01 November 2010

List of Maharashtra State Public Holidays-2011

 

List of Maharashtra State Public Holidays-2012 

The Maharashtra Government has declared 20 days as Public Holidays for 2011. In addition to this 4 holidays fall on Sunday. 1st April, 2011 & 30th September 2011 (both Friday) shall be Bank Holidays. In addition Maharashtra Government has declared additional Pubic Holiday on Bahubeej on Firday, 28th October, 2011.

The holidays are declared as Public Holidays u/s. 25 of Negotiable Instrument Act 1881

public_holiday_2011 4

public_holiday_2011 8

20 August 2010

Security at ATM – Techical Hint

I have read this on in a email, but do not have authentic source to verify this claim. This hint is also being circulated on email for long time.

“WHEN A THIEF FORCES YOU TO TAKE MONEY FROM THE ATM, DO NOT ARGUE OR RESIST, YOU MIGHT NOT KNOW WHAT HE OR SHE MIGHT DO TO YOU.   WHAT YOU SHOULD DO IS TO PUNCH YOUR PIN IN THE REVERSE, i.e. IF YOUR PIN IS 1254, YOU PUNCH 4521.

THE MOMENT YOU PUNCH IN THE REVERSE, THE MONEY WILL COME OUT BUT WILL BE STUCK INTO THE MACHINE HALF WAY OUT AND IT WILL ALERT THE POLICE WITHOUT THE NOTICE OF THE THIEF.


EVERY ATM HAS IT; IT IS SPECIALLY MADE TO SIGNIFY DANGER AND HELP. NOT EVERYONE IS AWARE OF THIS. FORWARD THIS TO ALL YOUR FRIENDS AND THOSE YOU CARE”

I guess by now all thief must be also knowing this. If you try this and succeed, be aware you will be shot by the thief.

18 August 2010

Online/ epayment of MVAT and CST in Maharashtra

State of Maharashtra has been in forefront in implementation of computerisation of the Sales-tax department as compared to other states. But it is a apathy that the steps taken by Maharashtra state are also too nascent a step towards the process of computerisation of the administration of sales-tax department. Maharashtra has been in forefront to introduce e-filing of MVAT and CST returns. It has introduced the process of making online application for obtaining declaration under Central Sales Tax. It has introduced e-application for registration. Dealers in the state can make online application for registration for their business. No doubt, even though the state government has taken all steps to smoothly implement its objective; of computerisation  of sales tax department administration, the department is still in the state of chaos. The staff of the department, tax-practitioners and public in general are confused what is going on in the department and what procedures are to be followed.

On 15th February, 2010, the state government has issued a notification amending MVAT Rules, 2005. It has inserted rule 45A providing of e-payment of MVAT. Commissioner can notify the period starting on or after which certain class or classes of dealers will have to pay MVAT taxes online through internet banking. i.e. make e-payments.

The payments are required to be made online in form MTR-6 (New e-form) and the payment is to be made through Public Sector Banks only.

On 26th May, 2010, Government has issued notification making all dealers who file monthly return, to mandatorily make e-payments of MVAT and CST taxes. All payments made by such dealer from 1st June, 2010 will have to be made through electronic payment mode.

Further on 28th July, 2010, Government made has again issued notification making all dealers who file quarterly return, to mandatorily make e-payment of MVAT and CST Taxes. All payments made by such dealer from 1st October, 2010 must be made by electronic/internet payment system

Class of DealersDate from which e payment is mandatory
Filing Monthly Returns1st June, 2010
Filing Quarterly Return1st October, 2010
Filing Half Yearly ReturnsDate not notified

Mode of making e-payment

There are two methods of making e payment


  • E-payment directly from Bank's website:

    The dealer can log to the website of the following banks and make e-payment through the link provided on banks website.


    Sr. No.
    Name Of The Bank

    1.
    State Bank of India

    2.
    State Bank of Hyderabad

    3.
    State Bank of Travancore

    4.
    State Bank of Indore

    5.
    State Bank of Mysore

    6.
    State Bank of Bikaner & Jaipur

    7.
    State Bank of Patiala

    8.
    IDBI Bank

    9.
    Corporation Bank

    10.
    Union Bank of India

    11.
    Bank of India

    12.
    Bank of Maharashtra

    13.
    Bank of Borada



  • Banks integrated with MSTD website


    • For making payment through MSTD integrated website the dealers has to download prerequisite software for MVAT website. However the same banks are also listed in the above mentioned first method. So the dealer may avoid making payment through second method

Sr. No. Name Of The Bank

1.
IDBI Bank

2.
Corporation Bank

3.
Union Bank of India

4.
Bank of Maharashtra


  • In case the dealers bank doesn't have an on line payment facility or does not have account in authorised bank, then the sales tax department has advised to make e-payment from the account of any other person who has an internet banking account with these authorised bank. The  challan for making such payment must clearly indicate your TIN number & name of the business of the dealer. (But natural). However this suggestion of departments seems to be highly impractical. The department must have first made arrangements with most banks before implementing the scheme of e-payments.

