SIMPLE TAX INDIASIMPLE TAX INDIATo understand Indian taxes in easy way and to share all challan ,itr ,and day to day use return forms in excel,pdf and free software AND utilities helpful in compliance of Tax system . Articles
FREE ETDS RETURN PREPRATION
2008-03-14 02:41:00 From 1.10.2007 most of the assessee/deductor has been covered under etds returns and there is no minimum limit for entries fixed for which etds return is to be submitted .some firms who has single or two entries total has to purchase software to prepare etds return and take help from professionals .Both time and money has to be spent.so to help tax payer community we have started a service FREE etds return form 26Q for small businessmen and professional who has up to 10 challan in quarter and up to 10 number of tax deduction entries.Main features of our service.It will be available for form 26q only.(non salary etds return)Return will be prepared by us from data ,submitted by you/viewer.Service will be fully free.Viewer should have installed Microsoft excelData should be submitted only on workbook downloaded from link given below.Deductee detail up to 10 maximum and challan detail maximum 10 can avail this facility.NON-Corporate sector are eligible to avail this facility.If th... More About: Free
HOW TO EARN ONLINE BY PAY PER POST
2008-03-12 16:23:00 Dear friendsI have start this blog just as to share knowledge and for a time pass 8 months back.That time I have not thought that through blogging One can also earn money.but by a passage of time I know various sources of earning money and tried them and now I am earning handsome money and today in this post I will discuss a new source of earning,which I found through Google search i.e Pay Per Post .How it worksWorking of pay per post is very simple ,first register your self then register your blog after registration copy a html code to your blog and wait for approvel for your blog. In order to start work with PPP your blog or site must qualify for the terms and conditions set by PPP.After approvel you can start earning money through pay per post (PPP).As the name suggest you will write a post about a product/sponsored and you will be paid for discussing the product and sponsored.The good thing I have noticed that as per PPP blog ethics you can/should also disclose to the viewer ... More About: Earn , Online , Pay Per Post
HRA EXEMPTION HOW TO CALCULATE
2008-03-06 12:49:00 In most of the cases ,House Rent Allowance(HRA) is part of salary package .so exemption of Hra how to calculated is most of us is want to know infact most of person already know about HRA exemption,I am giving this to shares my understanding on the above issue which may be useful for many of this site visitors.if you have any different views or any point left in this post ,please record in the comment section.calculation of HRA exemption.least of following three will be exemptedHra received50% of salary in case of residential accommodation taken on rent is situated in Bombay ,Calcutta ,Delhi, or Madras (Chennai) and 40 % of salary in in any other case.rent paid in excess of 10 % of salaryother points to be notedSalary for this purpose meanBasic salaryDearness Allowance if terms of employment so provides.commission based on a fixed percentage of trunover.all other allowances and perquisites is to be excluded.Salary related to period of rent should only be considered on due basic .Sal... More About: Calculate
Deduction for Higher Education Loan 80E on son's eduction.
2008-03-04 18:30:00 In This post we will discuss issue relating to deduction u/s 80E for eduction loan for higher studies.We will try to cover all point relating to eduction loan ,but if any left or you have a diffrent opinion than us ,you can record it in comment section given below.relevant clause of section are reproduced hereunder for ready reference :80E. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education or for the purpose of higher education of his relative.from above main points to avail the duduction areEduction loan should be taken by Assessee.The repayment should be out of income chargeable to income tax means if repayment is made from income ... More About: Education , Loan , Higher , Higher Education
BUDGET CHANGES -MISSED BY U -40A(3) CASH PAYMENT EXCEEDING 20000 RS.
