Income Tax Rules provide that the following persons shall pay tax electronically (i.e. internet banking facility or through credit/debit cards) on or after the 1st day of August, 2008:

i.  A company; and

ii.  A person (other than a company), to whom the provisions of section 44AB of the Income-Tax Act 1961 are applicable. As per the report of Central Board of Excise and Customs (CBEC):

i.  With effect from 01.10.2014, it is mandatory for all Central Excise assesses and service provider/tax payer to electronically pay duty through internet banking.

ii.  E-payment of duty is mandatory for Accredited Clients Programme (ACP) importers paying duty of ₹ 1.00 lakh or more per Bill of Entry.

Further, Government in August 2011 had asked Public Sector Banks (PSBs), Financial Institutions (Fls) and Public Sector Insurance Companies (PSICs) to deal with payments to staff, vendors, suppliers and disbursement of loans and payments towards instalments and investments only through direct credit to accounts.

This was stated by Shri Jayant Sinha, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.

S. O. (E). - In exercise of the powers conferred by sub-clause (iia) of clause (b) of section 245N of the Income-tax Act; 1961 (43 of 1961), the Central Government hereby specifies a resident, in relation to his tax liability arising out of one or more transactions valuing rupees one hundred crore or more in total which has been undertaken or proposed to be undertaken, being such class of persons, as applicant for the purposes of Chapter XIX-B of the said Act.
 This notification shall come into force on the date of its publication in the Official Gazette.

Bank/Fixed deposit/Post Office/NSC/SCSS interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.


A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. It is known as a term deposit or time deposit in Canada, Australia, New Zealand, and the US, and as a bond in the United Kingdom. They are considered to be very safe investments. Term deposits in India is used to denote a larger class of investments with varying levels of liquidity. The defining criteria for a fixed deposit is that the money cannot be withdrawn for the FD as compared to a recurring deposit or a demand deposit before maturity. Some banks may offer additional services to FD holders such as loans against FD certificates at competitive interest rates. It’s important to note that banks may offer lesser interest rates under uncertain economic conditions.





Click here to Download Bank Fixed Deposit (FD) Interest Calculator
OR DOWNLOAD VIA MIRROR 2

Click here to Online Calculation Fixed Deposit (FD) Interest Calculator 

Everyone has saving bank account in bank, but lot of persons do not check their interest credit in saving bank pass book. Recently , Reserve Bank of India has issued notification that the interest on saving account will be given on daily product basis w.e.f. 01.04.2010. To calculate interest in a minute and comparison of interest amount with present and w.e.f. 01.04.2010, the following calculator will be helpful for you.

A example is given in calculator and you can change rate of interest and debit and credit amount as per your need. Only white cell is available to enter data. Other fields are locked due to formulas. Month wise interest can be checked through this excel utility. You can also change maximum days in a month.



Good News for all that Reserve Bank of India , has issued Notification for allowing interest on saving Bank Accounts on Daily basis. Presently bank is paying interest on savings on the minimum balance between 10 to last day of month.Now interest will be given by bank on daily product basis w.e.f. 1st April,2010. If you are not clear regarding the effect of saving bank interests calculation, read following example for clarity.

CLICK HERE TO READ RBI CIRCULAR

Example:-
Your Saving Bank Account Detail as Per Bank is As Under

Date 01.02.10 By Opening Balance Cr Rs. 100025.00  Bal. 100025.00
Date 15.10.10 To Withdrwal  Dr. Rs. 90000.00 Bal. 10,025.00
Date 16.10.10 By Credit   Cr Rs. 90000.00   Bal. 100025.00 

Interest @ 3.50 % in present system was Rs. 29.24 on Rs. 10025.00 only.

If you have opening balance then you can use Debit or Credit Column of 1 st column (Day(Date)) in above calculator

In this way if days are less than in a month from 31, you can use debit or credit balance for setting zero balance for 31 day.

CLICK HERE TO ONLINE CALCULATOR
CLICK HERE TO DOWNLOAD EXCEL CALCULATOR
OR DOWNLOAD VIA MIRROR 2

For Calculating TDS to be Deducted on Salary of an employee you must first know that TDS on a particular expense that a company does is deducible as a certain percentage of the expense bill received by the company paying for the expenses, Except in case of salary.

                        In case of Salary the main intention of the income tax department is to free the common person doing regular service in an organisation from the hazels of Income Tax, which they have achieved to a large extent by introducing TDS.

                      But this makes the life of an accountant hell, because he has to calculate the amount of monthly TDS to be deducted on the salary income of a person which he would earn in future. Since the future is uncertain the calculations are to be made again and again and the amount of tax deducted change in certain months. This changing amount of TDS make the employee feel that he is been cheated and hence there is always a fight between the TDS accounting team and other employees in the organizational.

                       So I have always recommended people that they should buy a professional TDS software which can handle all things from calculating TDS to Filing TDS returns and also to Revising wrong TDS Returns filled earlier. But the problem is they do not like to spend on TDS and also some firms can not afford to buy a software of Rs.5000 per year just for TDS, since they pay a total of just Rs.7000 TDS in a year and also its not logical for them to purchase a TDS software.

                       Hence I have Prepared an Excel utility (with 150 employee capacity) for them, also you can generate part B of form 16 from this. So If you also do not wanna spend on those useless TDS software they you can also download this Utility which requires just Microsoft excel installed in your P.C. And best part its absolutely free and will always be.