Other points

  • The dealer can also make e-payment of CST for the periods before 1-4-2005, but as MVAT is applicable from 1-4-2005, payment before 1-4-2005 on account of BST cannot be made for the period before 1-4-2005
  • On making payment of taxes through internet banking, a GRN(Government Reference Number) is generated on MVAT website. This is number correlated with bank scroll.
  • The dealer is required to make separate payment under MVAT and CST.
  • Payments can be make any time of the date, but payments made after 8 p.m. will be accounted on the next day. So when payment is made on last day, payments must be made before 8 p.m. or the payment may be treated as delayed payment and default. The dealer will be then unnecessarily penalised.

11 August 2010

SWEET POISON! A MUST READ! Do not use artificial sweeteners

I received this email from yahoo group. I am posting this on my blog to inform you about the effects of Sugar-free sweeteners on your health. Please share my concern with your friends and relatives and forward them this link for their reference.

SWEET POISON! A MUST READ!

In October of 2001, my sister started getting very sick.

She had stomach spasms and she was having a hard time getting around. Walking was a major chore.

It took everything she had just to get out of bed; she was in so much pain.

By March 2002, she had undergone several tissue and muscle biopsies and was on 24 various prescription medications. The doctors could not determine what was wrong with her. She was in so much pain, and so sick she just knew she was dying.

She put her house, bank accounts, life insurance, etc., in her oldest daughter's name, and made sure that her younger children were to be taken care of.

She also wanted her last hooray, so she planned a trip to Florida (basically in a wheelchair) for March 22nd.

On March 19 I called her to ask how her most recent tests went, and she said they didn't find anything on the test, but they believe she had MS. I recalled an article a friend of mine e-mailed to me and I asked my sister if she drank diet soda?

She told me that she did. As a matter of fact, she was getting ready to crack one open that moment. I told her not to open it, and to stop drinking the diet soda!

I e-mailed her article my friend, a lawyer, had sent. My sister called me within 32 hours after our phone conversation and told me she had stopped drinking the diet soda AND she could walk!

The muscle spasms went away. She said she didn't feel 100% but, she sure felt a lot better. She told me she was going to her doctor with this article and would call me when she got home. Well, she called me, and said her doctor was amazed!

He is going to call all of his MS patients to find out if they consumed artificial sweeteners of any kind. In a nutshell, she was being poisoned by the Aspartame in the diet soda...and literally dying a slow and miserable death. When she got to Florida March 22, all she had to take was one pill, and that was a pill for the Aspartame poisoning! She is well on her way to a complete recovery. And she is walking! No wheelchair! This article saved her life.

If it says 'SUGAR FREE' on the label; DO NOT EVEN THINK ABOUT IT!

I have spent several days lecturing at the WORLD ENVIRONMENTAL CONFERENCE on 'ASPARTAME,' marketed as 'Nutra Sweet,' 'Equal,' and 'Spoonful.' In the keynote address by the EPA, it was announced that in the United States in 2001 there is an epidemic of multiple sclerosis and systemic lupus. It was difficult to determine exactly what toxin was causing this to be rampant. I stood up and said that I was there to lecture on exactly that subject.

I will explain why Aspartame is so dangerous: When the temperature of this sweetener exceeds 86 degrees F, the wood alcohol in ASPARTAME converts to formaldehyde and then to formic acid, which in turn causes metabolic acidosis.. Formic acid is the poison found in the sting of fire ants. The methanol toxicity mimics, among other conditions, multiple sclerosis and systemic lupus. Many people were being diagnosed in error. Although multiple sclerosis is not a death sentence, Methanol toxicity is! Systemic lupus has become almost as rampant as multiple sclerosis, especially with Diet Coke and Diet Pepsi drinkers. The victim usually does not know that the Aspartame is the culprit. He or she continues its use; irritating the lupus to such a degree that it may become a life-threatening condition. We have seen patients with systemic lupus become asymptotic, once taken off diet sodas. In cases of those diagnosed with Multiple Sclerosis, most of the symptoms disappear. We've seen many cases where vision loss returned and hearing loss improved markedly. This also applies to cases of tinnitus and fibromyalgia. During a lecture, I said,

'If you are using ASPARTAME (Nutra Sweet, Equal, Spoonful, etc) and you suffer from fibromyalgia symptoms, spasms, shooting, pains, numbness in your legs, Cramps, Vertigo, Dizziness, Headaches, Tinnitus, Joint pain, Unexplainable depression, anxiety attacks, slurred speech, blurred vision, or memory loss you probably have ASPARTAME poisoning!'

People were jumping up during the lecture saying, 'I have some of these symptoms.. Is it reversible?' Yes! Yes! Yes! STOP drinking diet sodas and be alert for Aspartame on food labels! Many products are fortified with it!

This is a serious problem. Dr. Espart (one of my speakers) remarked that so many people seem to be symptomatic for MS and during his recent visit to a hospice; a nurse stated that six of her friends, who were heavy Diet Coke addicts, had all been diagnosed with MS. This is beyond coincidence! Diet soda is NOT a diet product! It is a chemically altered, multiple SODIUM (salt) and ASPARTAME containing product that actually makes you crave carbohydrates. It is far more likely to make you GAIN weight! These products also contain formaldehyde, which stores in the fat cells, particularly in the hips and thighs. Formaldehyde is an absolute toxin and is used primarily to preserve 'tissue specimens.'

