Download Latest Form 16 Excel Utility for Salaried Employee with Monthwise Salary Statement for Asstt. Year 2015-16

Salaried Employee Download Updated Income Tax Calculator with all deductions as per recent circular for A.Y. 2015-16.

Income Tax Department has issued a circular (17/2014) for Salaried Employee to calculate Income Tax for Asstt. Year 2015-16.  In this matter many websites provide Tax Calculation Utility with all types of head of income i.e. Income under head of Salary, House Property Income, Other source of Income, Capital Gain Income From and others but, though this, Salaried Employee can't calculate actual  Income Tax on their Income because there is no any provision of monthly salary Statement and salary deductions restated to income tax exemptions.  This difficulty solved this utility.   This utility calculates Annual Income Tax Liability including Monthwise Salary Statement and suggest to deduct as TDS from salary.

Tax Calculation Method for Salaried Employee:

What are the Income Tax Exemption Limit for Asstt. Year 2015-16, Click Here.

HRA exemption = Least of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)

Transport allowance is exempt up to Rs.800/- per month during the month. (Expenditure incurred for covering journey between office and residence.)  For people having permanent physical disability, the exemption is 1,600/- per month.

Reimbursement of Medical bills are exempt for self and dependent family, up to Rs.15,000/- per annum u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any destination in India, by the shortest route.

LTA can be claimed twice in a block of 4 calendar years. The current block is from 01.01.2010 to 31.12.2013. For claim, it is must to provide originals tickets etc.

U/s 24 There is an Exemption for interest on housing loan. (for Self occupied Residence). If the loan was taken before Apr 1, 1999 exemption is limited to Rs. 30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited to Rs. 2,00,000/- per year if the house is self-occupied; There is no limit if the house is rented out.

This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've paid it or not..                            "

If you have rented out your house, enter the total income / loss from the house (after deducting property tax and standard maintenance expenses).

U/s 80CCE- Maximum Exemption up to  Rs. 150000/-  Investments up to Rs. 1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.
U/s 80CCD -The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to NPS (up to 10 per cent of the salary of the employee in the previous year)shall be excluded while computing the limit of Rs. 1,50,000.The contribution by the employee to the NPS will be subject to the limit of Rs. 1,00,000.

U/s 80CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct equity). Avaialble only for those with gross income less than 12 lacs and only for first time investors in stock market. Exemption available at 50% of investment subject to maximum of Rs.50,000/- invested. Investments are locked-in for three years

U/s 80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs. 5000, premium is exempt up to Rs. 30,000/ per year (Rs.15,000/- for self,spouse and children ) (Rs. 15000/- for Parents. If the premium includes for a dependent who is (Senior Citizen) above 60 years of age, an extra Rs. 5,000//- can be claimed.

U/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to Rs. 50,000/- per year if the disability is less than 80% and Rs. 1,00,000/- per year if the disability is more than 80%

U/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed up to Rs. 40,000/- per year. If the person being treated is a senior citizen, the exemption can go up to Rs. 60,000/-. but any amount received under Medical Insurance Policy will be reduced from the amount of deduction allowed. The Diseases and ailments specified under rule 11DD are.
  1. neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and parkisons disease,
  2. cancer,
  3. AIDS,
  4. Chronic renal failure,
  5. hemophilia, and 
  6. thalassaemia.
U/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt

U/s 80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%, whereas Govt funds are 100%.

U/s 80GG If you are not getting  HRA, but living in rented house, an exemption is available. This will be calculated as minimum of (25% of total income or rent paid - 10% of total income or Rs. 24,000/- per year)

U/s 80U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 50,000/- and in case of severe disability to the extent of Rs. 100,000/-

U/s 80TTA introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to Rs. 10,000 on your income from interest on saving bank accounts.

