DEDUCTIONS OF INCOME TAX ACT 1961

Contents

• Sec 10(13A) - House Rent Allowance.
• Sec 80D – Medical Insurance.
• Sec 80DD – Medical treatment of Handicapped dependents.
• Sec 80E – Interest on Education Loan.
• Sec 80U – Deduction in case of Disability-Self.
• Sec 24 – Housing loan interest. 
• Sec 80EE – Deduction in respect of interest on loan taken for residential house property.
• Sec 80CCC – Pension Policy.
• Sec 80TTA – Interest on Saving Bank account.
• Sec 10 – Leave Travel Allowance.
• Sec 80C 

Sec 10(13A) – House Rent Allowance.

• Least of following is Exempt from Tax :
•  Actual HRA Received
• Actual rent paid over and above 10% of Salary*
•  40% or 50% of the Salary* (50% for who are living in Mumbai, Delhi, Chennai, Kolkata.)

* Here Salary means =  Basic + DA (Dearness Allowance)+Commission

•   PAN of the Landlord is Mandatory when payment of rent is exceeds Rs.1,00,000 p.a. 
•  The person who is paying rent without HRA, he can claim deduction u/s 80GG.
•  Deduction will not be available one who living in own house.

Sec 80D – Medical Insurance.

•  It is applicable to Individual and HUF.
•  Rs.15,000/- on payment made on Himself, Spouse and Children is exempted.
•  Rs. 15,000/- on payment made on Parent or Parents of employee is exempted.
•  Rs.20,000/- if Senior Citizen.
•  Mode of Payment is any mode other than Cash.
•  Preventive Health check-up is restricted to Rs.5000/- [cash payment allowed here]

Sec 80DD and 80U 

• Applicable to Individual (R) and HUF(80DD). 
• Dependents means Spouse, children, parents, brother and sister.
•  40% disability = Rs.50,000/-
•  80% disability = Rs.1,00,000/-

Sec 80E – Interest on Education Loan.

• Applicable only for Individual.
• Purpose of the Loan should be for Higher Education(H E means after passing Senior Secondary Examination).
• Loan should be taken from Financial Institution or any approved Charitable Institution.
• Deduction allowed in which employee starts paying interest and immediately succeeding Seven Financial Year.
• This loan can be taken for Himself, Spouse, Children, Student for whom Legal Guardian.

Sec 24(b) – Housing Loan Interest.

• Purpose – Purchase, Construction, Repair, Renewal or Reconstruction.
• Rs.2,00,000/- ,  Incase acquisition or construction is completed within 3 years(SOP).
• The Loan should be taken on or after 1.4.1999.
• For other purpose(repairs, renewal, reconstruction) = Rs.30,000/-.
• For let out property no Maximum Limit.

Sec 80EE – Deduction in respect of interest on loan taken for residential house property (w.e.f 01-04-2014).

• Applicable to Individual for residential house.
• Deduction limit up to Rs.1,00,000/-.
• Loan taken from Financial Institution, sanctioned during the period 01-04-2013 to 31-03-2014.
• Loan amount should not exceed Rs.25 lakhs. 
• Acquisition value does not exceed Rs.40 lakhs.
•  Assessee does not own any residential houseproperty on the date of sanction of the loan.

Sec 80CCC – Pension Policy.

• Applicable to only Individuals. 
• Maximum deduction is Rs.1,50,000/- along with the sec 80CCD and 80C.
• The amount of Deposit is out of his income chargeable to tax.
• No deduction allowed u/s 80C if claimed under this section.

Sec 80TTA – Interest on Saving Bank account.

• Applicable to Individual and HUF.
• Interest from Saving account (not being time deposits).
• Deduction up to Rs.10,000/-.
• SB maintained in – a. Bank,

                                         b. Co-operative Society,

                                         c. Post office.

Sec 10(5) – Leave Travel Allowance.

• Applicable to both Resident and Non-resident of India. 
• Any place within India.
• Rule 2B
• Restriction on children - Two children of individual born after 01.10.1998.

Sec 80C

• Contribution to Provident Fund.
• Life Insurance Premium.
• Home loan Principal Repayment.
• National Saving Certificate.
• Pension Fund.
• Fixed Deposit (5Years).
• Senior Citizen Saving Scheme.
• 5 Years Post Office Time Deposit. 

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CORPORATE SOCIAL RESPONSIBILITY

MEANING

Corporate social responsibility is basically a concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment.
       Thus CSR is no charity or mere donation.