Many products we use every day contain this chemical but we SHOULD NOT store it IN our body! Dr. H. J. Roberts stated in his lectures that once free of the 'diet products' and with no significant increase in exercise; his patients lost an average of 19 pounds over a trial period. Aspartame is especially dangerous for diabetics. We found that some physicians, who believed that they had a patient with retinopathy, in fact, had symptoms caused by Aspartame. The Aspartame drives the blood sugar out of control. Thus diabetics may suffer acute memory loss due to the fact that aspartic acid and phenylalanine are NEUROTOXIC when taken without the other amino acids necessary for a good balance.

Treating diabetes is all about BALANCE. Especially with diabetics, the Aspartame passes the blood/brain barrier and it then deteriorates the neurons of the brain; causing various levels of brain damage, Seizures, Depression, Manic depression, Panic attacks, Uncontrollable anger and rage.

Consumption of Aspartame causes these same symptoms in non-diabetics as well. Documentation and observation also reveal that thousands of children diagnosed with ADD and ADHD have had complete turnarounds in their behaviour when these chemicals have been removed from their diet. So called 'behaviour modification prescription drugs' (Ritalin and others) are no longer needed.

Truth be told, they were never NEEDED in the first place! Most of these children were being 'poisoned' on a daily basis with the very foods that were 'better for them than sugar.'

It is also suspected that the Aspartame in thousands of pallets of diet Coke and diet Pepsi consumed by men and women fighting in the Gulf War, may be partially to blame for the well-known Gulf War Syndrome.

Dr. Roberts warns that it can cause birth defects, i.e. mental retardation, if taken at the time of conception and during early pregnancy.

Children are especially at risk for neurological disorders and should NEVER be given artificial sweeteners. There are many different case histories to relate of children suffering grand mal seizures and other neurological disturbances talking about a plague of neurological diseases directly caused by the use of this deadly poison.' Herein lies the problem:

There were Congressional Hearings when Aspartame was included in 100 different products and strong objection was made concerning its use. Since this initial hearing, there have been two subsequent hearings, and still nothing has been done.

The drug and chemical lobbies have very deep pockets. Sadly, MONSANTO'S patent on Aspartame has EXPIRED! There are now over 5,000 products on the market that contain this deadly chemical and there will be thousands more introduced. Everybody wants a 'piece of the Aspartame pie.'

I assure you that MONSANTO, the creator of Aspartame, knows how deadly it is. And isn't it ironic that MONSANTO funds, among others, the American Diabetes Association, the American Dietetic Association and the Conference of the American College of Physicians? This has been recently exposed in the New York Times. These [organizations] cannot criticize any additives or convey their link to MONSANTO because they take money from the food industry and are required to endorse their products.

Senator Howard Metzenbaum wrote and presented a bill that would require label warnings on products containing Aspartame, especially regarding pregnant women, children and infants. The bill would also institute independent studies on the known dangers and the problems existing in the general population regarding seizures, changes in brain chemistry, neurological changes and behavioural symptoms. The bill was killed. It is known that the powerful drug and chemical lobbies are responsible for this, letting loose the hounds of disease and death on an unsuspecting and uninformed public.

Well, you're informed now!

YOU HAVE A RIGHT TO KNOW! __._,_.___

01 August 2010

Wonderful Mathametical Sequences

The Beauty of Mathematics and the Love of God! This is TOO cool!

Just the math part is good enough, the end is even better. 

I bet you will NOT be able to read it without sending it on to at least one other person!


Beauty of Mathematics! !!!!!!


1 x 8 + 1= 9
12 x 8 + 2= 98
123 x 8 + 3= 987
1234 x 8 + 4= 9876
12345 x 8 + 5= 98765
123456 x 8 + 6= 987654
1234567 x 8 + 7= 9876543
12345678 x 8 + 8= 98765432
123456789 x 8 + 9= 987654321
1 x 9 + 2 = 11
12 x 9 + 3 = 111
123 x 9 + 4 = 1111
1234 x 9 + 5 = 11111
12345 x 9 + 6 = 111111
123456 x 9 + 7 = 1111111
1234567 x 9 + 8 = 11111111
12345678 x 9 + 9 = 111111111
123456789 x 9 +10=  1111111111  1111111111
9 x 9 + 7 = 88
98 x 9 + 6 = 888
987 x 9 + 5 = 8888
9876 x 9 + 4 = 88888
98765 x 9 + 3 = 888888
987654 x 9 + 2 = 8888888
9876543 x 9 + 1 = 88888888
98765432 x 9 + 0 = 888888888
Brilliant, isn't it?