DEDUCTION u/s. 80C and chapter VIA
U/s. 80C of the Income Tax Act allows certain investments and expenditure to be deduct from total income. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. There are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall. Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act.  However, it is important to know the Section in total. so that one can make best use of the options available for deduction under income tax Act. One important point to note that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions.

Qualifying Investments u/s 80CCE
  • Provident Fund (PF) & Voluntary Provident Fund (VPF) PF is automatically deducted from your salary. your contribution [12% of Basic] (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.
  • Life Insurance Premiums: Any amount that you pay towards life insurance premium in Life Insurance Corporation (LIC) or any other Insurance CO.for yourself, your spouse or your children can also be included in Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be included. also premium paid for ULIP will also be treated as Premium paid for Life Insurance Policies.
  • Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term.
IMP : Total Amount Received at Maturity, Survival Benefits, Withdrawal in Insurance Policies is Tax Free and fully exempted u/s 10(10D).
  • Public Provident Fund (PPF): Among all the assured returns small saving schemes, 
  • Public Provident Fund (PPF) is one of the best. Current rate of interest is 8% tax-free and the normal maturity period is 15 years. Minimum amount of contribution is Rs. 500 and maximum is Rs. 1,50,000.(New Change) from Budget 2014
  • National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section 80C tax benefit. Rate of interest is  8.58% compounded half-yearly, i.e. If you invest Rs.100, it becomes Rs.150.90 after five years. The interest accrued every year is liable to tax (i.e. to be included in your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.
  • Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home Loan The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act. The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.
  • Tuition  fees  for 2 children  Apart form the above major investments expenses for children’s education (Only Tution Fee (for which you need receipts)), can be claimed as deductions under Sec 80C.
  • Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.
  • 5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction.
  • 5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entirely taxable.
  • Pension Funds or Pension Policies – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is Rs 1.5 Lakh.This also means that your investment in pension funds upto Rs.1.5 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed  Rs.1.5 Lakh.
  • Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C deductions.
  • NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.
  • Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS) is the most lucrative scheme among all the small savings schemes but is meant only for senior citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits won’t earn any further interest. Interest income is chargeable to tax.
Know, How to calculate Income Tax for Asstt. Year 2015-16 with all exemption limits i.e. 80C, Deduction under Chapter -VIA and many more, Click Here.

Latest TDS amendments effected from 01.10.2014 & TDS Rate for Asstt. Year 2015-16.

 TDS / TAX CALCULATION UTILITY


Download Latest TDS / TAX Calculation Utility for
Asstt. Year 2015-16

What are the Penalties and prosecution, Click Here

Download Latest TDS / TAX Calculation Utility for
Asstt. Year 2015-16

What are the Penalties and prosecution, Click Here

Download New & Simplified ITR Forms for filing of Income Tax Return for Asstt. Year 2015-16 as per CBDT notification of 22.06.2015.

Recently, CBDT has issued a notification on 22nd June, 2015 as 8th Amendment in Income Tax Rule, 2015 which is effected from 1st April, 2015 with notifies simplified ITR forms and now taxpayers earning exempt income above Rs 5,000 can file ITR-1 and 4S.

The latest new and simplified ITR Forms are finally available here as well as on the income tax site. 

The Income Tax department has issued the new notified and simplified ITR forms set for all tax payers. Now, all the taxpayers and other entities will come in limelight to file their ITR.

Due to these modification the Income Tax Department has already extend the due date of filing of Income Tax Return for Asstt. Year 2015-16 from 31st July, 2015 to 31st August, 2015. Therefore, it requires  race for filing Income Tax Return begins as Department notified simplified ITR Forms.