2008-03-02 09:44:00 MEASURES TO PLUG REVENUE LEAKAGESAmendment to the provisions of section 40A(3) of the Income-tax Act,Section 40A(3)(a) of the Income-tax Act, 1961 provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn on a bank or by an account payee bank draft, shall not be allowed as a deduction.Section 40A(3)(b) also provides for deeming a payment as profits and gains of business or profession if the expenditure is incurred in a particular year but the payment is made in any subsequent year in a sum exceeding Rs. 20,000/- otherwise than by an account payee cheque or by an account payee bank draft.The provisions of this section are subject to exceptions as provided in Rule 6DD of the Income-tax Rules, 1962.Section 40A(3) is an anti tax-evasion measure. By requiring payments to be made by an account payee instrument, it is possible to verify the genuineness of the transaction thereby mitigating the r... More About: Budget , Payment , Cash
DIRECT TAX CHANGES IN BUDGET AT A GLANCE
2008-03-02 06:56:00 In this post we will cover some important clauses of direct tax that has been proposed to be changed by Finance Minister in Budget 08.We will try to explain the changes. Change in Income Tax rates(Covered in separate Post)TAX CALCULATOR -WITH REVISED RATES IN BUDGETSenior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of saving instruments under Section 80C of the Income Tax Act.This Benefit will be available from current year i.e investment made in f.y 2007-08 also eligible u/s 80c, and notification has already issued in this regard .Additional deduction of Rs. 15,000 allowed under Section 80D to an individual paying medical insurance premium of his/her parent or parents.whether parents depended on individual or not.applicable from AY 2009-10Income Tax Act to be amended to provide that reverse mortgage would not amount to ?transfer?; and the stream of revenu... More About: Direct , Glance
TAX CALCULATOR -WITH REVISED RATES IN BUDGET
2008-03-01 13:41:00 In Budget 2008 personal income tax rates has been slashed by the Finance Minister and all Individual and Huf will gain from 4120 to 49852 (including surcharge)in relation to their income.We have Created a small calculator in which u calculate tax for individual as general,huf,Senior citizen,Women.In this calculator u will also know how much benefit u will get from budget.new Rates of Income tax for Previous Year 2008-09 is given hereunder.For the AY 2008-09 (FY 2007-08) for an individual, HUF (other than woman or senior citizen)Upto Rs. 110,000NilRs. 110,001 to Rs. 150,00010% of income above Rs. 110,000Rs. 150,001 to Rs. 250,000Rs. 4,000 plus 20% of income above Rs. 150,000Above Rs. 250,000Rs. 25,000 plus 30% of income above Rs. 250,000For women, the minimum limit of Rs. 110,000 is to be increased to Rs. 145,000 and for senior citizens to Rs. 195,000.A surcharge of 10% of the total tax liability is applicable where the total income exceeds Rs. 10 lacs. For persons, other than indi... More About: Calculator
SERVICE TAX CHANGES IN BUDGET 2008
2008-03-01 04:09:00 We try to cover major changes in service tax in Budget Presented on by Finance Minister on 29/2/2008 .There is no change in service tax rate and it remains 12% plus education cess 2% and Higher Secondary Cess 1% .Important changes in service tax are given hereunder.Service tax Good NewsThe annual threshold limit of service tax exemption for small service providers has been increased from the present level of Rs.8 lakh to Rs.10 lakh with effect from 01.04.2008, provided that the aggregate value of taxable services rendered by such provider of taxable service from one or more premises, does not exceed Rs.10 lakh in the preceding financial year.(Notification No.08/2008-Service Tax).The above limit for service provider wise not for each service.Suppose If a person provide 2 or more services then the limit will be total for all the services provided by the persons.Consequent upon increase in threshold limit of exemption from Rs.8 lakh to Rs.10 lakh,with effect ...