And look at this symmetry:
1 x 1 = 1
11 x 11 = 121
111 x 111 = 12321
1111 x 1111 = 1234321
11111 x 11111 = 123454321
111111 x 111111 = 12345654321
1111111 x 1111111 = 1234567654321
11111111 x 11111111 = 123456787654321
111111111 x 111111111 = 12345678987654321

30 July 2010

MVAT Composition scheme for Builders and Developers Notified

VAT Composition Scheme for Retailers under MVAT
Composition Scheme for Work Contract In Maharashtra Value Added Tax 2002 (MVAT Act, 2002)
COMPOSITION SCHEME FOR BAKERS UNDER MVAT Act, 2002.

Maharashtra State Finance minster had in his budget speech announced that a simplified composition schemes for levy of MVAT on builders and developers would be introduced. That tax would be levied of one percent VAT and would be payable on the contract price of flats mentioned in the agreement of sale. However, such builders and developers will not be eligible for set off under the VAT Act. This scheme shall come into force for the agreements registered after 1st April 2010.

Subsequently provision for MVAT Act were amended and section 40(3A) was inserted by Mah Act No XII of 2010 dated 29-4-2010 w.e.f. 1-4-2010

Section 40(3A) empowers the State Government to notify by publishing in Official Gazette, i) a scheme of composition for the registered dealers who undertake the construction of flats, dwelling or buildings or premises and transfer them in pursuance of an agreement along with the land or interest underlying the land and ii) prescribe the rate of tax by way of composition, in lieu of the amount of tax payable on the transfer of goods (whether as goods or in some other form), in execution of such works contracts by such registered dealer under this Act.

Now vide notification No. VAT. 1510/CK-65lTaxation-1 dt. 9th July, 2010, the State Government has notified such scheme.

Composition scheme for Builders and Developers


  1. The scheme is available to a registered dealer who undertakes the construction of flats, dwellings or buildings or premises and transfer them in pursuance of an agreement along with land or interest underlying the land .
  2. Rate of MVAT payable : 1% of
    1. aggregate amount specified in the agreement or
    2. value specified for the purpose of stamp duty in respect of agreement under Bombay Stamp Act, 1958, …….. whichever is higher
  3. Conditions.
    1. All agreements which are registered on or after 1st April, 2010 can be covered under composition. Registration of agreement is must. Agreements entered before 1st April, 2010 but registered on or after 1st April, 2010 will be eligible to be offered under composition scheme;
    2. The claimant dealer (dealer claiming benefit of composition scheme) should included the agreement value in turnover of sale in the period in which agreement is registered
    3. The claimant dealer should make e-payment of MVAT payable against such agreements for the purpose of filing return;
    4. The claimant dealer will not be entitled to any set-off of taxes paid in respect of purchases of goods used against opted works contract;
    5. The claimant dealer must not used any goods or property in goods purchased from out of the state against C-Form for the purpose of contract for which composition of tax is opted. i.e. in relation to flat, dwelling, etc against which he is paying tax under composition scheme, he must not used goods purchase against C-Form.
    6. The claimant dealer shall not issue declaration in Form 409 to sub-contractor in respect of work contract for which composition is opted;
    7. The claimant dealer shall not be entitled to change the method of computation of tax liability in respect of contract for which he has opted fur this composition scheme;
    8. The claimant dealer shall not issuc Tax Invoice.

19 July 2010

Download Rupee Foradian Fonts with Indian Rupee (INR) Symbol/Sign

 NewRupeeSign
Fonts with new Indian Rupee (INR) Symbol/Sign are now available. You can download the fonts from the link given below. This ttf font is called rupee_foradian.ttf
 http://docs.google.com/leaf?id=0B934ejp6MKXWZmNiMmIxMjgtYjAzYi00ZTM5LWJiZDYtNWY5NTExZTBkMjk3&sort=name&layout=list&num=50
How to install new font.
Download the font file and save it on your computer or directly copy the downloaded ttf file to C:\windows\fonts
You can also install saved fonts through Control Panel
How to Use the font.
Rupee Key
Technorati Tags: ,
Ruppee Symbole de roupies Rupie rupia symbolo

31 May 2010

FILLING OF RETURN OF INCOME A.Y.2010-2011

FILLING OF RETURN OF INCOME A.Y.2010-2011

Filing of Regular Return u/s. Section 139(1)

  • Every Company and every firm is compulsorily required to file income-tax returns every year. Even if the Company or Firm is suffering loss it has to file the return.
  • Any other person, like an individual, HUF, association of persons, body of individual, trust, or any artificial judicial person; are required to file income tax return if their total income or total income of any other person include in in total (without giving effect to provisions of Sec. 10A or Sec. 10B or Sec 10BA or Chapter VIA) the exceeds the threshold limit exempted form payment of income-tax without giving effect
  • These law of filing return is applicable to all persons, whether they are resident or non-resident.
  • However a Non-Resident India has an option not file return if :
    • His total income during the previous year includes only investment income and/or long term capital gains and
    • Income tax has been deducted at source as per provision of income tax law
    • NRI can use the option selectively for each year. If he prefers not to use option for any year he may file the return for that year and state that he will not take benefit of the option for that year.

For threshold limit for AY 2010-11 see rates of tax

Due dates for filing regular return are as given below:

Persons

Time Limit
  • A Company

30th September of the A.Y.

  • A Person other then company whose accounts are required to be audited working partner of a firm covered under audit

30th September of the A.Y.

