.NO. ADDL. DIT/INTL. TAXATION/2012-13], DATED 19-9-2012 Jurisdiction over non-resident assessee lies with the AOs under administrative control of DGIT (Intl. Tax). It has been observed by DGIT (Intl. Tax.) that PAN of many non-resident assessees are lying with the AOs who do not have jurisdiction over them. 2. PAN not lying in correct jurisdiction…
In Budget 2012 CBDT has introduced a provision w.e.f. 01.07.2012 by which a person who has defaulted in payment of TDS / TCS will not be deemed to be a person in default if he furnishes a certificate from CA to the effect that the person in respect of whom default is committed (i) has…
With just two weeks left to file the income tax returns, many taxpayers are busy making their final calculations, visiting their tax consultant and filling up the returns form. Before filing the tax forms, you need to deposit the balance tax due and interest, if any. This amount is based on your tax liability for…
3 reasons to file e-TDS returns on time Effective 1st July 2012, certain amendments in the Finance Bill necessitate that companies file their e-TDS returns on time. Non-filing or late filing of TDS returns attract two penal consequences as per amendment in the Finance Bill 2012-13. Earlier U/S 234E late filing of e-TDS return attracted a…
Every deductor is required to obtain a unique identification number called TAN (Tax Deduction Account Number) which is a ten digit alpha numeric number. This number has to be quoted by the deductor in every correspondence related to TDS. As per Section 203A of the Income Tax Act 1961, it is mandatory for all asseesee…
Structure of the new series of PAN : The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…