CAduniya.com : CA India Blog

Union Budget 2011-12 : India

• AC restaurants serving liquor and AC hospitals with more than 25 beds under service tax.
• Service tax on air travel to be increased.
• Customs duty on raw silk reduced from 30 to 5 per cent.
• Legal services to be expanded to business entities.
• 20% export duty for iron ore.
• Custom duty on Pet Coke and Gypsum to minimized to 2.5%.
• No new tax exemption limit for women.
• Mandatory levy of 10 pct on branded garments.
• Budget estimates for 2011-12 projects- Rs 9,32,440 crore.
• No change in Central excise duty rate. Base rate on excise duty raised from 4% to 5%.
• Surcharge rate reduced from 7.5 percent to 5 percent for domestic companies.
• Hike in exemption IT limit from Rs 1.6 lakh to Rs 1.8 lakh.
• New series of coins with new rupee symbol expected.
• Simplify tax collection procedure.
• 1 million UID cards to be distributed per day shortly.
• Targeting to reduce deficit to 4.6% for the upcoming fiscal year.
• Plan and Non-Plan expenditure to be increased by 23%.
• BPL pension eligibility age limit reduced.
• Group formed to monitor corruption;will start implementing from 62 dept. in first phase.
• Amendment of Indian Stamp Act shortly.
• Simplified form ‘Sugam’ for small tax payers.
• Rs 1.64 lakh crore for Defence.
• Rs 1000 crore to build judicial infrastructure.
• Group of ministers to sort out Environmental concerns.
• 1000 crore for improvising judiciary system.
• Rs 8,000 cr to Northeast.
• 60 schemes for SC/ST to be implemented.
• Rs 100 crore for Ladakh.
• Rs 150 crore for Jammu.
• Pension amount increased for 80 years and above.
• Indira Gandhi National Old Age Pension Scheme eligibility revised from 65 to 60 years.
• Rs 200 cr grant to IIT Kharagpur.
• Rs 20 crore to IIM Calcutta.
• 50 Crore to muslim universities in different states.
• 58,000 crore for Bharat Nirman Schemes: FM
• State Innovation Council in each state to be set up.
• Remuneration of anganwadi workers increased from Rs 1500 to Rs 3,000 per month.
• Independent debt management office to be established.
• Rs 1.6 lakh crore to be spent on social projects.
• Current a/c gap a concern due to composition of FX flows: FM
• Establishment of national policy on psychotic drugs, narcotics.
• Tax free infra bonds worth Rs 30000 cr for PSBs proposed.
• 15 mega food parks to be set up.
• Infrastructure spending increased by 23%.
• Rs 30K crore tax free bonds to be provided for railways.
• Financial assistance to be provide to Bengaluru, Chennai, Kolkata metro projects.
• Allocation under Rashtriya Krishi Vikas Yojana to be increased to Rs 7860 crore.
• Promote organic farming.
• GDP manufacturing, targeting 16-25 % increase in next 10 years.
• Rs 300 cr to cultivate pulses in rain-fed areas;Rs 300 cr for the promotion of farm product cultivation.
• Provide Rs 6000cr for PSU bank recapitalization.
• FM: Micro finance companies to be provided with Rs 100 crore equity funds.
• Extension of NBS for urea to be analyzed.
• Home loan limit increased.
• Rs 300 cr for improving pulses production.
• Rural infrastructure development fund to be raised to 180 billion Rupees for the coming fiscal year.
• Grant 1% interest on home loans upto 50 lakhs.
• Mortage Risk Guarantee fund for rural housing to be set up.
• Rs 5,000 cr to be provided to SIDBI to meet priority lending targets.
• Rs 2000 crore for warehousing facilities.
• Rs 2,000 cr for manufacturing facilities.
• Allocation of Rs 6000 cr for some PSU banks.
• Only registered FII’s to be associated with Indian MF industry.
• Rs 40,000cr to be raised via disinvestment.
• GST bill to be introduced in current session.
• Extension of NBS to cover urea under review: FM
• 500 crore proposed for empowering women.
• Micro finance institutes proposed for 100 crore.
• 300 crore to be provided to NABARD.
• FBI to regularize banking amendments.
• Ensures better delivery of urea, kerosene.
• FII allow to trade amongst themselves.
• FBI policy to be regularized.
• Public Debt Management Bill to be introduced in 2012.
• Pranab sees Budget 2011-12 as transition towards a transparent and result-oriented economic management.
• Public sector undertaking to be increased.
• Direct transfer of cash subsidy to downtrodden.
• Average inflation and current account deficit to be minimized by next year: FM
• Strong proposition to fight against corruption.
• Pranab seeking Lord Indra’s blessings to get good monsoon.
• Remarkable record for last fiscal year.
• Improvise the governance.
• Govt. to reconsider ecological concerns.
• Tremendous growth in exports-29.4%.
• Food inflation down from 22.2% to 9.3 %. But still is a major concern, says FM.
• Budget to ensure more transparent economy.
• Focus on supply side issues in agriculture.
• Pranab: Work on food inflation.
• Stabilize the macro economic situation.
• Budget 2011 approved by Cabinet.
• Pranab: Impressive fiscal consolidation
• Pranab Mukherjee begins the speech.
• Finance Minister Pranab Mukherjee to begin Union budget 2011-12 speech from 11 am.