DEFINITION

CSR is defined in Section 135 of Companies Act 2013
 
CSR means and includes but is not limited to:

1.Projects of programs relating to activities specified in schedule VII to the Act; or

2.Projects or programs relating to activities undertaken by the board of directors of a Company in pursuance of recommendations of the CSR committee of the Board as per declared CSR policy of the Company subject to the condition that such policy will cover subjects enumerated in schedule VII of the Act.

APPLICABILITY

All companies that have either of the following:

1.  Net worth of 500 crores or more
2.  turnover of 1000 crores or more
3.  Net Profit of 5 crores or more 

The central Government has announced the CSR Rules, 2013 which will be applicable from 1st April 2014.


Please find the ppt on CSR in the link below   

http://www.mediafire.com/view/1k5d9b2dlktskaf/CSR.pptx

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Change of Registered Office from one State to Another State

Procedure

1.Call for Board Meeting
2.Decide the Date, Time, Place of General Meeting
3.Authorise the CS or Director to move an Application before CG
4.Approve the Notice of General Meeting
5.Issue of Notice to all Members
6.Pass Special Resolution in the General Meeting and prepare minutes
7.Send a copy of Form no 2.28 with all annexure to ROC and Chief Secretary of the State or Union Territory and obtain acknowledgement
8.File Form no 2.28 with all necessary annexure to CG and pay requisite fees
9.Obtain date of hearing from CG
10.At least 14 days before date of hearing;
  a. Publish the application in the specified form in at least one Regional        and English language Newspaper circulated in that area 
b. Send notice of application to all Creditors and Debenture holders
c. Send notice with the copy of application to the Registrar and SEBI
   in case of listed co and to Regulated body in case co is regulated 
   under any special act
11.If co receives any objection from any person whose interest is likely to be affected , then same to be served to CG on or before date of hearing
12.CG, on satisfaction, will confirm the change
13.Obtain certified copies of the order cofirming the change passed by CG
14.File certified copy in Form no 2.29 and other documents with the Registrar of each state within 30 days of receipt of certified copy of order
15.If the documents are in order, Registrars of both states will approve the form 
16.Change will be updated in register of Registrar and New Certificate of Incorporation is issued
17.Changes are required to be made in the letter heads, books, records etc. of the company and to arrange a new company seal

Documents to be filed with Form no 2.28
i).Copy of MoA and AoA
ii).Copy of the notice of general meeting
iii).Copy of the Special Resolution
iv).Copy of the minutes of the general meeting
v).Affidavit verifying the Application
vi).List of Creditors and Debenture holders not older than one month before the date of application( names, addresses, nature & amt of debt)
vii).Affidavit verifying the list, signed by CS of the co and not less than 2 directors of the co ( one MD)
viii).Affidavit from the directors of the co that no employee shall be retrenched by the change
Copy of acknowledgment which states that form is sent to ROC and Chief Secretary
Bank draft evidencing the payment of fee
Copy of Board Resolution


Documents to be filed with Form no 2.29
i).Confirmation given by CG for the change
ii).Registered document of the title of the premises of the registered office in the name of company or
iii).Copy of lease or rent agreement in the name of company along with rent paid receipt not older than one month
iv).Authorisation from the owner to use the premises by the company
v).Copy of any utility service like telephone, gas, electricity etc depicting the address of the premises in the name of owner which is not older than 2 months
vi).List of all other companies with their CIN having the same as their registered office address

please find the ppt of this article at the link below
http://www.mediafire.com/view/603vta9mq4wi61l/Change_of_registered_office-.pptx

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Trouble shooting guide for problems in accessing Income Tax efiling website

SOLUTION FOR ACCESSING www.incometaxindiaefiling.gov.in 

WITHOUT ANY PROBLEMS OR 404 NOT FOUND ERRORS 

WHILE TAX AUDIT 


Since ICAI was reported of the difficulties being faced while uploading the income tax returns in the e-filing website, the matter was taken up with appropriate authorities. The authorities have shared a Trouble Shooting guide for problems in accessing the www.incometaxindiaefiling.gov.in

