Monday, July 25, 2011

Individuals having income not exceeding Rs. 5 lakhs from salary or pension - not required to file IT Returns

Individuals having income not exceeding Rs. 5 lakhs from salary or pension - not required to file IT Returns
Govt. has exempted the following class of persons, from the requirement of furnishing a return of income for the assessment year 2011-12,  (Vide
NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011):
1. Class of Persons: An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A)  "Salaries"; (B)  "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
2. Conditions: The individual referred to in para 1 : 
(i)  has reported to his employer his Permanent Account Number (PAN);
(ii)  has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii)  has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Govt;
(iv)  has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v)  has no claim of refund of taxes due to him for the income of the assessment year; and
(vi)  has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice has been issued for filing a return of income for the assessment year.

Courtesy : Voice of Rail Engineers

OBSERVANCE OF "DEMANDS DAY" BY IRTSA UNITS ALL OVER INDIA

OBSERVANCE OF "DEMANDS DAY" BY IRTSA UNITS ALL OVER INDIA
 
DEMONSTRATION & GATE MEETINGS HELD RESOLUTION OF DEMANDS ADOPTED & SENT TO ALL CONCERNED
      
Units of IRTSA all over India, observed “Demands Day” by wearing Demand Badges, holding rallies, demonstration & gate meetings and adopting
resolution of demands – which were later sent to all concerned – at the Railway Board, Zonal and local levels. The action was spread over different days in the third week of June, starting from 20th June, 2011 onwards – as per directive of CEC IRTSA and as per local conditions. 
Main demands of the Association included removal of anomalies of Sixth Pay Commission, Grade Pay of Rs.5400 to SSE, CMS, CDMS with Group B (Gazetted Status), grade Pay of Rs.4800 to JES, CMA II & DMS, Incentive or Honorarium to Technical Supervisors & Staff for additional turn-over due to additional workload, new trains and assets, early merger of DA and revision of wages every year for Central Government employees – as in Public Sector Undertakings (PSUs).
MAIN DEMANDS
1.  Recognition of IRTSA
2.  Grade Pay of Rs 4800 to JEs, CMA & DMS. 
3.  Grade Pay of Rs 5400 SSE, CMS, CDMS
4.  Pre-revised Scale of Rs.7450-11500 to CMA-I
5.  Upgrading of adequate % of posts to Group ‘B’ 
6.  Incentive / PCO Allowance to C & M, Drawing, Design, IT (EDP) & Store Engrs. & other left out Shops
7.  Incentive/Honorarium for Technical Staff & Technical Sups./ Engrs. in Sheds & Open Line. 
8.  Removal of drawbacks in MACPS.
9.  Counting of Training Period for MACPS.
10.  Entitlement of all types of passes as per revised pay limits.
11.  Withdrawal of uniform date of Increment.
12.  Parity in fixation of pay of promotees & direct recruits.
13.  Revision of stipend to GP 4200 of trainee JEs w.e.f. 1.1.2006.
14.  Uniform training period of one year for JEs of Mechanical Department
15.  Exemption of all Allowances from Income Tax

Courtesy : Voice of Rail Engineers

Revision of pension/family pension in respect of the pensioners who were in receipt of compulsory retirement pension and compassionate allowance under Rules 40 and 41 of CCS(Pension) Rules, 1972

No.38/37/08-P&PW(A)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Pension & Pensioners Welfare

Lok Nayak Bhawan, New Delhi-110003
Dated the 22nd July, 2011

OFFICE MEMORANDUM

Sub : Revision of pension/family pension in respect of the pensioners who were in receipt of compulsory retirement pension and compassionate allowance under Rules 40 and 41 of CCS(Pension) Rules, 1972.
The undersigned is directed say that in accordance with para 4.2 of this Departments O.M. No. 38/37/08-P&PW(A) dated 1.9.2008, the revised pension of pre-2006 pensioners shall, in no case. be lower than fifty percent of the minimum of the pay in the pay band plus the grade pay corresponding to the pre-revised pay scale from which the pensioner had retired In the case of HAG+ and above scales, this will be fifty percent of the minimum of the revised pay scale.