Free Download Facility is available

Forms
Facility
Instructions
ITR-1 (Sahaj)
ITR-2
ITR-2A
ITR-4S (Sahaj)
Acknowledgement
More Information (Click Here)

Download Updated version of RPU and FVU i.e. Ver. 4.7 & Ver. 2.143 respectively for TDS/TCS returns w.e.f. 20.06.2015

Recently NSDL has been Updated RPU and FVU i.e. Ver. 4.7 & Ver. 2.143 respectively for e-Gov. TDS/TCS returns w.e.f. 20.06.2015.  Details of which are given below:-

1.    Return Preparation Utility (RPU)
2.    File Validation Utility (FVU)
  • Download Version 4.7:- For quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards
  • Download Version 2.143:- For quarterly e-TDS/TCS statements up to FY 2009-10 
Key Features – File Validation Utility (FVU) version 4.7 for Quarterly e-TDS/TCS Statement pertaining to Fin. Year 2010-11 Onwards.

Incorporation section code 192A and 194LBB:
“192A” & “194LBB” have been added for below forms which will be applicable for statements pertain to FY 2015-16 & Q1 onwards.

  • Section code 192A will be applicable for Form 26Q.
  • Section code 194LBB will be applicable only for Form 26Q and 27Q.
  • For section code “192A”, select “92D” from the dropdown of section code column in Annexure I sheet.
  • For section code “194LBB”, select “LBB” from the dropdown of section code column in Annexure I sheet.

Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I).

Quoting of lower/non deduction certificate number under Deductee details (Annexure I) will be applicable only for below mentioned Section codes:-
192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 195 and 206C for the statements pertaining to FY 2013-14 onwards.

Validations with respect to remark C under deductee details (Annexure I) has been relaxed for section 194LC for the statements pertains to FY 2012-13 onwards (said validation will be applicable only for Form 27Q).

This version of FVU will be applicable with effect from June 20, 2015.

Key Features - File Validation Utility (FVU) version 2.143 for Quarterly e-TDS/TCS Statement upto Fin. Year 2009-10.

  • Remark "T" (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable only for Form 26Q).
  • Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I).
  • This version of FVU will be applicable with effect from June 20, 2015

5 Simple Steps to file 6 Asstt. Years Income Tax Returen for Claim TDS Refund.

This post is posted by Alok Patnia on 18th June, 2015 on www.taxmantra.com.  The details information about Income Tax Return can be filed for 6 Assessment Year to Claim TDS Refund is as under:

Missed out to claim refund for past years? We all are aware that for last 2 years, we have options to file Income Tax Return and claim our refund.    images (3)However, if claim is for beyond 2 years then what option we have? Forget such refund? The answer is NO. As we have already mentioned in our article, Claim refund even if there is delay in filing refund claim, with the coming of the Circular No. 9/2015, we can claim refund by filing Income Tax Return for last 6 Assessment Years. So, claiming refund beyond last 2 years is no more a nightmare. Thus, Income Tax Return can be filed for 6 Assessment Years to Claim TDS Refund.

Income Tax Department in the said circular has guided on how an assessee who has failed to file income tax return can claim refund. Now, make an application and get refund due up to last 6 Assessment years. For this, just follow the following simple steps and get your refund for last 6 AY:

STEP ONE: FILE AN APPLICATION
In case the amount is less than Rs 10 Lakhs for any one assessment year the application shall be made to the Pr.CsIT/CIT. CIT will review the application & communicate acceptance/rejection with reason of such applications/claims. In case the amount is more than Rs 10 Lakhs the application to be made to Chief Commissioner of Income Tax. In case the amount is more than Rs 50 Lakhs then to CBDT.

STEP TWO: CONDONATION UPTO 6 YEARS
Condonation Application can be file up to six previous years. It is to be noted that even loss can be claimed for carry forward. The officer will ensure that the income/loss declared and /or refund claimed is correct and genuine and also that the case is of genuine hardship on merits.

STEP THREE: CLEARANCE FROM AUTHORITIES
The power of accepting or rejecting the Condonation Application of Delay shall be subject to the condition that the Income of assessee is not assessable in the hands of other person under any provision of Income Tax Act. Further, no Interest shall be admissible on belated claim of refund and the refund has arisen due to excess payment of Advance Tax or Self-Assessment Tax or due to excess deduction of TDS.