Saving under 80c whose name can be done
2008-02-27 02:23:00 In this post we will discuss only points relating to benefit of under section 80C.we have tried to cover all the important issues but if any left or you have different thoughts than ours please record in comments section.The list given below is not complete and we have covered schemes only that widely used by the persons.And we will try to cover each scheme in detail in our other post.80c savingScheme particulars Available to Can be for amount cap Holding period Life Insurance premium huf Member of family 20% of Sum Assured Two year individual spouse,own,children (major or minor,dependent or indepdent) do Non -Commutable defrreed annuity individual spouse,own,children (major or minor,dependent or indepdent) Nil Nil Deferred Annuity deducted by Govt individual spouse,own,children (major or minor,dependent or indepdent) 20 % of salary nil Statutory provident and recognised Provident f... More About: Saving
HOUSE LOAN BENEFIT AND SECTION 80C
2008-02-24 03:00:00 All most 25 % queries online are regarding housing loan benefits under income tax act and second after Queries Relating to Pan Allotment. In this post we will discuss only points relating to benefit of house loan under section 80C.we have tried to cover all the important issues but if any left or you have different thoughts than ours please record in comments section.Deduction for house loan /installment available up to Rs.100000 /-The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,00,000.The payment of loan should be made towards cost of purchase/construction of new residential house property.The house property income should be assessable in the hand of asseessee in simple term assessee should be the owner of the house property.The payment should not be for addition or alteration to,or ren... More About: House , Loan , Section , Benefit
TUITION FEES PAID FOR CHILDREN U/S 80C
2008-02-19 12:54:00 Today we will discuss important points regarding deduction available for payment of tuition fees .we try to cover each and every aspect on the issue ,if any left ,or you have different opinion than of us ,please record in comments.Relevant part of the section 80c is reproduced here under."(xvii) as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of admission or thereafter,(a) to any university, college, school or other educational institution situated within India;(b) for the purpose of full-time education of any of the persons specified in sub-section (4) ""(4) The persons referred to in sub-section (2) shall be the following, namely: (a) ......................b) .......................c) for the purposes of clause (xvii) of that sub-section, in the case of an individual, any two children of such individual."on the basic of above following points are to be noted .Deduction for tuition Fees is availa... More About: Children , Paid , Tuition
Life Insurance premium paid on wife's Policy eligible for tax rebate?
2008-02-16 07:23:00 By Going through analysis of Incoming traffic to this site and online search given on our blog site I found that more of the visitors are looking for basic tax concepts so I have decided to give important and widely used section details on blog,though I know most of the email readers of BLOG are professional in accounts and tax and does not like concepts in feeds ,yet it is necessary to give detail of basic concepts also.Today I will discuss life Insurance premium.Important Point in this regards are given belowDeduction u/s 80c of income tax is available to Individual and Huf Assessee.Maximum total eligible amount under this head (LIFE insurance Premium) is Rs. 1.,00,000 /-The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,00,000.If policy taken after 1.4.2003 then Premium paid up to 20%... More About: Life , Policy , Paid , Life Insurance
MANDATORY PAN % INCREASED IN ETDS ETCS RETURN.
2008-02-12 18:05:00 Press release from CBDTThe CBDT through a press notification Issued on 12.02.2008 has increased the mandatory Pan % (Earlier issued on 25/09/2007)in e-tds and e-tcs return o and from quarter ending 31.03.08 and no return will be accepted if mandatory pan has not been filled on or after 01.04.2008.New % will as under.For form 24q (etds return for salary mandatory pan limit will be 95% increased from 90%For Form 26q and form 27eq(e-TCS) mandatory pan limit will be 85% increased from 70% earlier.This new % will be applicable from 01.04.2008 on each & every return filed on or after 01.04.2008 though related to a period earlier than quarter ending 31.03.2008This is surprise to me and you because on 04/02/2008 in a earlier press release CBDT has increased the due date of filing etds/etcs return to 29.02.2008 for quarter ending 30.09.2007 and has mentioned the reason as hereunder"This is in view of the difficulties being faced by the tax deductors /collectors in filing statements with ... More About: Return
FILL SERVICE TAX CODE IN GAR-7 /TR6 OTHERWISE CHALLAN WILL NOT BE ACCEPTED.