2 . Doubts have been raised in regard to the applicability of the above provision in the case of revision of pension/family pension in respect of the pensioners who were in receipt of compulsory retirement pension and compassionate allowance under Rules 40 and 41 of CCS(Pension) Rules, 1972. The matter has been examined in the light of the instructions/orders issued after Fifth Central Pay Commission for revision of pension/family pension in such cases. It was clarified in this Department’s O.M No 45/86/97-P&PW(A) dated 25-3-2004 that the provisions of O.M. dated 17-12-1998 relating to stepping up of pension to 50% of the minimum of the revised scale of pay as on 1-1-96 of the post held by the pensioner at the time of retirement shall not be applicable in case of compulsory retirement pension and compassionate allowance.

3. It has now been decided that the benefit of para 4.2 of this Departments O.M. No. 38/37/08-P&PW(A) dated 1-9-2008 [as clarified vide O.M. No, 38/37/08-P&PW(A) (pt.l) dated 3-10-2008] will not be applicable in the case of revision of pension/family pension in respect of the pensioners who were in receipt of compulsory retirement pension and compassionate allowance under Rules 40 and 41 of CCS(Pension) Rules, 1972.

4. This issues with the concurrence of Ministry of Finance (Department of Expenditure) vide their U.O. No. 152/EV/2011 dated 30.6.2011.
5 In so far as persons belonging to the Indian Audit & Accounts Departments, these orders issue after consultation with the Comptroller 8 Auditor General of India.

6. Hindi version will follow.

sd/-
(Tripti P. Ghosh)
Director
Source: http://www.pensionersportal.gov.in/index.asp

[http://persmin.gov.in/WriteReadData/CircularPortal/D3/D03ppw/383708PPW_A22072011.pdf]

BSNL launches Special Tariff Plans for Paramilitary Jawans

BSNL launches Special Tariff Plans for Paramilitary Jawans
           Bharat Sanchar Nigam Limited ( BSNL ), India’s largest integrated telecom service provider has launched Special Tariff Plans for Paramilitary Forces serving the nation. With these special tariff plans, BSNL endeavours to benefit over 9 lakh Paramilitary jawans . The two plans launched are the Paramilitary Plan and the Officer Plan for the jawans & officers respectively.
 
With daily free talk time for 20 minutes on any two BSNL numbers, jawans can talk with their own family, anywhere in country under the Paramilitary Plan. The facility is also free of cost while on roaming. Other than that the Paramilitary Plan offers Reduced Calling charges @ 0.20 P/ min on any two BSNL numbers; be it mobile or landline. Another plan in the offing is Reduced Calling charges @ 0.30 P/ min on any one BSNL number to talk with a relative, anywhere in the country. The Paramilitary Plan is available both on 2G and 3G along with reduced video calling charges @ 0.70 P/ min.
 
Apart from this, an economical plan has been launched with Fixed Monthly Charges of Rs.99 (Tax Inclusive), where one can enjoy Per Second Pulse and tariff beyond freebies @ 1 Paisa / Sec. Out of Rs.99 of Fixed Monthly Charges, apart from facilities mentioned above, the jawans can also avail additional talk time worth Rs.75/- per month. For control on expenditure, BSNL has also launched a pre-paid plan, whereby jawans can recharge their mobiles using by vouchers.
 
Under the Officers Plan, serving officers can avail unlimited free calls to any BSNL numbers within a circle and 500 free SMS, both local & national. Besides this, they can avail 1500 minutes / month free STD calls on any BSNL numbers. This also includes 300 minutes of free I/C roaming call and 200 minutes of free O/G roaming call. The other features of the plan include per minute pulse, free night calling on one’s own network, unlimited free GPRS in Home LSA, STD calls @ 0.40 P / min, video calls @ 0.70 P / min. All this comes at a fixed monthly charge of Rs.425 + Taxes.
 