  • All other cases

31st July of the A.Y.

Section 139(3)- Return of loss to be filed before due date.

  • Any person who has Business loss, loss under capital gain, and wants to carry forward and set-off the loss against the income of subsequent year; according to the provisions of I-Tax Act, must file his return of income before due date as set out against due date for filing regular return. If a person fails to file loss return in time, he shall not be entitled to carry forward such losses.
  • Unabsorbed depreciation can be c/f even in case where return is filled belatedly.
  • Assesses can revise the loss return- Deemed to be returned filled u/s. 139(1)
Section 139(4)- belated return
  • If return is not furnished within the time allowed under section 139(1) or within the time allowed under notice issued under section 142(1), the person may furnish the return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment whichever is earlier

Consequences of late submission-if return is submitted after the due date of submission of return of income.

  • The assessee may liable for penal interest u\s 234A
  • A penalty of Rs.5000 may be imposed u\s 271F if return submitted after the end of assessment year.
  • Return of loss is submitted after due date a few loss can not be carried forward
  • If return is submitted belated, deduction under section 10A,10B, 80-IA,80-IB,80-IC,80-ID ,80IE will not be available

Section 139(5)- Revised return

  • If person file return u\s 139(1) or in notice issued u\s 142(1), discover any omission or any wrong statement he may furnish a revised return within one year from the relevant assessment year or before the assessment is made which ever is earlier.
  • A return under section 139(4) i.e. belated return can not be revised.

Form to be used for filing return:

Form

Persons applicable to :

Source of Income

ITR-1

Individual

Salary and Income from Other Source

ITR-2

Individual & HUF

Not having income form business or profession

ITR-3

Individual & HUF

Having income being profit from firm, but no income from proprietary business and profession

ITR-4

Individual & HUF

All Income

ITR-5

Firms

All Income and eligible for FBT

ITR-6

Company

All Income and eligible for FBT

ITR-7

Trust

All Income and eligible for FBT

ITR-8

Only FBT

Only liable to pay FBT

20 May 2010

Annual Tax Statement of Income-Tax for PAN holders

 

update 22nd June, 2010.

Annual Tax Statement 26AS can now be viewed by loging in ereturn filing website, www.incometaxindiaefiling.gov.in free of charges.

 

Annual Tax Statement (Form-26 AS) is issued by the Income Tax Department through NSDL; under under Section 203AA and Section 206C(5) of the Income Tax Act.

Form 26AS is a consolidated tax statement under Rule 31AB of Income Tax Rules, to PAN holders. This statement, with respect to a financial year, includes details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).

See> Format Annual Tax Statement

Form 26AS is available only with respect to Financial Year 05-06 onwards.

Tax Information Network (TIN) managed by National Securities Depository Limited (NSDL) on behalf of Income Tax Department, facilitates a PAN holder to view its Annual Tax Statement (Form 26AS) online. Form 26AS contains

  • Details of tax deducted on behalf of the taxpayer by deductors
  • Details of tax collected on behalf of the taxpayer by collectors
  • Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)

To view Form 26AS or say Annual Tax Credit Statement, the PAN Holder has to register himself online at the following link

 https://onlineservices.tin.nsdl.com/TIN/PanRegistration.do

Online Registration is a one time activity wherein, a PAN holder has to fill in & submit a Registration form online through this website. The detailed procedure is as mentioned below:

  1. Select 'registration' option from online services menu.
  2. After entering all the details (PAN, User ID, Password, Contact details if any etc), click on 'Submit'.
  3. On successful registration, an acknowledgement receipt will be displayed on screen.
  4. Save and print this acknowledgement receipt.

This registration request has to be authorised by a TIN-FC (TIN Facilitation Centre). Authorisation means verification of Identity of a PAN Holder for the purpose of viewing Annual Tax Statement.

Procedure for getting registration request authorised by a TIN FC, PAN holder may choose either to

  1. Personally visit the TIN FC of his choice or
  2. Select a TIN FC to visit the PAN Holder for personal verification.
    • In this case, select any TIN-FC from a list of TIN-FCs who offer this facility in the city provided in contact address.
    • Facility of selecting a TIN FC to visit can be availed of only in those locations where a TIN-FC is present.
    • In this option, the PAN holder will be prompted to enter his contact details in the fields provided on the online registration form.

The Authorisation must be done within 15 calendar days of registration, otherwise, the registration will cease to exist and PAN holder will have to register online again.

When a PAN holder personally visits a TIN-FC of his choice for authorisation

  1. He must present a print out of acknowledgement receipt generated onscreen at the time of registration of PAN, along with relevant proofs of identification as follows:

Type of PAN Holder

Documents required for verification of identity

Individual

Original PAN card along with a photocopy

Hindu Undivided Family (HUF)*

1. Original PAN card of HUF along with a photocopy and
2. Original Photo Identity Proof of Karta of HUF along with a photocopy.