2008-02-10 07:48:00 Last week my friend Vishal pasad at Mumbai went to Axis Bank Branch to deposit service tax on gar-7 challan ,but he was surprised to know that he can not deposit the tax as the service tax code he has filled on the challan ,is not shown in NSDL website ,thanks to delay in updatation of by the authorities and a new circular/Instruction by RBI issued to banks regarding receipt service tax/excise payment.Vishal also has Service Tax registration certificate and after showing it to Bank staff he deposited the tax next day.Then he suggested me to give about this on blog to inform all tax payers like you so that you will not face the same situation as he(Vishal) has faced.So I briefly discussed the circular hereunder. Main points are:--Banks are advised that no payment of Central Excise & Service Tax should be accepted by bank branches unless the assessee code of the tax-payer is quoted on the G.A.R.7 challan.Bank should confirm assessee code from directory and from NSDL website.If... More About: Code , Fill
HOW TO FILL TDS CHALLAN ITNS 281
2008-02-03 16:41:00 I have tried to explain "how to fill challan 281" in the picture given below.The main Point which should be kept in mind ,while filling the challan form,are given below.Download above image for how to fill form 281Deposit tax deducted from company and non company deductees in separate Challan. Suppose u have deducted tax from abc ltd and ram & com (partnership firm) u/s 194c than separate challan should be deposited .For company deductees select code 0020 and for non company deductees.To segregate company and non company deductees ,use pan forth letter,if forth letter is "C" then it means company deductee in other cases non company deductee.Do not deposit tax deducted under different clauses/sections of income tax in single challan .Fill separate challan .like you should not deposit tax deducted u/s 194j with section 194c.Do not deposit tax deducted in two different quarter in single challan ,as if you deposit the tds for two quarter in single challan ,than you will face pro...
DUE DATE OF TDS/TCS RETURN QTR ENDING 30.09.2007 EXTENDED.
2008-02-01 17:17:00 CBDT has extended the due date to file the Etds and Etcs return for the quarter ending 30.09.2007,2nd quarter for the f.y 2007-08 to 29.02.2008.In my view date has been extended by keeping in view the practical difficulties faced by the tax payers to fill mandatory 90% pan in salary return (24Q) and 70% pan in other returns.But some times assessee(deductee) has not applied for the pan card ,so due to the negligence of deductee ,deductor can not file his etds return, as pan of deductee is must up to certain percentage as mentioned above mandatory & without which return will not be accepted and deductor may also be asked to DEPOSIT the penalty.But thanks to CBDT ,who has now extend due date to file the second qtr etds/etcs return date to 29.02.08 and there will be no penalty upto the date of 29.02.08 now..Notification of the same is given hereunder .(download notification pdf) F.No. 275/6/2008-IT(B) Government of India Ministry of Finance Department of Revenue Central Board o... More About: Ending , Return , Extended
HOW COULD I GET NEW PAN CARD/CORRECTION IN PAN CARD
2008-01-26 16:54:00 Last month I have started free pan verification services ,since then I have received so many queries regarding pan though I have replied each & every quires separately but I know generally people hesitate to ask questions so I think its beneficial to discuss main and common question regarding pan on our blog.Ques: I have applied for pan some time back but has not received the pan card ,how can i get new pan card?I have duplicate/multiple pan ,how can I surrender one of them.How can I apply for change in correction in pan address ,and is it necessary/mandatory to apply for change in address.I would like to know whether there are any persons/agencies that can help people like me to get pan no in quick time. Ans.1First of all I would like to inform every body that if you need Pan for income tax return purpose than my dear friend u can use the pan even you don't have pan card,Income tax deptt never asked for Pan card .But now a days photocopies of Pan card is required at the time... More About: Card , Rect
Happy Republic Day
2008-01-26 05:53:00 wish u all a Happy & prosperous Republic day. More About: Republic Day
E-PAYMENT OF TAXES MANDATORY FROM 1.04.08
2008-01-25 01:49:00 As I have earlier written that e-payment will be made mandatory from April 1,2008,finally a press release has been issued by the CBDT, given hereunder. Two type of person now has to make payment of taxes through internet.1.All Corporates.2.person other than corporate but covered under section 44ab(compulsory Tax audit)No minimum limit has been suggested in press release which i think is not correct and unjustified for small & medium business.In my view at least 100000 tax limit should be there,means the person who's tax payment is less than 100000 in a year can be pay taxes either online or of line .please comment.but there is no such limit given in press release.Please give ur comment on the issue.press release is given hereunder for ready reference.Moreover it has been also clarified that epayment can be made through debit or credit card.No.402/92/2006-MC (05 of 2008) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New... More About: Payment
TDS ON COLD STORAGE RENT-194C OR 194 I ?