Speaking on the Special Tariif Plan launched for Armed Forces Personnel, Shri R. K. Upadhyay, Chairman & Managing Director, BSNL said, “ BSNL has always endeavored to provide the most competitive plans for all its customers. We at BSNL wanted to treat our jawans & officers serving our nation with some smart yet easy-on-the-pocket kind of schemes. The special tariff plan has been launched with an aim to bring a large number of these jawans & officers to actively use and experience our entire bouquet.

DEFENCE CIVLIANS MEDICAL AID FUND - SALIENT FEATURES

DEFENCE CIVLIANS MEDICAL AID FUND
MINISTR OF DEFENCE

SALIENT FEATURES :-
1. CONSTITUTION:
The Fund was established in 1953 as Defence Civilians Welfare (TB, Cancer & Leprosy) Fund. Presently it is known as Defence Civilians Medical Aid Fund ( DCMAF). It is a Society registered w.e.I. 31.011977 under Societies Registration Act 1860.
2. OBJECTS: The Fund provides financial assistance to members in case they or their dependents suffer from specified ailments.
3. MEMBERSHIP : The membership of the Fund is open on voluntary basis lo all civilian employees whether industrial or non- industrial paid from Civil Estimates or Defence Services Estimates. The present membership of the Fund is about 2,15,677.
4. RATES OF SUBSCRIPTION :
The existing rates are as under:

Grade Pay
Annual  Membership
Full Service Membership
IS to PB-I Rs. 60/- Rs. 400/-
PB-2 Rs. 100/- Rs. 600/-
PB-3 Rs. 200/- Rs. 800/-
PB-4 Rs. 400/- Rs. 1000/-

5. GOVERNING BODY :-
The Fund is managed by a Managing Committee constituted as under:-
Defence Secretary – Chairman
Additional Secretary (A) – Sr.Vice-Chairman
Joint Secretary (Training) & CAO - Vice-Chairman
Deputy Chief Adm inistrative Officer – Hony. Secretary (Training, Coord & Welfare)
CODA, AG, Air Officer-in-Charge, Personnel, Air HQ, – Members
SPD (Civ), Naval HQ, Director of Personnel, DRDO,
DGOS, DGEME, DG (Pers) E-in-C’s Branch, DOQA,
DGOF, DOAFMS, DOMS ( Army, Navy, Air ),
Addi. DGAFMS (MR), Joint Secretary (E), MOD,
Director —in — Charge of Welfare in CAO’s Office,
A Civilian Rep from AFHQ / ¡SOs, Indian National
Defence Workers Federation, Kanpur, All India
Defence Employees Federation, Kirkee, Pune,
Bhartiya Pratiraksha Mazdoor Sangh, Kanpur
and Labour Welfare Commissioner from Ord Fys.
6. EXECUTIVE COMMITTEE :
Executive Committee consists of undermentioned officers:
Joint Secretary (Training) & CAO – Chairman
AddI. DGAFMS(MR) – Member
Dy. CAO (TCW) – Hony. Secretary
7. FINANCIAL POSITION OF THE FUND AS ON 28th FEB 2011 (APPROX)
In Fixed Deposits Rs. 7.80,00,000/-
In Saving Banks Rs. 23,24,759/-
8. EXISTING BENEFITS PROVIDED BY THE FUND
(A) NUTRITIOUS DIET ALLOWANCE
TB & Leprosy  – Rs.l000/- per month
Cancer  -  Rs. 1500/- per month
Anaeniia During Pregnancy & – Rs.800/- per month
Lactating Mother
Burn Injuries  -  Rs.150/- per week
(B) AFTER CARE ALLOWANCE :-
TB & Leprosy  – Rs.800/- per month
Cancer   -  Rs. 1500/- per month
(C) DIALYSIS ALLOWANCE  -  Rs. I 000/-per moth
(D) SUBSISTENCE ALLOWANCE
For TB, Cancer & Leprosy, Paralytic -  Rs. 100/- per day Stroke, Accidental Injury
(E) RE-IMBURSEMENT OF COST FOR MAJOR OPERATIONS – upto Rs. 15000/- of disallowed amount
For Coronary By-Pass Surgery, Valve Replacement, Renal Transplantation;
Joint Replacement with Surgery,amount Implantation of Pace – Makers,
Implantation of Sterns
(F) ADDITIONAL FINANCIAL ASSISTANCE
For Procuring Blood for Transfusions  -  Rs.600/-per transfusion
For Cataract Operations with Implantation of
Intra-Ocular Lens, Purchase of Wheel Chairs,Tricycles for Physically Handicapped, Prosthesis for Burn Injuries  – Rs. 5000/-
For Purchase of Artificial Limbs  -  Rs. 3000/-
For Purchase of Support Shoes (Calipers)  – Rs. 2000/-
For Hearing Aid  -  Rs. 1500/-
For Purchase of Crutches, Neck Band for
Cervical Spondylitis  -  Rs. 1000/-
(G) EX-GRATIA GRANTS
(I) To the members
In case of loss of two limbs/eyes -   Rs. 15000/-
In case of loss of one limb/eye  - Rs. 10000/-
(II) To the family of members
If member dies due to Accident, TB, Cancer & Leprosy and Heart ailments for which  Member availed assistance from the Fund earlier Rs. 50000/-