    • Company
    • Artificial Juridical Person
    • Body of Individuals
    • Association of Persons (Trust)
    • Association of Persons
    • Firm
    • Local Authority

1. Original PAN card of PAN holder along with a photocopy,
2. Authority letter from PAN holder authorising an individual to
register PAN on its behalf (letter should contain specimen
signature of authorised individual)
3. Original PAN card of authorised individual along with a photocopy.

  1. *If PAN holder is a HUF, Karta of the HUF should visit TIN-FC in person and submit acknowledgement receipt.
  2. After identity of PAN holder is verified, he should sign in the space provided for signature of PAN holder in acknowledgement, in presence of the TIN-FC.
  3. TIN-FC will visually verify signature with signature on PAN card and thereafter, authorise the registration request online.
    • PAN holder can also view the status of his registration on this website.

After three working days of authorization by TIN-FC, the PAN holder can login to the TIN central system and view Form 26AS. There is no charge for viewing Tax Credit online

Link to  List of TIN Facilation Center

Registration Fee

a) TIN-FC will charge Rs.17 (i.e. Rs.15 + service tax) for authorisation of registration request, when PAN holder personally visits the TIN-FC.
b) TIN-FC will charge Rs.110 (i.e. Rs.100 + service tax) for authorisation of registration request in case where PAN holder opts for TIN-FC to visit him.
c) Above charges are also applicable for authorizing Reset Registration.

09 May 2010

KVP Accrued Interest Chart

 

Table of Calculation of Interest and Value of KISSAN VIKAS PATRA (KVP) of the period completed.

Maturity Value/ Cumulative Value of KISSAN VIKAS PATRA (KVP) for Every Rs.1000/-

Period from Date of Certificate to date of encashment Purchased form 1-3-2001 to 28-2-2002 Purchased form 1-3-2002 to 28-2-2003 Purchased form 1-3-2003
Rate of Interest Maturity Value Rs. Rate of Interest Maturity Value Rs. Rate of Interest Maturity Value Rs.
1 Year 7.75 1,079.00 7.25 1,074.00 6.40 1,065.02
2 Year 7.75 1,164.00 7.25 1,153.00 6.40 1,134.28
2 Year 6 Months 7.75 1,209.00 7.25 1,195.00 6.40 1,170.51
3 Year 8.25 1,274.00 7.75 1,256.00 6.40 1,207.95
3 Year 6 Months 8.25 1,327.00 7.75 1,305.00 6.88 1,267.95
4 Year 8.75 1,409.00 8.25 1,382.00 6.88 1,310.80
4 Year 6 Months 8.75 1,470.00 8.25 1,439.00 6.88 1,355.90
5 Year 9.25 1,572.00 8.75 1,534.00 7.36 1,435.63
5 Year 6 Months 9.25 1,644.00 8.75 1,602.00 7.36 1,488.49
6 Year 9.75 1,770.00 8.75 1,672.00 7.36 1,543.3
6 Year 6 Months 9.75 1,857.00 9.25 1,800.00 7.85 1,649.13
7 Year - N.A 9.25 1,883.00 7.85 1,713.82
7 Year 3 Months - 2,000.00 - N.A.   N.A.
7 Year 6 Months   --   2,000.00 7.85 1,781.06
8 Year   --     7.85 1,850.93
8 Year 6 Months   --       2,000.00

KVP Interest Calculator, KVP Maturity Chart

06 May 2010

NSC Accrued Interest Chart

Revised interest rate and maturity value of National Saving Certificate issued after 1st December, 2011

Table for calculation of interest and value of National Savings Certificate at end of every year completed.

The year for which interest accrues
Amount of interest (Rs.) accruing on the certificates of Rs. 100 denominations purchased between
If NSC (VIII Issue) is purchased on or after March 1, 2002 but before March 1, 2003 Cumulative value of National Saving Certificate at end of period If NSC (VIII Issue) is purchased on or after March 1, 2003 Cumulative value of National Saving Certificate at end of period
Face Value 100 100 100 100
First Year 9.20 109.20 8.16 108.16
Second Year 10.05 119.25 8.83 116.99
Third Year 10.97 130.22 9.55 126.54
Fourth Year 11.98 142.20 10.33 136.87
Fifth Year 13.09 155.29 11.17 148.04
Sixth Year 14.29 169.58 12.08 160.12
Total Interest 69.58 -- 60.12 --
Maturity Value 169.58 -- 160.12 --
Pre-mature encashment of National Saving Certificate is not allowed. Value are calculated for purpose of calculating Income Tax and indicating Value of National Saving Certificate in the Accounts of the Holder.
The values are as per notification issued by the Government

19 April 2010

NEW SERVICES APPLICABLE WITH EFFECT FROM 1-7-2010

 

  1. Commercial use or exploitation of any event
  2. Copyright services
  3. Electricity exchange services
  4. Health check –up and treatment services
  5. Medical records maintenance services
  6. Promotion of brand of goods, services, events, business entity etc
  7. Promotion, marketing or organizing of games of chance, including lottery
  8. Provision of preferential location or external or internal development of complex