Now you can now download new revised TDS calculation Sheet containing Form 16 (Part B) (find link below) which contains 80E deduction and plus it gives values in form 16 (part B) automatically, which is to be prepared manually now, Part A of form 16 has to be downloaded from Traces for this year onwards.

CLICK HERE TO DOWNLOAD EXCEL SHEET
OR DOWNLOAD VIA MIRROR 2

CLICK HERE TO CALCULATE IN ONLINE (OFFICIAL)

The persons who use NSDL RPU for preparation of etds/etcs return require generation of Form 27A from TXT file.  Form 27A is a physical form which is to be submitted each and every Regular/Correction etds/etcs return. Software providers have created many softwares regarding submission of e-tds/e-tcs returns, they are using auto generation of Form 27A facility,16, 16A etc.  But the user of NSDL RPU has no such facility to generate Form 27A etc.


Previous History
   As our past experience, Form 16 and 16A generation software is already ready which prepare forms 16 and 16A from txt file  directly with in minutes.  This software saves time and generate easily forms from TXT files.  Presently, Form 16A is also being providing by NSDL alongwith Form 16.  But form 27A through NSDL RPU is still awaited.

To read more regarding 16 and 16A generation from Fvu (Click Here)

Form 27A from Txt/NSDL RPU
Latest development is that form 27A generation is possible from TXT file generated by NSDL RPU.  All procedure of installation of software and it's running is similar to the software of form 16 and 16A generation.


a) Procedure to run Software

Just place Txt file named Q1.fvu or Q2.fvu or Q3.fvu or Q4.fvu in folder \e-tds\fvu\
Click on 27A.exe file available in \e-tds\27A.exe
File 27A.prt will be available in in folder \e-tds\output\27A.prt
File 27A.prt can be opened in Microsoft word and printing is possible in  Dot/Laser Printer.
b) Cost of Software
Free of cost.  Yes, form 27A generation from any txt file  is free utility.
c) Availability of Software

Presently,  it is available on request basic.  Request will be accepted through email at [email protected] and delivery will be available with in one or two days.
Download Software (Only registered readers can sign up and get Free Software) (click here)
To Download Fillabel Form 27A in word format Click Here
OR DOWNLOAD VIA MIRROR 2

Section 185 now applies to all companies including private companies.A Company shall not directly or indirectly advance any loan or give any guarantee or provide security to any of its directors or to any other person in whom the directors are interested.

The provisions of this section does not apply in the following cases:
1. loan given to a managing director/whole-time director, as a part of the conditions of service extended by the Company to all its employees.

2. loan given to a managing director/whole-time director in pursuant to any scheme approved by the members by a special resolution.

3. a Company which in the ordinary course of its business provides loans or gives guarantees or securities.

4. loan made by a holding company to its wholly owned subsidiary company or guarantee given/security provided by a holding company in respect of any loan made to its wholly owned subsidiary company.

5. guarantee given/security provided by a holding company in respect of loan made by any bank /financial institution to its subsidiary company.

The loans made under (4) & (5) above shall be utilized by the subsidiary company for its principle business activities.

(A) “to any other person in whom director is interested” includes the following:

1. any director of the lending Company, or of a Company which is its holding Company or any partner or relative of any such director;

2. any firm in which any such director or relative is a partner;

3. any private Company of which any such director is a director or member;

4. any body corporate at a general meeting of which not less than twenty five per cent. of the total voting power may be exercised or controlled by any such director, or by two or more such directors, together; or

5. any body corporate, the Board of directors, managing director or manager, whereof is accustomed to act in accordance with the directions or instructions of the Board, or of any director or directors, of the lending Company.

(B) “Book debt” means a trade debt in some way connected with trade of a businessman, which arises in the ordinary course of business, whether it is entered in any books of the business or not. [held in Independent Automatic Sales Ltd. V. Knowles & Foster].

(C) “Accustomed to” means customary, usual, habitual, habituated, acclimated, be used to, being in the habit or custom.

Penalty for contravention of provisions of Section 185:

For contravention of provisions of Section 185, the loan giver and loan receiver, both are punishable as follows:
Company-  Minimum of Rs. 5.00 lac which may extent to Rs. 25.00 lac.
Director/any other person to whom any loan is advanced/guarantee is given/security is provided:
Fine - Minimum of Rs. 5.00 lac which may extent to Rs. 25.00 lac
Imprisonment - Maximum of 6 (six) months [or] with both.

Overview
Income Tax Department's initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System).
Data upload by banks
Income Tax Department has devised the file formats for uploading data regarding tax payment. Banks are expected to generate and upload tax data as per these formats.
Once the file has been prepared as per the file format, it can be verified for correctness of its structure using the File Validation Utility (FVU) provided by NSDL.