Friday, July 22, 2011

Eight Simple Ways to Plan your Taxes.

ou have got only a few more months to complete this financial year. Very soon you will get a call from your company to submit the proofs for tax saving investments. So why don’t you spend some time on organising your tax plan?
 
1)     Proper Allocation of Annual compensation
Restructuring your salary with some additional components can reduce your tax liability. This restructuring doesn’t require any additional cash outflow. The following components can be efficiently used to reduce your income tax liability.
 
v  Transport allowance to the extend of Rs.800 is exempt
v  Medical expenses which are reimbursed by the employer are exempt to the tune of Rs.15000
v  Food coupons like sodexo or ticket restaurant are exempt from tax up to Rs.60000
v  Individuals who are all living in a rented accommodation can include House Rent Allowance ( HRA ) as a part of their salary
v  Leave Travel Allowance (LTA) can be part of your salary as this can be claimed twice in a block of 4 years.
 
2)     Effective Utilization of Tax Exemption
As far as possible utilize the maximum exemptions available under section 80 C, 80 CCF and 80 D. The maximum exemption available under section 80 C is Rs. 100000.
 
Under this section Rs.100000 investment or contribution can be made in PPF, NSC, Life insurance premium, 5 year FD with banks and Post offices, Mutual Fund ELSS, Principal Repayment of housing loan, and the tuition fees paid for children’s education.
 
Under Section 80 CCF, you can invest up to Rs.20000 in infrastructure bonds.
 
Under Sec 80 D, the premium paid towards the mediclaim policies are exempt. The maximum limit of exemption is Rs.15000 and for senior citizens the limit is Rs.20000 and for covering senior citizen parents there is an additional exemption to the extend of Rs.15000.
 
 
3)     Properly Structure your Housing Loan
The Principal repayment of a housing loan is eligible for a deduction up to Rs.100000. The interest paid on a housing loan is eligible for a deduction up to Rs.150000. If the housing loan is for a sizeable amount, then it is possible that the principal repayment and interest may exceed the specified tax exemption limit. To utilise the maximum tax benefit, an individual can consider going for a joint home loan with his/her spouse or parent or sibling. This will make sure that both the co-owners can claim tax deductions in the proportion of their holding in the loan.
 
4)     Tax Plan in Sync with Overall Financial Plan
 
You should not do your tax plan in isolation. You need to do it in sync with your overall financial plan. So a tax plan is not only to just save taxes and also it should assist you in achieving your other financial goals like children’s higher education, buying a home or retirement.
 