STEP FOUR: SUPPLEMENTARY CLAIMS
A belated application for supplementary claim of refund (claim of additional amount of refund after completion of assessment for the same year) can be admitted for condonation provided other conditions as referred above are fulfilled.

STEP FIVE: CUMULATIVE INTEREST BEYOND SIX YEARS
In the case of 8% Savings (Taxable) Bonds, 2003 issued by Government of India opting for scheme of cumulative interest on maturity but has accounted interest earned on mercantile basis and the intermediary bank at the time of maturity has deducted tax at source on the entire amount of interest paid without apportioning the accrued interest/TDS, over various financial years involved, the time limit of six years for making such refund claims will not be applicable.

Claiming refund is thus, now possible for last 6 Assessment Years against 2 years. Once an application is filed to the appropriate authority and gets it approved then one can file its Income Tax Return to get your refund which was once not possible.

Source: www.taxmantra.com by Alok Patnia

Download Latest e-tutorial on RPU & FVU Ver. 1.3.

Return Preparation Utility is developed by NSDL for small deductors/collectors, however, statements exceeding 20,000 deductee/collectee records may not be prepared using this utility.

Non-functioning or non availability of this utility cannot be considered as a reason for inability to file the Statement before the last date.

What is RPU?

NSDL Return Preparation Utility (RPU) is a freely downloadable utility.

Used for Preparating TDS/TCS Statement(s).

  • for Form 24Q, 26Q, 27Q and 27EQ (Regular & Correction). 
  • for all quarters of Financial Year 2007-08 onwards.

Not mandatory to use NSDL RPU for preparation of quarterly TDS/TCS Statement(s) i.e., users may use other RPU provided by software vendors for preparation of quarterly TDS/TCS Statements(s).

What is FVU?

File Validation Utility (FVU) is a software developed by NSDL, which is used to ensure that the e-TDS/TCS Statement(s) prepared does not contain any format level error(s).

Deductor/Collector should ensure that the Quarterly TDS/TCS Statement (Regular and Correction is validated by the latest FVU provided by NSDL only.

Download e-Tutorial Latest Ver. 1.3 (Click Here)

Implementation of the CIT(A) module in the new Income Tax Business.

Recently CBDT has been issued a circular regarding implementation of the CIT (A) module in the new Income Tax Business Application (ITBA), which is as under :

GOVERNMENT OF INDIA
Ministry of FinancelDepartment of Revenue
Central Board of Direct Taxes
North Block, New Delhi-110001
Tele: 011-23094788 Fax : 011-23093020
16th June, 2015

D.O.No.279/misc/93/2015-SOCITO

Dear

Sub:- Implementation of the CIT(A) module in the new Income Tax Business application (ITBA).

The income Tax Business Application (ITBA) is planned to be launched shortly and the CIT(A) module is amongst the first modules to be rolled out. This would enable the office of CIT(A) to work on the ITBA system. The CIT(A) module is expected to enhance the efficiency of the CsIT(A) in terms of the ease in handling the appeal workload and its disposal and the automatic generation of MIS for reporting and for control of work. 

In order to ensure that the pending appeals can also be processed and orders issued on ITBA, data pertaining to all pending appeals are required to be uploaded in the CIT (A) module. This would be a one-time exercise and thereafter, all relevant MIS would be available in the module. To facilitate this, an Appeal Excel Utility was made and uploaded in irsofficersonline.gov.in and in i-taxnet.

In this regard Directorate of Systems had addressed a letter vide F. No. Systems/ITBA/CIT Appeals Module/11-12/37 dated 22/04/2015 to all Pr.CsCIT(CCA), requesting them to issue necessary instructions to all CsIT(A) under their charge to upload the relevant data in the Appeal Excel Utility. This process was to be completed by 04/05/2015. Suitable instructions may be issued from your office to all CsIT(A) of your region to complete this exercise so that the data of pending appeals can be uploaded on the system, once the CIT(A) module in the ITBA becomes operational.