FOLLOW BELOW STEPS
1. INTERNET SERVICE FROM ISP IS NOT AVAILABLE OR FAILING IMMEDIATELY 

SOL: The call centre of ISP need to be contacted for resolving this issue 

2. INTERNET CONNECTION IS WORKING PROPERLY AND OTHER WEBSITES ARE OPENING PROPERLY 

SOL: CHECK YOUR WINDOWS HOSTS FILE 

I). GO TO MY COMPUTER 

C:\WINDOWS\SYSTEM32\DRIVERS\ETC\HOSTS



OR FOLLOW BELOW TUTORIAL

NEXT

NEXT

NEXT

NEXT

AND ENSURE THE NOTE PAD CONTAINED THE 
DATA SHOWN BELOW 

DON'T EDIT ANYTHING THING IN THE FILE IT LEADS TO DAMAGE YOUR SYSTEM

Make sure there’s no entry in the hosts file that maps the website’s URL (incometaxindiaefiling.gov.in) to localhost or 127.0.0.1 or an incorrect IP address – it is a possibility if you have imported some third-party hosts file or it’s modified by some malicious software installed in the computer

2. Clear DNS Cache and use Public DNS

The DNS cache keeps a record of sites that you have recently visited on your computer. If that gets corrupted, you may have issues opening sites that were previously accessible without problems including incometaxindiaefiling.gov.in. Type cmd /k ipconfig /displaydns in the Run window to see the cache entries. If that unreachable website is listed in the cache, type cmd /k ipconfig /flushdns to clear the cache. Change the DNS of the network connection which you are using in your local PC. You can do this by editing the properties of the internet connection. Two most recommended DNS’ are Google DNS (e.g. 8.8.8.8, 8.8.4.4, 4.2.2.2) and open DNS.

TO CHANGE DNS PLEASE FOLLOW BELOW INSTRUCTIONS

1.

NEXT

Suspend the Anti-Virus and Firewall – If you are running an external software firewall or anti-virus program (like Norton, ZoneAlarm, etc), exit and restart the web browser.

Restart the internet connection.

ISSUE 3.

HOWEVER ABLE TO OPEN WEBSITE AND NOT ABLE TO ATTACHE XML FILE OR USE DIGITAL SIGNATURE

SOL: Use the instructions mentioned in Help  Browser Settings in incometaxindiaefiling.gov.in website to check that the browser being used is the recommended one. Verify the current configuration of the browser being used and modify if needed.

FOR XML - CREATE A FOLDER NAME AS fakepath in c drive and paste xml file in that folder and select from there while uploading 

PROBLEM WITH DIGITAL SIGNATURE AFFIX--- PLS SEE OUR PREVIOUS POST

SOURCE: ICAI.ORG REPRESENTED OF STUDENTS AND CA'S CONVENIENCE TO SOLVE PROBLEM QUICKLY  

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NEW FORM 3CD IN EXCEL FORMAT

NOTIFICATION

INCOME-TAX

S.O. 1902 (E) In exercise of the powers conferred by section 295 read with section 44AB of the  Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

(1) These rules may be called the Income-tax ( 7th Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

In the Income-tax Rules, 1962, in Appendix-II, for Form No. 3CA, Form No. 3CB and Form No. 3CD, the following forms shall be substituted, namely:-

please find the Tax Audit Form 3CD in excel format in below link

http://www.mediafire.com/view/aub3fsxt037ctry/FORM_3CD_NEW_FORMAT_.xlsx

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NOT ABLE TO UPLOAD DIGITAL SIGNATURE IN INCOME TAX WEBSITE HERE IS THE SOLUTION

If you are not able to attach digital signature (pfx/USB) getting error by java. Follow the Steps to resolve it

1.Open control panel > change the view of control panel from category > small icons

2.Search Java or Java (32-bit).

3.Select Security tab in Java 32-bit Reduce the Security Level From High to Medium

4.click OK

5.Now Restart Your web Browser(i.e, IE or chrome)

6.Even Now you getting the problem (STOP SCRIPT LOAD ERROR)

7.In Java window > Security tab > Restore Security prompts > Restart Browser 

8.Now you can Upload DSC 

9.Copy the webpage address where you have to attach digital signature and add to the Exception Site list

10.Refresh the webpage after adding the web address to java panel.

11.Happy Income tax filings 

12.Enjoy. :-)

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FACING PROBLEM WITH SHORTCUT VIRUS IN PENDRIVE OR LAPTOP HERE IS THE SOLUTION

open command prompt from start (type cmd in start and run cmd as administrator)

Then select the pen drive path or which drive u want ..
ex: pen drive path h
u need to get h:\> in cmd window

Type attrib -s -h -r /s /d after h:\>attrib -s -h -r /s /d

And click enter. It will process and again it come to normal stage h:/>

Check ur pen drive and delete shortcut files and keep normal folders

enjoy....
our blog is not responsible for any loss of data 

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