 
5)     Avoid Last Minute Rush
 
In fact the right time to do the tax plan is the beginning of the financial year. If you postpone your tax planning even now and do it in the last minute, then you will not be able to choose the right investment. In the last minute rush, you will be forced to choose a scheme which gives the proof immediately. Is the investment sound and profitable? Is there any other better options? You will not be able to choose the best scheme and you may settle with a mediocre one.
 
6)     Invest Some Quality Time
Before investing your money, you need to invest your time. You need to take some quality time to understand the various tax saving options and compare their benefits and limitations.
 
 
7)     Check for Future Commitments
Some tax saving options like NSC or ELSS need only onetime investment. Some other tax saving options like PPF, Ulips need periodical investments year after year. You need to be careful in choosing a tax saving scheme where you need to commit for periodical future payments. You need to check on a few things like; do you need such a future commitment? Will you be able to meet the future commitments at ease? The law may change and you may not get any tax exemption for your future payments. Would you consider the scheme irrespective of tax benefit for the future payments?
 
8)     Changed Your Job; Redo your Tax Plan
Did you switch your job in the middle of the financial year? Then you need to redo your tax plan with consolidating the income from both the companies. It is advisable to inform the new company about the income during the particular financial year from the old company. So that your new company will deduct the right amount of TDS. Otherwise you may need to pay extra tax at the end of the financial year.
 
Whenever you change your job, you need to have a sitting with your financial planner or tax advisor. So that the required changes in your tax plan can be done proactively.
 
 
With proper tax planning you can reduce your tax liability; save more; invest better and become wealthier.
 
The author is Ramalingam K, an MBA (Finance) and Certified Financial Planner. He is the Founder and Director of Holistic Investment Planners (http://www.holisticinvestment.in/) a firm that offers Financial Planning and Wealth Management. He can be reached at ramalingam@holisticinvestment.in.

Public Notice - Fake Emails attaching forged certificates issued by Ministry of Finance

Ministry of Finance
Department of Economic Affairs
Administration Division

North Block, New Delhi
Dated 18th July,2011

ADVISE

It has come to the notice of Department of Economic Affairs that some Organisations / People are sending e-mails attaching forged certificates issued by Ministry of Finance by using the names of the officers of this Department, to enable people claim awards / lotteries.

Be it known to all that the Department of Economic Affairs does not issue any certificate to enable people to claim any lottery or award; and therefore any e-mail or any other form of messages, in this regard, should be ignored.

sd/-
(Ashok Kumar)
Under Secretary to Govt. of India

EXEMPTION FROM FILING OF INCOME-TAX RETURN

EXEMPTION FROM FILING OF INCOME-TAX RETURN : CBDT's FAQs
 
EXEMPTION FROM FILING OF INCOME-TAX RETURN : CBDT's FAQs
What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?
1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.
For Example -
  (i)  If an individual has salary income of Rs. 4,90,000 and interest income from savings bank account not exceeding Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.
(ii)  A taxpayer having salary income of Rs. 4,98,000 and interest income from savings bank account of Rs. 2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.
(iii)  A taxpayer having salary income up to Rs. 5,00,000 and nil interest income would also be eligible under this Scheme.
(iv)  A taxpayer having salary income of Rs. 5,50,000, interest income from savings bank account of Rs. 8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.
(v)  A taxpayer having salary income of Rs. 6,10,000, interest income from savings bank account of Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 1,00,000 under section 80C (on account of certain payments/investments/savings), a deduction of Rs. 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs. 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.
Whether a salaried taxpayer having total income of less than Rs. 5,00,000 and claiming a refund of Rs. 3,000 would be eligible under this Scheme
2. No. The taxpayer has to file a return of income for making a claim of refund.
Is having a valid PAN a precondition for being covered by the notification?
3. Yes. The notification clearly specifies that the individual has to report his PAN to the employer. Hence having a valid PAN is a precondition for falling within the ambit of the notification.
Can an individual who is getting income under the head "salaries" from more than one employer take benefit of the notification?
4. No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.
Whether this notification would also cover taxpayers having 'loss from house property', which are often reported by the employees to the employer.
5. No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head "income from house property" under section 24 made by the employee. As a result, a salaried employee's total income may reduce to less than Rs. 5,00,000 as loss from the head "income from house property" would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head "salary" and from savings bank account (income from other sources) not in excess of Rs. 10,000. If the taxpayer has any loss under the head "income from house property", he will not be eligible for exemption from filing a return of income.
Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?
6. No. The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.
Circular No. 8/2010, dated 13-12-2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister's Relief Fund, the Chief Minister's Relief Fund or the Lt. Governor's Relief Fund. Whether the notification would cover only these cases?
7. Yes. An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No. 8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations (not specified in Circular No. 8/2010).
Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?
8. A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs. 5,000) has to be included, for rate purposes, in the total income.