2008-01-20 10:16:00 Clarification regarding applicability of provisions of Section 194-I to payments made by the customers on account of cooling charges to the cold storage ownersCIRCULAR NO. 1/2008, DATED 10-1-2008Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a t... More About: Storage , Cold , Rent
KNOW YOUR PAN AO CODE
2008-01-16 16:27:00 It is mandatory for the applicants to mention the AO code in the PAN application. The AO code under jurisdiction of which the applicant falls, should be selected by the applicant. The applicants are advised to be careful in selection of the AO code. The details given here are as per the information received from the Income Tax Department. For additional information applicants may contact local office of Income Tax Department or call Aaykar Sampark Kendra on 0124-2438000. (a) PAN AO Code s - International Taxation (b) PAN AO Codes - Non International Taxation and other than Mumbai region (c) PAN AO Codes - Mumbai region (d) PAN AO Codes- Defence personnelother useful linksDOWNLOAD PAN APPLICATION FORM 49 A IN EXCELDOWNLOAD PAN APPLICATION FORM 49 A IN PDFDOWNLOAD Request FORM for New PAN Card or / and Changes or Correction in PAN DataDocuments REQUIRD as proof of identity and address as per rule 114 of Income tax rules, 1962 Know Nearest TIn-fc to apply new panExclusiv...
TDS UNDER PUNJAB VAT ACT ON WORKS CONTRACT INCREASED TO 4 PERCENT
2008-01-13 04:54:00 The Punjab government has doubled the rate of Tax Deducted at Source (TDS) for building contractors to four per cent from January 9 this year to boost state revenues and stimulate growth in the local industry."Now all the contractees, whether it is private or government organization will be required to deduct TDS at a rate of 4 per cent, under the Punjab Value Added Tax, 2005, from amount payable to a contractor," Punjab Excise and Taxation Department Commissioner A Venu Prasad said on Friday.The increase in TDS rate would add Rs 5-10 crore to the government's kitty per annum.He said it would be mandatory for all organisations to deduct TDS from the amount paid to contractors.Prasad said although contractors would have to pay higher TDS, the decision would benefit them if they start procuring construction raw material from within the state.Citing an example, he said presently if a contractor procures anything related to construction from out of the state, then he has to pay Central... More About: Contract , Works
UP VAT AT A GLANCE PPT HIGHLIGHTS
2008-01-08 03:54:00 (Click here to download the presentation) About the Author: - Bimal Jain, FCA BimalJain@lgindia.com Asst. General Manager -Corporate Commercial Dated: - January 8, 2008SOURCE:TMIRELATED LINKSBARE ACT VAT,VAT FORMS,RULES ALL INDIA STATE WISEKNOW DEALERS DETAIL BY TIN (VAT) NUMBER OR BY NAME More About: Highlights , Glance , T A G
SERVICE TAX CLARIFICATION :INPUT SERVICE ,IMMOVABLE PROPERTY ,SERVICE TAX O
2008-01-04 16:55:00 CBEC Has earlier two important/master circulars First regarding service tax procedure i.e 97 dated 27.8.07 and second 96 dated 27.8.2007 regarding scope of services and some clarification on application of service tax on some services now new clarification has been issued on wide circular 98 dated 04/01/2008 regarding CENVAT credit of input services used in construction of immovable property can be taken while discharging service tax on rent of of immovable property is reproduced hereunder.096.01 / 04.01.08"Question: Commercial or industrial construction service [section 65(105)(zzq)] or works contract service [section 65(105)(zzzza)] is used for construction of an immovable property. Renting of an immovable property is leviable to service tax [section 65(105)(zzzz)]. Whether or not, commercial or industrial construction service or works contract service used for construction of an immovable property, could be treated as input service for the output service nam... More About: Property , Service , Input
CLARIFICATION SERVICE TAX ON WORK CONTRACT COMPOSITE SCHEME
2008-01-04 16:22:00 CBEC Has earlier two important/master circulars First regarding service tax procedure i.e 97 dated 27.8.07 and second 96 dated 27.8.2007 regarding scope of services and some clarification on application of service tax on some services now new clarification has been issued on wide circular 98 dated 04/01/2008 regarding application of composite payment of service tax on work contract.the clarification is reproduced here under." 097.03 / 04.01.08"ques: Service s provided in relation to execution of works contract is leviable to service tax w.e.f. 01.06.07 [section 65(105)(zzzza)].Work s Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 provides option to pay service tax @ 2% of the gross amount charged for the works contract. However, the service provider opting for composition scheme for payment of service tax should exercise the option prior to payment of service tax. The issue pertains to,- (i) contracts entered into prior to 01.06.... More About: Composite