It was also requested that infrastructural requirements including network nodes for CIT(A) and their staff, RSA tokens, PCs etc. may also be ascertained so that in case of any gap, the matter can be referred to the Directorate, where appropriate, or action taken by the 0/0 Pr CCIT to ensure the necessary procurement. This exercise also needs to be completed, in case action is pending. Clarifications if any can be sought from Shri Ramesh Krishnamurthi ADG (Ramesh.krishnamurthi@incometax.gov.in) 9013853693.

The Systems Directorate had also requested for the latest jurisdiction orders for CIT (A) since it was ascertained that in many regions the Principal CC1T has made local changes.

I would be grateful if these pre-requisites as mentioned above for the imminent roll out of the CIT(A) module in ITBA are completed early and a compliance report for your region alongwith suggestions, if any, in this regard are sent to my office with a copy of DGIT (Systems) by June 22nd, 2015.

With regards,

Yours sincerely,
(S.K. Ray)

To
Pr. CCsIT, Ahmedabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, New Delhi, Guwahati, Hyderabad, Jaipur, Kanpur, Kochi, Kolkata, Bhopal, Mumbai, Pune, Lucknow

Copy to :-
(i)   Chairperson (CBDT)
(ii)  Zonal Members, CBDT
(iii) DGIT (S)
(iv)  Database cell for uploading the letter to www.irsofficersonline.gov.in

Why reject the Correction TDS Statement or TDS Return by TDS (CPC) ?

There are a few seasons to reject the corrected TDS Statement or TDS Return by TDSCPC, which are as under :

TAN is not valid as per data at TDSCPC

Statement corresponding to regular token number / previous token number field, as given in correction return, does not exist

Previous token number does not correspond to the last accepted correction statement at TDSCPC

Correction is filed for a regular return which is in cancelled state
In a correction statement, below are the verification keys which should match with the corresponding fields of regular statement :

  • RRR assessment year
  • Return Financial Year
  • Periodicity
  • Previous Token number
  • Last TAN of Deductor
  • Receipt number of Original / Regular Return
  • Form number

Sum given in 27A form should match with the sum of deducted amount of deductee records given in the correction statement

Source: www.tdsman.com

Download New version of RPU and FVU i.e. Ver. 4.7 & Ver. 2.143 for TDS/TCS returns on or after 19th June, 2015

It is proposed to release new version of NSDL e-Gov TDS/TCS – Return Preparation Utility (RPU) and File Validation Utility (FVU) tentatively on 19th June, 2015. Details of which are given below:-

1.    Return Preparation Utility (RPU)

  • Version 1.2 (Java based)
  • Version 4.4 (VB based) 

2.    File Validation Utility (FVU)

  • Version 4.7:- For quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards
  • Version 2.143:- For quarterly e-TDS/TCS statements up to FY 2009-10 

Features of the new version of RPU and FVU are as given below:-

  1. Incorporation of section code 192A and 194LBB: Section code 192A and 194LBB will be incorporated where the date of payment is on or after 01/06/2015 for regular and correction TDS statements pertaining to FY is 2015-16 onwards. Section code 192A will be applicable for Form no. 26Q and section code 194LBB will be applicable to Form no. 26Q and 27Q.
  2. Validation of Total Tax deducted vis a vis Total Tax Deposited amount: Validation will be incorporated in the TDS/TCS FVU wherein the total tax deducted amount in the deductee details should be equal to total tax deposited amount at the deductee details. This validation will apply to


  • TDS/TCS statements pertaining to all F.Ys and all Forms.
  • Will apply to regular and correction TDS/TCS statements. 

   3. Incorporation of “T” remark (Transporter transaction and valid PAN is provided) in deductee details (Annexure I):  Remark “T” will be applicable for Form no. 26Q from Q3 of FY 2009-10 onwards. This validation will apply to regular and correction statements.