Single Copy Challans
With effect from July 2005, the following challans should be used instead of the above mentioned challans:
1. A common single copy challan No. ITNS 280 for payment of Income tax and Corporation tax;
2.A common single copy challan No. ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates;
3.A common single copy challan No. ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes.
4A common single copy challan No. ITNS 283 for payment of Banking Cash Transaction Tax and

File Validation Utility:
Utilities for validations in TIN-OLTAS to be implemented from November 7, 2014:
Download File Validation Utility (Ver. 1.8.4) for Link Cells (effective from November 7, 2014)

Download File Validation Utility (Ver. 1.4.1) for Collecting/Nodal Branches (effective from November 7, 2014)

Fringe Benefits Tax:
The collecting bank branch will put a rubber stamp on the challan and its counterfoil indicating a unique Challan Identification Number (CIN) comprising of
1.Seven digit BSR Code allotted by RBI to that bank branch,(7)
2. Date of deposit (dd/ mm/ yy i.e. six digits), (6)
3.Challan serial number in 5 digits. (5)
CIN will, therefore, be unique for each challan through out the country (7+6+5)and will be used for identifying the challan in the OLTAS.
The single copy challans will have a main portion at the top and a 'taxpayer counterfoil' at the bottom. The bank will retain the main portion of the challan and return the 'taxpayer counterfoil' duly receipted to the taxpayer. Because there will be only one copy of challan it becomes extremely important that the challan is correctly filled and PAN of the taxpayer and PAN / TAN of the deductor as the case may be, is correctly indicated in the challan, and that the right columns are ticked/ filled in the challan, and that the taxpayer collects a proper stamped acknowledgement from the banks indicating the Challan Identification Number (CIN) as indicated above.
The collecting bank will capture the entire data of the challan and transmit it electronically to the Income-tax Department. The bank will send the paper copy of the challans alongwith printed scrolls to the Zonal Accounts Officers. The information received from banks will be used by the Department to give credit for the tax paid based on CIN.
Since the taxpayer will have only a counterfoil, the requirement to enclose proof of payment of pre-paid taxes with the return of income as contained in 'Explanation' to Section 139 (9) shall stand fulfilled if CIN of the challans for payment of self-assessment tax and Advance Tax is indicated in the return of income.
Challan Status Inquiry
TIN provides a facility to the tax payers to enquire about the status of their challans over the internet. Using this facility they can satisfy that your tax payment has been properly accounted for in your name. The collecting banks can also use this facility to enquire about the status of the challans uploaded by them.

List of BSR Codes:
List of BSR codes of branches authorised to collect direct taxes (as informed by respective banks)(source :TIn-nsdl)
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank
Corporation Bank
Dena Bank
HDFC Bank
ICICI Bank
IDBI Limited
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sindh Bank
Punjab National Bank
Reserve Bank of India
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of India
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
State Bank of Saurashta
Syndicate Bank
The Jammu and Kashmir Bank
UCO Bank
Union Bank of India
United Bank of India
UTI Bank
Vijaya Bank

CLICK HERE to Get above Banks list:

New Procedure of challan correction by banks (for physical challans):
To remedy this situation, a new Challan Correction Mechanism for physical challans has been put in place. Under this mechanism, for income tax payments made on or after 01-09-2011, the following fields can be got corrected through the concerned bank branch:
Assessment Year
Major Head Code
Minor Head Code
TAN/PAN
Total Amount
Nature of payment (TDS Codes)

The time window for the correction request by tax payer is as follows:

TAN/PAN => 7 days
Assessment Year => 7 days
Amount => 7 days
Other fields (Major head, Minor head, Nature of payment) => Within 3 months

The limit specified above is from the Challan deposited date. The time window for correction by the bank is 7 days from the date of receipt of correction request from the tax-payer.


Conditions:

The changes can be made by the banks, subject to following conditions:
Correction in Name is not permitted.
Any combination of correction of Minor Head and Assessment Year together is not allowed.
PAN/TAN correction will be allowed only when the name in the Challan matches with the name as per the new PAN/TAN.
The change of amount will be permitted only on the condition that the amount so corrected is not different from the amount actually received by the bank and credited to Govt. Account.
For a single challan, correction is allowed only once. However, where 1st correction request is made only for amount, a 2nd correction request will be allowed for correction in other fields.
There will be no partial acceptance of change correction request, i.e. either all the requested changes will be allowed, if they pass the validation, or no change will be allowed, if any one of the requested changes fails the validation test.

Procedure:

The tax-payer has to submit the request form for correction (in duplicate) to the concerned bank branch.
The tax-payer has to attach copy of original challan counterfoil.
In case of correction desired for challans in Form 280, 282, 283, the copy of PAN card is required to be attached.
In case of correction desired for payments made by a tax-payer (other than an individual), the original authorization with seal of the non-individual taxpayer is required to be attached with the request form.
A separate request form is to be submitted for each challan.



Procedure of challan correction by Assessing Officers (both physical and e-payment challans)

After the window period available to banks for challan correction, the assessee can make a request for correction to his or her assessing officer, who is authorized under the departmental OLTAS application to make such correction in challan data in bonafide cases, to enable credit of the taxes paid, to the concerned assessee.

Can I update a challan?
Yes. You can update a challan.

How can I update a challan?
You can update any of the details provided in the challan viz; CIN details, amounts etc.

Points to be kept in mind while updating challan:
identify the challan to be updated by
its sequence no as per regular statement
CIN, deposit amount as per regular statement
Update the challan detail as required.
Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular statement as well.
Example: In order to correct challan serial number from 013 to 014 in the sixth challan of the regular statement filed by you, the steps as under need to be followed

1. Identify the challan by the sequence number as well as the CIN and deposit amount as per regular statement.
2. Update the value in the field challan serial number to 014.
3. Ensure that the value in the field Last Bank challan no is 013, i.e. as per regular statement.

Can I add a challan?
Yes. You can add a challan.