Annual Returns about representation of SCs, STs, OBCs and Persons with Disabilities in Services . Meeting of the Liaison Officers of the Ministries / Departments


No. 36027/1/2010-Estt.(Res)
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel & Training
North Block, New Delhi
Dated 20th July, 2011

OFFICE MEMORANDUM

Sub: Annual Returns about representation of SCs, STs, OBCs and Persons with Disabilities in Services . Meeting of the Liaison Officers of the Ministries / Departments.

The Parliamentary Committee on the welfare of Scheduled Castes and Scheduled Tribes has expressed concern over non-submission of above referred returns in time by some Ministries / Departments. The Cabinet Secretariat has also taken note of this issue. It has been decided to hold a meeting of the Liaison Officers of the Ministries / Departments, which have not sent the reports for the years 2009 and /or 2010 so far, 27.7.2011 at 2.30 PM in Room No. 190. 1st Floor, North Block, New Delhi.

2. It is requested that the Liaison Officer of the Ministry / Department may attend the meeting.

sd/-
(Sharad Kumar Srivastava)
Under Secretary to the Govt. of India

Source: http://www.persmin.nic.in/
[http://persmin.gov.in/WriteReadData/CircularPortal/D2/D02adm/36027_1_2010-Estt-Res.pdf]
this is a test message

Custom-Notification No. 64/2011 Dated 19th July,2011

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)
                                                                       
New Delhi, the 19th July, 2011 

NOTIFICATION No. 64/2011-CUSTOMS
           
G.S.R.        (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/96-Customs, dated the 23rd July, 1996, published in the Gazette of India, Extraordinary, vide number G.S.R. 291(E), dated the 23rd July, 1996, namely:-

             In the said notification, in the Table, after S.No.34 and the entries relating thereto, the following S.No. and entries shall be inserted, namely:-



(1)
(2)
(3)
“35.
Machinery, equipment, instruments, components, spares, jigs, fixtures, dies, tools, accessories, computer software, raw materials and consumables required for the Long Range Surface to Air Missile (LR-SAM) Programme of Ministry of Defence

If,-
(a) the said goods are imported by authorized works centres of the Long Range Surface to Air Missile (LR-SAM) Programme, as may be designated by an officer not below the rank of  Deputy Secretary to the Government of India in the Ministry of Defence; and  

(b) the authorized works centre produces to  the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, at the time of import, in each case, a list of the said goods with their relevant description duly certified by the Programme Director, Programme Office LR-SAM, to the effect that -

i) the goods mentioned in the said list are required for the purposes of the LR-SAM;

(ii) the import of the goods mentioned in the said list are authorized by the Ministry of Defence under LR-SAM programme and these goods shall be used only for the purpose of the  LR-SAM programme.

Explanation. – Nothing contained in this exemption shall have effect on or after the 25th day of November, 2011.”