16 April 2010

Formation of Partnership Firm

Under India Partnership Act, 1932 (As against Limited Liability Partnership Act, 2008).
A partnership is a type of Business Entity  in which persons (partners/owners) agree to share with each other the profits or losses of the business carried on by all or any one of them on acting of all. The person who enter in partnership are called known as partners. The business entity is collectively know as firm and the name in which business is carried is known as firm.
Thus basic essential for formation of partnership is i) agreement, ii) business and iii) sharing of profit and loss.
Agreement of partnership or Deed of partnership is a document signed by partners containing details of partnership such as:
1. Date of Partnership,
2. Names of Partnership,
3. Firm Name and Address,
4. Business to be carried by the firm,
5. Duration of the firm,
6. Dissolution of the firm
7.Details of allocation of Profit and Loss amongst the partners,
8.Rights and Duties of Partners,
9.Details of contribution by partners and property of the firm,
10. Application of property of the firm,
11. Terms and conditions for admission of new partners, retirement of existing partners, expulsion of the partner, death of partner, insolvency of partner,
12. Reference of dispute to arbitration,
and any other terms or conditions agreed between the partners.
The law relating to partnership in India is governed by India Partnership Act, 1932. The Indian Partnership Act, 1932 is applicable to whole of India except the state of Jammu and Kashmir;  The act is but;  administrated by the State Government. State Governments have made rules for administration of the act and registration of firm under Indian Partnership Act.
In Maharashtra the Partnership is registered with Registrar of Firms, Maharashtra State. The application is to be accompanied along with the filing fees and must be made in prescribed form.
Before registration with registrar, the Deed of Partnership is to be executed on stamp paper of appropriate amount or stamp duty is to be paid as per provisions of Bombay Stamp Act.
The Stamp Duty is payable as per capital contribution made by the partners detailed as under:
Partnership
Deed
Capital Contribution by the Partner Stamp Duty Payable
Less the Rs.50,000/- Rs.500/-
For every additional Rs.50,000/- or part thereof Rs.500/-
Maximum Stamp Duty Rs.5,000/-
For Capital Introduced as Immovable Property Stamp Duty as on conveyance on market value of the property
Dissolution Deed Where property is transferred to the partner other then the one who brought it in. Stamp Duty as on conveyance on market value of the property
In any other case Rs.200/-

Procedure of application for registration with Registrar of Firms
Registration of firm is not compulsory under Indian Partnership Firm, however unregistered firm faces various incapacities in court of law. No suit to enforce a right arising from a contract or conferred by this partnership act can be instituted in the court by any person suing as the partner of the firm against the firm or any person alleged as the partner of the firm until the firm is registered. The firm can also not enforce any rights arising from the contract against the third party unless the firm is sued. Indirectly registration of firm is a must. The firm can however be registered before filing the suit, by payment late filing penalty to the Registrar of Firms.
The following are required for registration with the Registrar of Firms, Maharasthra.
1. Copy of Partnership deed,
2. Translation of partnership deed in Marathi,
3. Application Form A duly notarised,
4. Self Addressed Postage Paid Envelope,
5. Stamp paper of Rs.100/-
The partnership can be registration within one year of its formation along with the filing fees of Rs.750/-. The firm can be registered after 1 year by paying the late fee of Rs.100/- per year or part thereof.

Partnership, Stamp Duty Payable in Maharashtra

25 March 2010

Proposed Amendments to MVAT in State Budged 25-03-2010

The following are some of the changes proposed by Finance Minister in his budget speech delivered on 25th March, 2010. These are only changes which are of importance in daily use. I shall publish detailed amendments shortly.

1. Audit limit under Section MVAT Act, 2002 to be raised to Rs.60 lakhs. Effective date not spelled out in the speech,

2. Dealers filing half-yearly return to pay VAT taxes within 30 days from end of the period instead of 21 days,

3. Penalty for non-issue of sales bill to be made stringent,

4. Proposal to issue TIN of purchaser mandatory on Invoices issued under MVAT Act,

5. Composition scheme for Builders and Developers. Builders and Developers to pay MVAT @ 1% of the agreement price of flat. Not to be entitled to claim input tax credit,

6. Addition to Farsan list: including Sabudana Chivada, Chana-chur and
Khandvi.

7. Relief in Luxury Tax to Small Hoteliers, No Tax on rent upto Rs. 750.

8. Tax exemption on Rice, wheat, pulses, and flours thereof, chillies, turmeric, gur, tamarind, coconut, coriander seeds, fenugreek, parsley (suva), papad, wet dates, Solapuri Chadars and towels extended to 31st March, 2011.

9 Rates of taxes on raisins, currants and tea @5% to continue till 31st March, 2011,

10. Tax concession to Hairpins, Blood Transfusion apparatus,
vehicles operated on battery or solar energy.

11. Solar Lanterns, Camphor, Dhoop, Kath (catechu), H.D.P.E Fabric
Vermi Compost bed, Cotton seed oil cake - Tax free.

The finance minister has also proposed other changes in VAT Rates

In order to effectively control illegal money-lending in the State, Maharashtra Money-Lending (Regulation) Act, 2007 has been drafted and bill is likely to be introduced in the budget session-2010 of State Assembly.

Government proposes to establish two new Government Medical Colleges, one in Raigad District and another in Nandurbar District. All necessary funds will be made available for this.