How can I add a challan?
You can add a new challan as well as the underlying deductee records. The procedure for adding a challan is as under:

1. Maintain the sequence of the new challan record in continuation to the sequence number of the last challan as per regular statement and add details of challan in this record.
2. Add the underlying deductee records and associate the same with the sequence number of the newly added challan.

Example: If a regular statement filed by you has six challans and you wish to add one more challan and underlying five deductees, the steps as under need to be followed:

1. Sequence of new challan being added should be 7.
2. Add underlying five deductees in the deductee annexure and associate them with new challan having sequence no. 7.

Can I delete a challan?
No. You cannot delete a challan.
Source: TIN-NSDL

Mandatory e- payment of Income tax :E payment of taxes is mandatory for following type of persons

1.All Corporates.
2.person other than corporate but covered under section 44AB(compulsory Tax audit)

and meaning of taxes here includes tds also
other important aspects of e-payment is that one can make payment of taxes from other persons account also
E payment can be made 24 x 7 ,but all the banks have fixed a cut off time after that time payment will be counted in next day and this type varies between 8.00pm to 11 pm .

How to make e payment: This has been explained in detail in our earlier post.(read here) to make payment we have to go to e payment site of income tax which is currently hosted by TIN-NSDL and we have to fill one of  the challan form 280,281,282,283 as required ,this process has to be followed every time you go to the site .

About the auto filing challan data Utility :There are as many as 10-12 columns which has to be filled by us each type when we go far e payment and there are possibilities that we may have entered some of ours details incorrectly and tax deposited may not go to credit side of in our income tax accounts. if wrong details has been entered while making the payment, procedure to correction in challan payment is very lengthy .

Good news is that fast fact site has developed a small but useful excel macro based software by which you can enter details in challan once for whole life for all the four challan 280-281-282-283 for any number of parties and can make payment of challan in single click after that ,means no need to enter details of challan every time ,with this utility the possibility of errors in feeding data every time will be minimized .Now the bonus news is that this utility is free for all for me ,for you for every body ..........so download this utility now .to download this utility now ,fill your details once (any no of parties) click submit button given at the end of the row in each party record and click submit you will be guided to TIN-NSDL site with filled challan details.

Features of the product:
E payment challan at TIN-NSDL will be filled auto in single click(submit button)
you can fill Any challan 280,281,282,283
You can create record of any number of assesses
This utility will be handy as it can be used as ready reckoner for all party details.
its free and in excel no other software installation required file size is just 218 kb.

CLICK HERE TO DOWNLOAD AUTO FILLER OF E PAYMENT OF TAX CHALLAN.

1) TAX PAYMENT

Do:

(a) TDS/ TCS

i . Use challan type 281 for deposit of TDS/TCS.

ii. Quote the correct 10-digit Tax Deduction Account Number (TAN) and name & address of the deductor on each challan used for depositing tax. You may verify your TAN details from Income Tax Department web-site prior to depositing TDS/TCS.

iii. Use separate challans to deposit tax deducted under each section and indicate the correct nature of payment code in the relevant column in the challan. (For example, 94C for payment to contractors and sub-contractors, 94I for rent. List of codes is mentioned at the back of challan 281).

iv. Use separate challans to deposit tax deducted for different types of deductees,i.e. Corporate or Non Corporate, and indicate the type of deductees in the relevant column in the challan. (For example, in challans to deposit tax deducted from corporate deductees, indicate “COMPANY DEDUCTEES - 0020” and for non corporate deductees indicate “NON-COMPANY DEDUCTEES - 0021”).

(b) Advance Tax / Self-assessment Tax / Tax on Regular Assessment / Surtax
/ Tax on Distributed Profits of Domestic Companies / Tax on Distributed
Income to Unit holders.

i. Use challan type 280 for all the above mentioned tax payments.

ii. Quote the correct Permanent Account Number (PAN) and name & address on each challan used for depositing the tax. PAN is a unique 10-digit alphanumeric number allotted by ITD to all taxpayers.

iii. Use separate challans to deposit taxes for each of the above-mentioned tax and indicate the relevant code (for example 100 for advance tax, 300 for self assessment tax).



DON’Ts:
i) Do not use incorrect type of challan.

ii) Do not make mistake in quoting PAN / TAN.

iii) Do not give PAN in place of TAN or vice versa.

iv) Each branch / division of an entity will have a separate TAN if it is filing separate TDS/TCS returns. However, there will be only one PAN for a legal entity.

v) Do not use a single challan to deposit tax deducted under various sections.

vi) Do not use a single challan to deposit tax deducted for corporate and non corporate Deductees.

vii) Do not use same challan for depositing various types of tax like advance tax, self assessment tax etc.

viii) Do not make mistake in the F.Y. and A.Y. to be indicated in the challan.

ix) If you have multiple TANs for the same division filing TDS statements, do not use different TANs in different challans. Use one consistently and surrender the others.

x) Do not use the preprinted challans without verifying whether the TAN/ PAN quoted in these challans belongs to you. You can verify the same from the ITD web-site.

2. PROOF OF PAYMENT:

(a) After the taxes are paid, the collecting bank branch will give you a counter foil as Aknowledgement for the taxes paid. Ensure that the bank has mentioned the Challan Identification Number (CIN) on the counter foil. If not, immediately take up the matter with the bank.

(b) CIN comprises of the following :

1. Bank Branch Code (BSR code) 7 digits
2. Challan serial number upto 5 digits
3. Date of tender of challan DD/MM/YYYY

3. Verification of tax payment information transmitted to TIN

(a) The collecting bank branch will transmit the details of taxes deposited by deductor to the tax Information Network (TIN) through the Online Tax Accounting System (OLTAS).