[F.No.354/139/2006 –TRU (Pt)]


(Raj Kumar Digvijay)
Under Secretary to the Government of India


Note: - The principal notification No.39/1996-Customs, dated the 23rd July, 1996 was published in the Gazette of India, Extraordinary, vide G.S.R. 291(E), dated the 23rd July, 1996 and was last amended vide notification No.12/2011-Customs, dated the 24thFebruary, 2011  which was published vide number G.S.R. 107(E), dated 24th February,2011 

e-TDS Correction Return/Statement with Regular FVU

It is already clear that the all Correction Returns will be prepared by latest NSDL software RPU 2.5.  It was announced on 10th June, 2011,but implemented now.  I mean to say earlier the correction returns prepared by RPU 2.4 using Regular FVU was accepting by NSDL.  But now, NSDL rejects all correction statement which are not prepared by NSDL RPU 2.5 using consolidated FVU with the comments given as under :-


Dear Sir/Madam,

          It is observed that correction e-TDS/TCS statement filed by you during the period April 2011 to June 2011 is rejected at the TIN central system. The reason for rejectioncan be viewed at the TIN website
( www.tin-nsdl.com
) under QuarterlyStatement Status.

         It is also observed that you are using the old version of the NSDL – ReturnPreparation Utility (RPU) for preparation of your e-TDS/TCS correction statement.

     You are advised to use the latest version of RPU available on the TIN website(Downloads – e TDS/TCS). Current RPU version is 2.5.

      It is mandatory to prepare correction statement with consolidated TDS/TCS file,which is available to registered TANs on the TIN website. Detailed guidelines (eTutorial) for TAN registration and request for consolidated TDS/TCS file are available on the TIN website.

        In case of any further clarification, please call us at 020- 2721 8080 or email attin_returns@nsdl.co.in
Thisis a system generated email please do not reply to this email.

Regards,

TaxInformation Network


Facility to obtain TDS/TCS statements is available at TIN website. Register your TAN online at TIN
website to avail this facility. For more details visit TIN website at http://www.tin-nsdl.com/

Online Tax statement (Form 26AS) helps you in filing your income return. View your Form 26AS
through:
2. Net banking facility
3. ITD e-filing portal

Caution: Income Tax Department does not sent e-mails regarding refund and does not seek
information like user name, password, details of ATM, bank account, credit card, etc. Tax payers
are advised not to part with such information on the basis of e-mails.



Vehicle Registration and Driving licence to be Centralised



Vehicle Registration and Issue of Driving licenses will be Centralized soon as Highways Ministry and National Informatics Centre have launched a Centralized database for these two regulations.
Once this Centralized Computerization project is operational driving licenses will be issued in the name of Union of India using the terminals linked to the central database. This procedure will eliminate duplication work as reported by NIC.
Also, details of the automobile will only be a click of a mouse away. Officials said a gazette notification will be issued within a month to make it mandatory that all new licenses would be issued as Indian Union Driving Licence.
It is told that this Centralization process will not take away the powers of State Government as far as Registration of Vehicles and issue of driving licenses are concerned.
The idea of bringing these two regulations under a single window is to prevent anyone from getting multiple licenses from different states. Once the centralized database come in to existence every RTO can access, the same and exercise his powers registration vehicles and and issue of driving licenses. In a nut shell, the new system would eliminate usage of vehicles for destabilizing national security.
In this regard the national transport portal will work as a gateway for multiple purposes for individuals and also for states and security agencies. People can apply for Driving licence, Vehicle registration certificate and for hypothecation online. As per official statement, this system will facilitate online payment of various taxes, fees and transport charges. The vehicle owners can also get SMS alerts of their payments due for insurance and renewal of insurance.