16 March 2010

Increase in MVAT Rates from 4% to 5%

The Maharashtra Government has issued notification No VAT-1510/CR 47/Taxation-1.- dated 10th March, 2010; increase in rates of MVAT from 4% to 5% on sales of all goods which are now taxable at 4%. However rates of taxes of goods declared u/s. 14 of CST Act, 1956 i.e. declared goods,  will continue to be taxed at 4% and there is no change in rate of taxes of these goods.

The increase in rate shall come in force from 1st April, 2010.

Notification Increase in Rate of MVAT from 4% to 5%

The list of declared goods are as under:

List to Declared Goods

Earlier Maharashtra Government had issued Maharashtra Value Added Tax (Amendment) Ordinance, 2010 dated 18th February, 2010 empowering state government to issue notification to increase tax rates as specified in Schedule to MVAT Act.

01 March 2010

Income-tax Proposals – Budget 2010

 

Important Changes proposed in Budget 2010 with reference to Income-tax

  • Introduction of Direct Tax Code postponed for 1 year

  • Rates of Income tax revised by increase in slabs in case of individuals, HUF, AOP/BOI & Artificial Jursidical Person:

  • Slab of Income

    Rate of Income tax

    Up to Rs. 160,000#

    Nil

    Rs. 160,001 to Rs. 500,000 

    10%

    RS. 500,001 to Rs. 800,000

    20%

    Rs. 800,001 & above

    30%

    Surcharge irrespective of the total income

    Nil

    # In case of individual being woman resident in India and below the age of 65 years at any time during the PY, the basis exemption limit is Rs. 190,000.

    #In case of individual, being resident in India, who is age of 65 years or more at any time during the PY, the basic exemption limit is Rs. 2,40,000.

  •   In case of Partnership firms [Including LLP], the rate of tax shall be 30%. Surcharge shall be NIL. 

  • In case of companies, the rate of taxes shall be same as specified in the Finance Act 2009. Further, Surcharge has been reduced to 7.5% in case of domestic companies [2.5% in case of non domestic companies continues], if total income of the company exceeds Rs. One crore.

  • Education cess and SHEC shall be continued to be levied in all cases.

  • Deduction for individuals and HUF u/s.80CCF for investment up to Rs.20,000/- in 'long term infrastructure bonds'

  • Benefit for payment to mediclaim u/s.80D also extended to payment made to 'Central Government Health Scheme'

  • Simplified Saral-II for individual tax payer to be notified.

  • Limit of compulsory tax-audit u/s.44AB enhanced from Rs40 Lakhs to Rs60 Lakhs in case of assessee having income from business and in case of assessee having income from profession, it is enhanced from Rs.10 Lakhs to Rs.15 Lakhs. This will be applicable in relation to financial year 2010-2011

  • Minimum penalty for not submitting audit report before due date is enhanced from Rs.1 Lakhs to Rs.1.5 Lakhs

  • Retrospetive from 1-4-2009 no disallowance u/s 40(i)(ia) will be made in relation to payment made subject to tax in previous year if after deduction of tax during the previous year, the same has been paid on or before the due date of filing of return of income specified in sub-section (1) of section 139.

  • Threshold limit of TDS has been proposed to be increased from 1-7-2010 In respect of following payments

    Sec

    Nature of payment

    Existing threshold

    Proposed Threshold

    194B

    Winning from Lottery & crossword puzzles

    5,000

    10,000

    194BB

    Winnings from Horse Race

    2,500

    5,000

    194C

    Payment to Contractors

    20,000  [for single transaction]

    30,000

    194C

     

    50,000 [for aggregate transactions]

    75,000

    194D

    Insurance Commission

    5,000

    20,000

    194H

    Commission or brokerage

    2,500

    5,000

    194I

    Rent

    1,20,000

    1,80,000

    194J

    Fess for professional or technical services

    20,000

    30,000

  • Effective 1 July2010, the interest rate for delay in deduction or payment of withholding tax is revised from 1 % to 1.5% p.m. from the date on which tax is deducted till its payment. For the period from the date of obligation to deduct to the date of deduction of tax at source, the interest rate continues to beat 1 % p.m.

  • The Tax Deductor or Tax Collector obliged to furnish relevant certificate to the Payee for taxes deducted at source for financial year 2010-11 and onwards.

  • Certain exemption form Capital Gains granted to companies for conversion to LLP

  • Rate of MAT is increase to 18% of Book Profits.   Tax credit shall be allowed to be carried forward and set off up to 10 Assessment years immediately succeeding the AY in which tax credit becomes allowable.

  • The income of Approved Research Associations undertaking research in social science or statistical research are to be tax exempt

  • The weighted deductions for scientific research and development increased as under: - For expenditure incurred by eligible company in the recognised in house research and development facility, the weighted deduction increased to 200 percent from 150 percent- For payments to the National Laboratory or a University or an Indian Institute of Technology or a Research Association or a specified person, the weighted deduction has been increased to 175 percent from 125 percent - For payments to Approved Research Associations, undertaking research in social science or statistical research, the weighted deduction is to be allowed at 125 percent