(b) All details of your payment as uploaded by the banks are available at the
NSDL-TIN website under the link “Challan Status Enquiry”

(c) You must verify the details that have been captured and transmitted by the
bank. To view these details, the taxpayer should click on Challan Status
Enquiry” link.

(d) There are two types of views for taxpayers; CIN Based View and TAN Based View.

(e) Through CIN Based View details of any particular challan can be verified.


(f) You will be able to view the following details on the screen

1. Bank Branch Code (BSR code)
2. Challan serial number
3. Date of tender of challan
4. Major head Code – Description
5. TAN / PAN
6. Name of the Tax payer
7. Received by TIN on (date of receipt by TIN)

(g) The amount field is optional and if you submit the amount data as an input and the amount of tax mentioned by you is correct then “amount matched” will be displayed along with the above details.

(h) If the CIN entered by you is correct but the amount stated as input is incorrect then “amount not matched” will be displayed.

(i) In case the details are not available with TIN then “No records found for the above query” will be displayed. The details may not be available with TIN in case the bank has not uploaded the tax collected data to TIN or the Challan Identification Number uploaded by the bank is different from the CIN issued to you. You may contact the bank branch where the tax has been deposited.

(j) Through the TAN Based View details of all challans deposited in the banks for given TAN during a specified period can be viewed.

Following facility:
Single time entry of main data
No installation ,no key feeding ,Excel based
Relevant data auto filled in challan.
All the income tax challan available
Unlimited financial years,Full version not demo
figures in words auto filled
Instruction to fill challan is also given.
File Size is just 325kb
Its free only following email address ,name etc required
Download now fill the form and press submit

Challan 280: To deposit self assessment tax ,advance tax and tax demand on regular assessment etc.
Challan 281: To deposit tax deducted at source(TDS)

Challan 282: Challan form for depositing Securities Transaction Tax or Hotel Receipt Tax or Expenditure/Other Tax or Estate Duty or Wealth Tax or Gift Tax

Challan 283: Challan form for depositing Banking Cash Transaction Tax or Fringe Benefits Tax

Fom17: Challan form for Payment of TDS / TCS (As per Notification No. 31/2009 dated 25/03/2009)

The forms are available for personal use only and not for publishing on any other web site / blog.
The forms compiled in Excel format contain formulas for auto calculation and are protected by password to prevent accidental deletion of inbuilt formulas and to check their unauthorized publication. The password of the forms will not be shared with any person.
Report of any errors / omissions in the forms will be promptly attended to. Other requests will be entertained on merits.

The forms are amended on an ongoing basis to
Remove errors / omissions noticed by us and / or advised by the users of forms.
Incorporate changes made in the forms by the form issuing department / agency.
Make the form more user friendly.

It is, therefore, advisable to download the forms afresh from this site whenever you wish to use them.

Due diligence is exercised in compiling the form. However, inadvertent errors / omissions are not ruled out. This site makes no claim that the forms made available for download are correct and / or up-to-date. Please download and use the form at your own risk and responsibility. This site will not be responsible for any loss or damage caused / arising to any person or persons or any body whosoever by using the form downloaded from this site.


CLICK HERE TO DOWNLOAD CHALLAN 280

CLICK HERE TO DOWNLOAD CHALLAN 281

CLICK HERE TO DOWNLOAD CHALLAN 282

CLICK HERE TO DOWNLOAD CHALLAN 283

CLICK HERE TO DOWNLOAD FORM NO 17

Latest EPF Challan in Excel file Download

while using this software Keep following points in Mind
Go through the "ReadMe1st" sheet
Do not leave blank cells between Cells "A" to "J". 2. Do not use special characters in the Member & Father/Husband's Names field.
Fill details of Date of Joining and Date of Leaving of those members who have joined and left during the month for which data is being entered.
For exempted establishments, col. "E", "F", "I" and "J" are to be filled with 0.
EPS wages in Col."D" is to be changed to 0 for those who have attained the age of more than 58 yrs.
Voluntary Contribution, if any, may be added to Col."E" and "F".
Further you have to enable Macro before using this software in Microsoft excel.
while sharing this software we like to remind you that every care has been taken to prepare the software but even then there may be few unforeseen error remains for which we are not responsible .but we are committed to Improve this software day by day after receiving your Feed Back.

CLICK HERE TO DOWNLOAD EPF CHALLAN EXCEL 

The Reserve Bank of India today issued one more alert to the public about the newest form of fraud perpetrated in its name - a credit card issued by fraudsters in the name of the Reserve Bank. Explaining the modus operandi, the Reserve Bank stated that the gullible member of the public is sent a credit card which allows withdrawal of money up to a certain limit, albeit a small sum, from a bank account. Having gained the confidence of the victim thus, the fraudster gets him to deposit a huge sum of money in the same bank account. Once the money is deposited, the card stops working and that would also be the last time the holder of the card (victim) would hear from the fraudster.