HAPPY NEW YEAR
2007-12-29 17:15:00 Send this eCard !I Wish to god that this year will bring more health & wealth for all of you .HAPPY NEW YEAR 2008 GOD HAS ACCEPTED MY WISHNOW 2008 will provide you more free time..............because ...........GIVE UR COMMENT More About: New Year , Happy , Happy New Year , Year
FAQ ON FBT ON ESOP
2007-12-23 08:17:00 The Central Board Of Direct Taxes has released a circular Circular No 9/2007 dated 20/9/2007 which contains 25 frequently asked questions on ESOP. The excerpt of the circular is given below for the benefit of readers Frequently Asked Questions A number of issues have been raised by trade and industry at different fora after the presentation of the Finance Bill, 2007, after its enactment and also after the notification of Rule 40C. The questions and answers in the following section seek to clarify these issues: 1. Whether a foreign company is liable to pay FBT on shares allotted or transferred to the employees of its Indian subsidiary? Answer In terms of the provisions of Chapter XII-H of the Act, an employer, being a company, is liable to pay FBT in respect of the fringe benefits provided or deemed to have been provided by it to its employees, directly or indirectly, during the previous year. Since the shares are allotted or transferred to employees of the Indian subsid...
FBT ON ESOP AT A GLANCE
2007-12-22 00:42:00 CBDT has issued FAQ on FBT on ESOP wide circular no 9/2007 dt 20/12/2007 (F. No. 142/25/2007-TPL).The circular has 25 question /answer and i think it is a step in a right direction and will clarify many doubt .you can read complete circular from link given below.what is fbt on Esop on fbt is given in brief hereunderFBT ON ESOP IN BRIEFFBT shall apply in all cases where any specified security or sweat equity shares has been allotted or transferred by the employer to his employees; FBT shall be payable in the previous year in which such allotment or transfer has taken place; The provisions of this new clause shall apply even if the allotment or transfer is directly or indirectly; The provisions of this new clause shall apply even if the allotment or transfer is free of cost or at concessional rate; The provisions of this new clause shall apply even if the allotment or transfer is to current or former employee or employees; the provisions of this new clause shall apply in cases where... More About: Glance
Due date extend for 2007-08 for filing income tax return by the S C
2007-12-14 18:01:00 The Supreme Court today directed tax payers all over the country to file Income Tax returns under the prescribed new ITR forms for assessment year 2007-08 by February 29, 2008 - the new deadline set by the government. The direction was passed after Additional Solicitor General Mohan Parasaran informed the bench headed by Justice B N Agarwal that the Centre was issuing a notification today extending the time for filing returns till February 29, next year in relation to all categories of assessees.The bench also set aside the Allahabad High Court order that allowed business class and professionals having income below Rs 20 lakh to file tax returns under both SARAL-2D and new return forms for the assessment year.It held that it was not impressed by the submission of the respondent, Income-Tax Bar Association, Lucknow, that there should be some modifications in the new prescribed form."It is for the statutory authority to decide the type of forms. The Union of India has... More About: Return , Income Tax
Commissionerate initiates action to ensure mandatory E payment
More articles from this author:2007-12-09 03:20:00 E-payment is one of the most convenient and effective method of payment of duties, taxes or bills to the government. The payment of duties through electronic mode is not only safe, it also saves assessee time as well as it saves the expenses on account of bank draft charges etc. It also reduces frauds as the e-payments are made through secured protocols on the website of the banks. In order to promote and ensure payment of the Service Tax by electronic mode, Government of India made payment of Service Tax, mandatory for the assesses who had paid service tax of Rs. 50 lacs or above in the preceding financial year or has already paid service tax of Rs. 50 lacs in the current financial year, by incorporating changes in the Rules (6) of the Service Tax Rules 1994. All the banks authorized by the Central Board of Excise and Customs have already developed facility to receive e-payment. However, many assessees, who are required to pay service tax electronically, are not following the ... More About: Action , Payment , Missi 1, 2, 3 |
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