Exemption for ITR-FAQ released by Income Tax Deparment

Notification No. 36/2011 F. NO. 142/09/2011 (TPL), Dated 23-6-2011 issued by Income tax department exempts Tax payers in the salaried class from filing Income tax return if the tax payer's salary income and interest received from bank not exceeding Rs.10,000/- both put together did not exceed Rs.5,00,000 during the financial year 2010-11 (Assessment year 2011-12).
Now Income tax department has issued a compilation of frequently asked questions and replies for the same relating to exemption available to salaried class from filing Income tax return.  The following is the text of those queries and replies.
1. What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?
 The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.
For Example -
  (i)  If an individual has salary income of Rs. 4,90,000 and interest income from savings bank account not exceeding Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.
 (ii)  A taxpayer having salary income of Rs. 4,98,000 and interest income from savings bank account of Rs. 2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.
(iii)  A taxpayer having salary income up to Rs. 5,00,000 and nil interest income would also be eligible under this Scheme.
(iv)  A taxpayer having salary income of Rs. 5,50,000, interest income from savings bank account of Rs. 8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.
 (v)  A taxpayer having salary income of Rs. 6,10,000, interest income from savings bank account of Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 1,00,000 under section 80C (on account of certain payments/investments/savings), a deduction of Rs. 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs. 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.
2. Whether a salaried taxpayer having total income of less than Rs. 5,00,000 and claiming a refund of Rs. 3,000 would be eligible under this Scheme
 No. The taxpayer has to file a return of income for making a claim of refund.
3. Is having a valid PAN a precondition for being covered by the notification?
Yes. The notification clearly specifies that the individual has to report his PAN to the employer. Hence having a valid PAN is a precondition for falling within the ambit of the notification.
4. Can an individual who is getting income under the head "salaries" from more than one employer take benefit of the notification?
No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.
5. Whether this notification would also cover taxpayers having 'loss from house property', which are often reported by the employees to the employer.
No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head "income from house property" under section 24 .made by the employee. As a result, a salaried employee's total income may reduce to less than Rs. 5,00,000 as loss from the head "income from house property" would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income under the head "salary" and from savings bank account (income from other sources) not in excess of Rs. 10,000, both put together did not exceed Rs.5,00,000. If the taxpayer has any loss under the head "income from house property", he will not be eligible for exemption from filing a return of income.
6. Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?
No. The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.
7. Circular No. 8/2010, dated 13-12-2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister's Relief Fund, the Chief Minister's Relief Fund or the Lt. Governor's Relief Fund. Whether the notification would cover only these cases?
Yes. An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No. 8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations (not specified in Circular No. 8/2010).
8. Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?
A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs. 5,000) has to be included, for rate purposes, in the total income.

New Link in Tan Account

Friends
           NSDL has provided in facility in TAN Account named "Defaults".  In case Income Tax Department feels that Deduction has not  deposited TDS/TCS in time and charge interest on such TDS/TCS.  It is called defaults.   This type of entry will be automatically shown on pressing Defaults button as shown in below screen.  

Why it was Required 
            Earlier, Deductor receives letters from Income Tax Department on account of due Tax as Interest on Late Deposit without showing complete calculation, but now through this link/facility complete detail is available in excel format  on pressing "Click Here to download" link also shown in below screen. 



After download, a zip file will be available containing Excel based file.  There is no need of any password to open excel file.  Screen view of excel file is given as under :- 

Customs (N.T.)- Notification No. 48/2011 Dated 20th July, 2011

[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)

Notification No. 48 / 2011-Customs (N.T.)

New Delhi, the 20th July, 2011,


G.S.R….(E) - In exercise of the powers conferred  by sub-rule (1) of rule 3 of the Customs Tariff (Identification, Assessment And Collection Of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, and in supersession of  the Notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 74/2000 - Customs (N.T.) dated 12th December, 2000, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 915 (E), dated the 12th December, 2000, except as respects things done or omitted to be done before such supersession, the Central Government hereby appoints the person not below the rank of Joint Secretary to the Government of India, Department of Commerce, Ministry of Commerce and Industry, as designated authority for the purposes of the said rules. 

F. No. 524/11/2011-STO (TU)


(Vikas)
Under Secretary to the Government of India,



Note.- The principal notification No. 74/2000 - Customs (N.T)., dated the 12th December, 2000, was published in the Gazette of India, Extraordinary , Part  II, Section 3, Sub-section (i), vide number G.S.R. 915 (E), dated the 12th December, 2000.