Warning against such efforts, the Reserve Bank has reiterated that as India’s central bank, it does not carry out any business with an individual, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services. The Reserve Bank has listed out the other kind of prevalent frauds, such as:


Fictitious offers of large sum of money/lottery winnings by email or through phone calls by posing as RBI official.
Fake Reserve Bank website for online transactions
Luring members of public to secure their bank accounts against such frauds by asking them to share the bank account details, including user id/password, through an email or by clicking on a link given in email.
Offer of employment in the Reserve Bank through email

The Reserve Bank has also stated that fictitious offers are also made in the name of other public institutions, such as, International Monetary Fund (IMF), Income Tax authorities, Customs authorities or public figures like Governor, Dr. Raghuram Rajan or other senior RBI officials.

The Reserve Bank has pointed out that once the moneys are paid in fraudsters’ accounts, there are remote chances of the members of public recovering the moneys.

The Reserve Bank has once again cautioned members of public that falling prey to such offers can result in compromising one’s own crucial personal information that may be misused to cause direct financial and other loss to them. They, in their own interest, should refrain from responding to such offers in any manner. Rather, they should immediately lodge a complaint with Cyber Crime branch of the Police, the contact details of which are available in the Reserve Bank’s press release issued earlier (Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad).

Alpana Killawala
Principal Chief General Manager
Press Release: 2014-2015/1046

The Employees' Provident Fund Organisation (EPFO) will launch the online facility for submitting provident fund withdrawal claims in December, which would quicken such settlements and benefit its over five crore subscribers.

At present, subscribers of the retirement fund body have to file PF settlement claims manually after they leave a job or after their retirement. The online application of such claims would enable EPFO to eventually settle those within three days.

"EPFO has decided to provide the facility of online application for PF withdrawal claims. It will be launched by mid-December," a source said.


According to the source, all those subscribers whose PF and bank accounts are linked with Aadhaar number would be able to avail this facility.

Elaborating further he said that since Aadhaar number provide anywhere anytime authentication of identity on the basis of captured biometric details of a person, there would be remote chances of fraud or cheating.

A senior official said that sometimes EPFO takes more than mandated 30 days for settling provident fund withdrawals claims due to various reasons including errors while filling the manual form.

He said, "EPFO would eventually settle all type of claims including PF withdrawal and transfer within three days of filing those applications."

EPFO has planned to settle 20-30 per cent of PF claims online by the end of this financial year. During the last fiscal year, it had settled a total of 1.21 crore claims including over a million PF transfer cases.

The body has recently issued over four crore Universal PF Account Numbers (UAN) which are being seeded with Aadhaar number and bank accounts. This portable PF account would enable subscribers to have only one account while working with various employers throughout his/her life.
Source: NDTV Profit.

Authorities to take expeditious steps to sanction refunds – Order marked to the Finance Minister for consideration

We are sharing with you an important judgement of the Hon’ble Mumbai CESTAT, in the case of Vodafone (I) Ltd. Vs. Commissioner of Service Tax, Mumbai-I [2014-TIOL-2263-CESTAT-MUM] on following issue:

Issue:

Whether the Authorities be allowed to cause unnecessary delay in sanctioning of refunds?

Facts & background:

In the instant case, the Stay application filed by the Revenue against the Order-In-Appeal (“OIA”) was dismissed by the Hon’ble CESTAT, Mumbai on July 14, 2014 by observing that the issue had already been decided against the Revenue and the Lower Appellate Authority had merely followed the Tribunal's Order.

Thereafter, Vodafone (I) Ltd. (“the Applicant”), filed an application under Rule 41 of the CESTAT Procedure Rules, 1982 for implementing the Order of the Hon’ble Tribunal inasmuch as to direct Revenue to sanction rebate/ refund to them.

During the pendency of this application, the appeal filed by the Revenue against the OIA was dismissed on August 21, 2014 and the Hon’ble Tribunal directed the Jurisdictional Asst. Commissioner to dispose of the refund/ rebate claim within a period of one month from the date of receipt of that Order.

When the matter concerning this application came up for hearing on September 23, 2014, the learned Additional Commissioner informed the Bench that the Order was received by the Department only on September 16, 2014 and there was no time for implementation. On the next occasion i.e. on October 27, 2014, the learned Additional Commissioner submitted a report dated October 22, 2014 of the Commissioner of Service Tax, Mumbai - III , mentioning that although the Pune Commissionerate had sanctioned the refund pursuant to the Order dated March 12, 2013 of the Hon’ble Tribunal, the Commissioner of Service Tax-I, Mumbai is of the view that it is not compulsory to follow the view taken by Pune Commissionerate and that the Department's case is having merit and that stay be granted. Thereafter on October 28, 2014, the learned Additional Commissioner submitted a letter dated October 28, 2014 wherein Shri S.K. Singh, OSD of Central Board of Excise and Customs [“the CBEC or “the Board”] (Judicial Cell) stated that the Board is considering filing a Civil Appeal against the order of the Hon’ble Tribunal dated August 21, 2014.

As the Hon’ble Tribunal was not satisfied with the action taken by the Department, therefore, another report was called, enquiring the steps taken by the Department to implement the Order of the Tribunal.

When the matter was heard recently in the Tribunal, a report was received by the Bench from the Commissioner of Service tax, Mumbai - III enclosing a letter addressed to the Applicant seeking certain documents (challans, invoices & FIRC copies) to scrutinize the refund claim of the Applicant also from unjust enrichment angle. Further Two months' time was also sought to implement the Order of the Tribunal.

The Applicant took strong objection to this report and submitted that issue of unjust enrichment had already been considered in detail in the OIA and all the relevant documents are available on record and have been considered by the Lower Authorities earlier.