4. Applicability of certificate no. for lower/non deduction in deductee details (Annexure I): Quoting of certificate no. (if applicable) will be allowed only if the corresponding section code in deductee details is 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 195 and 206C (TCS). This validation will apply to regular and correction TDS/TCS statement pertaining to FY 2013-14 onwards.  

5. Higher deduction flag “C” not applicable to Section code 194LC: If the section code at the challan/ deductee details is 194LC, then the corresponding deductee record will not be mandated for higher rate of tax deduction i.e., will not be mandated to select flag “C”. Further, no warning message will be provided if the rate of deduction is less than 20.0000. This validation will apply to regular and correction statement pertaining to FY 2012-13 onwards where date of payment is 1st June, 2013 onwards.

6. Deductee records with remark ‘C’ validations across all forms: In addition to existing editable fields for “C” remark deductee records in correction file, below mentioned fields will also to be allowed for update.

  • Name of deductee
  • Section code
  • Nature of remittance (Applicable only for Form 27Q)
  • “Unique acknowledgement of the corresponding form no. 15CA (if available)” (Applicable only for Form 27Q)
  • Country of Residence of the deductee (Applicable only for Form 27Q)
  • Grossing up indicator (Applicable only for Form 27Q)
  • Date of deduction (Applicable to all Forms)
  • Said validation will be applicable for correction TDS/TCS statements.


Source: www.tdsman.com

New Deduction u/s 80-C add as Sukanya Samriddhi Savings Account from Fin. Year 2015-16

Sukanya Samriddhi Savings Account (Sukanya Samridhi Yojna) launched by Govt recently has received very good response as PM Mr.Narendra Modi gave personal attention to this scheme as a part of "Beti Bachao Beti Padhao" campaign.

This long term savings plan which aims to provide wealth in two stages, viz. at the time of higher education of girl children and at the time of their marriage.

Sukanya Samriddhi Savings Account carries interest rate of 9.1 per cent.

It is an Exempt, Exempt, Exempt Scheme as far as Income Tax is concerned i.e Investments in Sukanya Samriddhi Savings Account is eligible for Income Tax Exemption in the form of Deduction under Section 80C of IT Act.

Secondly, interest earned under this scheme is fully exempt from Income Tax. And Finally, Wealth created in Sukanya Samriddhi Savings Account when it is paid at the time maturity is also fully exempted from Income Tax.

This scheme has got following positive aspects :

  • Higher interest rate compared to PPF.
  • Income tax exemption benefits,
  • Flexibility in the scheme such as deposits can be made any number of time with minimum of deposit in one time as low as Rs. 100 (Maximum limit Rs. 1.5 lakh in a year)
  • Account can be transferred any where in India Details of Sukanya Samriddhi Saving Account
  • Rate of interest 9.1% Per Annum (2014-15),calculated on yearly basis, Yearly compounded. Interest Rate will be declared annually.
  • Minimum INR. 1000/- and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year
  • A legal Guardian/Natural Guardian who is the depositor, can open account in the name of Girl Child by producing Birth certificate of a girl child in whose name the account is opened, address proof and identity proof.
  • A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
  • Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.
  • If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
  • Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder's attaining age of 18 years. Account can be closed after completion of 21 years.
  • If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
  • Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
  • Pre-Mature Withdrawal - To meet the financial requirements of the account holder for the purpose of higher education and marriage withdrawal up to 50% of the balance at the credit. However, such withdrawal shall be allowed only when the account holder girl child attains the age of eighteen years. 
  • Closure on maturity or before maturity due to Marriage of Account Holder, On completion of twenty-one years from the date of opening account can be closed by paying the matured amount to the account holder (Femal Child). In the case of marriage of account holder prior to maturity of account and after attaing 18 years of age, this saving account will have to be closed. Matured amount in this case will be paid to account holder after production necessary age declaration.