In these circumstances, the Applicant prayed to the Hon’ble Tribunal that disciplinary action against the erring officials be initiated.

Held:

The Hon’ble CESTAT, Mumbai after observing that there is no consistency in the view taken by the Departmental officers and moreover after clear direction to the concerned officer to dispose of the refund/ rebate claim within one month, no steps were taken to implement the Order of this tribunal till October 28, 2014 and no explanation is given for that, held that in these circumstances, the conduct of the concerned official is not appreciated but in the interest of justice, the time of 15 days is granted to the learned Commissioner of Service tax, Mumbai - III to dispose of the refund claim failing which the tribunal shall be constrained to initiate contempt of court proceedings against the erring officials.

Further, considering that the claim is having a bearing of interest on the amount of refund, it was further held by the Hon’ble Tribunal that the Authorities have to take expeditious steps to sanction the refund claim keeping in mind that the interest is to be paid from the kitty of the general public.

The Hon’ble Tribunal further ordered that the copy of this order be sent to the Chairman, CBEC, Secretary (Rev), the Ministry of Finance and the Hon'ble Finance Minister for necessary consideration.

Point to Note:

Its uphill task to get refund from the Department and leave question of interest on delay of refund granted. Further, why the Officers do not adhere to the instructions of the CBEC is a big question and is there any accountability/ responsibility for non-adherence of the same.

Recently, the CBEC has issued Instruction F. No. 201/01/2014-CX.6 dated June 26, 2014 (“the Instruction”), for all the Commissioners to follow judicial discipline in the matters relating to refund though it is not followed at the Adjudication level.

The CBEC vide the Instruction, invited attention to the order of the Hon’ble High Court of Gujarat (“the HC”) in the case of E.I. Dupont India Pvt. Ltd. [2013-TIOL-1172-HC-AHM-CX]. In this case, E.I. Dupont had filed an appeal before the HC against rejection of a refund claim on an issue which had earlier been decided by the HC against the Revenue, though in a matter relating to a different assessee. Thus for deciding the refund, a binding precedent judgment existed. However, thebinding precedent was not followed, which led to litigation before the HC to which it took a serious view.

The CBEC noted that on the subject of refund, where the Department has gone in appeal, a Circular No. 695/11/2003-CX dated February 24, 2003 (“the Circular”) already existed in this regard and had the Circular been followed in the instant case, unnecessary litigation as well as adverse observation of the HC could have been avoided.

Therefore, the CBEC has directed the Adjudicating Authorities to peruse the judgment of the HC in the case of E.I. Dupont India Pvt. Ltd. (supra) for complete understanding of the issues involved and directions of the HC to follow judicial discipline. Further, the officers have also been directed to peruse the judgement of the Hon’ble Supreme Court in Union of India Vs. Kamlakshi Finance Corporation Ltd. [2002-TIOL-484-SC-CX-LB] which is an authoritative pronouncement on the issue and which has also been cited by the HC.

Moreover, the CBEC wanted the Commissioners to bring the contents of the Instruction to the notice of all Adjudicating Authorities under their jurisdiction with directions to follow the same scrupulously.

The Statutory compliance requirement for ESI deduction is as follows:
pf esiESI fund, maintained by ESIC is applicable to employees earning Rs 15,000 or less per month to provide the cash and medical benefits to them and their families. This fund is a contributory fund in which both the employer and employee contribute 4.75% and 1.75% respectively to make it a total of 6.5%.

For ESI calculation, the salary comprises of all the monthly payable amounts such as basic pay, dearness allowance, city compensatory allowance, HRA, incentive allowance, attendance bonus, meal allowance and incentive bonus. The salary however, does not include annual bonus, retrenchment compensation, encashment of leave and gratuity.
ESI Calculation

Consider the salary of an employee is Rs 9000 pm then the ESI calculation for the employee would be calculated as:
ESI = 9000*(1.75/100) = 158
Note: Employees contribution is 1.75 percent
The ESI calculation for the employer’s contribution would be calculated as:
9000*(4.75/100) = 428
Note: Employer’s contribution is 4.75 percent
In case the salary goes above Rs 15,000 pm during the contribution period, the ESI would be calculated on the higher salary. For example, if the salary of an employee is raised to Rs 17,000 per month during the ESI contribution period then the ESI would be calculated on Rs 17,000 instead of Rs 15,000.

Statutory compliance requirement for PF deduction
The Statutory compliance requirement for PF deduction is as follows:
Just like ESI, the Employees Provident Fund (EPF) is also a contributory fund in which both the employee and employer contribute amount. EPF is a compulsory and contributory fund for the Indian organizations under “The Employees’ Provident Fund and Miscellaneous Provisions Act 1952″.
Employee and Employer Contributions for PF Deduction Statutory Compliance

For EFP, both the employee and the employer contributes equal amount, which is 12% of the salary of the employee. However, the employee contributions may differ. Employees can contribute more than 12% of their salary voluntarily. However, in such a case, the employer is not bound to match the extra contribution of the employee.

For PF contribution, the salary comprises of components such as: basic wages, DA, conveyance allowance and special allowance.

For the PF deduction, the maximum limit of salary of the employee is Rs 15,000/- per month. This means that even if the employee’s salary is above Rs 15,000/- the employer is liable to contribute only on Rs 15,000/-, that is Rs 1,800.
The Statutory compliance for PF contribution has some less known facts associated with it. The PF is divided into EPF and EPS (Employee pension Scheme) contributions. The employees’ contribution goes straight to EPF whereas from employer’s contribution, the 8.33% goes to EPS subject to Rs 1,250 a month and the rest goes to EPF. The payroll providers takes care about your ESI and PF deductions automatically.

How EmpXtrack handles ESI and PF statutory compliance
EmpXtrack is one of the best payroll providers that takes away the burden of calculating ESI and PF contributions from the company’s side as well as employee’s side. EmpXtrack allows you to set your and your employees’ ESI and PF preferences. It allows you to select the PF rules applicable to your company. You can select the PF contribution of the company as:
12% of Basic salary.
Minimum of 12% of Basic salary or Fixed Monthly PF deduction.
PF deduction of the company as a fixed amount Once the ESI and PF preferences are set in the EmpXtrack system, the Payroll Software automatically calculates the payroll for the employees accordingly and frees you from managing the ESI and PF statutory compliance for your company manually.

December, 2014
Sunday, December 7, 2014
​Due date for deposit of Tax deducted/collected for the month of November, 2014



Monday, December 15, 2014​
Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2015-16

Monday, December 22, 2014
Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of November, 2014

1. How do I apply for the Public Provident Fund (PPF) Scheme, 1968 through Bank?
To apply for the PPF Provident Fund (PPF) scheme, 1968, you have to fill Form A and submit it at any Bank branch with relevant documents. The PPF account will be opened in one of the branches.. Please mention the name of branch where you wish your Public Provident Fund (PPF) account to be opened on Form A. Refer FAQ's on documents required.

2. Can I maintain more than 1 Public Provident Fund (PPF) account under my name?
Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor.

3. What is the eligibility for investing under Public Provident Fund (PPF) Scheme, 1968?
A Public Provident Fund (PPF) account can be opened by resident Indian Individuals and individuals on behalf of minors.
Only one Public Provident Fund (PPF) account can be maintained by an Individual, except an account that is opened on behalf of a minor.
A Public Provident Fund (PPF) account can be opened either by the Mother or Father on behalf of their minor Son or Daughter; however the Mother and Father both cannot open Public Provident Fund (PPF) accounts on behalf of the same minor.
Grand-parents cannot open a Public Provident Fund (PPF) account on behalf of minor grand-child; however, in case of death of both the Father and Mother, Grand-parents can open a Public Provident Fund (PPF) account as guardians of the Grand-child.



4. What are the documents required for opening a Public Provident Fund (PPF) account with Bank?
PPF account opening form (Form A )
Nomination Form
Passport size photograph
Copy of PAN card/ form 60-61
ID proof and Residence proof as per Bank's KYC norms

5. What is the minimum and maximum amount that can be invested under the Public Provident Fund (PPF) Scheme, 1968, in a financial year?
The minimum deposit amount is Rs. 500 per annum and the upper ceiling limit is Rs. 1,00,000 per annum.

6. What happens if I fail to deposit any amount in one or more Financial Years?
A penalty of Rs. 50 will be levied per year of default, if the customer doesn't deposit the minimum deposit amount of Rs. 500 on the completion of the financial year.

7. When does a Public Provident Fund (PPF) account mature?
A Public Provident Fund (PPF) account gets matured after the completion of 15 years from the end of the year in which the account was opened.

8. Can I extend the tenure of a Public Provident Fund (PPF) investment beyond the Maturity Period?
A customer can extend the tenure of a Public Provident Fund (PPF) investment for a block period of 5 years beyond the maturity period by submitting Form H within one year from the date of maturity.

9. Can I terminate or closed the Public Provident Fund (PPF) account before before maturity?
No premature withdrawal is allowed for Public Provident Fund (PPF) accounts. Only in the case of the death of a customer, their nominee /legal heir can close the account by submitting the required documents as guided by the Ministry of Finance.
10. Can I withdraw funds from my Public Provident Fund (PPF) Account?
Customer can make one withdrawal every year, from the 7th financial year, of an amount that does not exceed 50% of the balance of the customer credit at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of the preceding year, whichever is lower.

10. Can I avail of Loan facility on my Public Provident Fund (PPF) investment?
Customers can avail of the loan facility between third financial year to sixth financial year ie. from third financial year upto end of fifth financial year.

11. What is the process for transferring my existing Public Provident Fund (PPF) account maintained with another bank/post office to Bank?
As per the PPF scheme of the Government, subscribers can transfer their PPF account from one authorised bank or Post office to another. In such a case, the PPF account will be considered as a continuing account. To enable customers to transfer their existing PPF accounts to Bank, the following process must be followed.
The customer approaches the bank or the Post office where his current PPF account is held and makes an application for transfer of PPF account to Bank's branch.
Once the application is processed, the existing bank/Post office arrange to send the original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. to Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF account.

Yes, Bank offers you the convenience of viewing your Public Provident Fund (PPF) Account balance, transferring funds from linked savings account online and viewing your Public Provident Fund (PPF) account statement online in your Bank Net Banking Account.
Is there any provision for Standing Instructions for periodical credits (of a fixed amount) to PPF A/c by debit to Savings bank/ Current Account for PPF subscribers
Yes ,there is provision for giving Standing Instructions on SB or Current account for crediting PPF account . Standing Instructions can also be given online for crediting PPF account on periodical basis through Internet banking .ECS mandate is also available for subscription to PPF a/c by customers having account with other banks.
Source:sbi