Union Budget 2011-12 : Economic Survey Highlights

* The Economic Survey to review the economic performance in the current financial year and forecast the economy
prospects for the coming year.
* Indian economy to grow by 9 per cent in next fiscal year.
* Gross fiscal deficit decreases to 4.8% of GDP.
* Inflation estimated to be higher by 1.5%.
* India on way to become fastest growing economy in the world.
* Calls for new ‘Green Revolution’ for agricultural sector with higher investment and introduction of latest technologies.
* Government working on regulations to emphasize on capital market.
* Increase influx of foreign capital by building close association with G-20 countries.
* National Forest Land Bank to improvise the infrastructure projects.
* Estimated economic growth at 8.75-9.25 per cent for fiscal year 2012.
* Estimated agriculture sector growth at 5.4 per cent during this fiscal year.
* Growth of Industrial output by 8.6% where, manufacturing sector registers 9.1%.
* The export stats; 29.5% in 2010 April-December and Import; 19%.
* Trade gap minimizes to $82.01 billion.
* Raised both saving and investment rate to 33.7% & 36.5% of GDP.
* Estimated food grains production at 232.10 million tonnes.
* Fores reserves to reach $297.30 billion.
* Importance given to telecommunication sector.
* Policies supporting accounting, legal, tourism, education, financial and other services.
* Taxation of goods and services to be revised.
* Introduction of Financial Schemes to monitor unemployment.
* Reformation necessary in the current education system by inviting more private participation.

INDIAN RAIL BUDGET 2011-12 : India Railway Budget

* No fare hike for passengers.
* Presenting new trains for Vivekananda, Tagore birth.
* Introduction of 3 new Shatabdis on Pune-Secunderabad; Jaipur- Agra and Ludhiana-Delhi routes.
* Recruitment of new staff of Group ‘C’ and ‘D’ to fill up backlog of SC/ST and 16,000 ex-servicemen by March 2011. 20 hostels for children of railway employees.
* Establishment of 1300 MW thermal power plant in AP.
* Establishment 1320 MW thermal power plant in Agra.
* Indian railways to invest 576.3 billion rupees for the financial year 2011-12.
* Increased EMU coaches (from 9 to 12) of Mumbai suburban system
* New coach factory to come up in Kolar via PPP Or JV.
* Railway system to ensure more transparency.
* 9 new Duronto trains to be introduced;2 new double decker train services.
* 17 trains with increased frequency.
* Gauge conversion expenditure to double.
* Start up of 40 new routes covering 1075 km.
* Increase in operation cost of Railways.
* Concession for senior citizens increased to 40 percent, handicap in Rajdhani & Shatabdi express.
* Introduction of 3 new Shatabdi trains in FY 12.
* Scholarship scheme for low income group.
* Introduction of trolleys at railway stations.
* Railway liabilities increased due to 6th pay commission arrears.
* Online ticket booking to get cheaper.
* Revival phase for Indian Railway.
* Upgrading 442 stations by March 31.
* 180 km of rail lines to be added in 2011-12.
* Larger scheme for current railway employees.
* Scholarship schemes for children of railway employees raised to Rs 1200.
* Ticket booking charges reduced; Rs 10 for AC and Rs 5 for non AC.
* Railways introducing 16000 ex-servicemen from March 2011.
* New passenger terminals in Kerala.
* User friendly stations for physically challenged.
* ‘Go India’ smart card for buying long distance travel tickets on pilot basis.
* Mamta : Green energy, green year, green environment with railways.
* Railways to collaborate with major technology and IT institutes for new technology upgradation in railways.
* Special package for states running problem free railways; provide 2 new trains for good performance.
* Anti-collusion device for three railway zones to minimize rail accidents.
* Increased number of trains-from 16100 to 18000.
* Railways to provide 10000 shelter to poor.
* 57,630 crore investment plan this year.
* New railway lines to emphasize on under developed areas.
* New railway lines in Manipur.
* Pradhan Mantri Railway Vikas Yojna with new projects
* 700 mw captive gas power plant to be introduced for railways
* Pilot projects in suburban region.
* 700km expansion of railway line.
* Railway factory to be set up in Jammu & Kashmir, Metro coaches factory in Singur.
* The first Rae Bareilley coach to start in next three months.
* Set up new railway at Bongaigaon.
* A vision of railway based industries by 2020.
* The budget to give common mans face.
* Equal focus on common mans need and economy.
* Mamta:Ministry is aware of the social responsibilities.
* Railway services equivalent to emergency services.
* Mamata Banerjee presents Rail Budget 2011-12 in Lok Sabha.
* As per sources, out of 40 pet projects of Mamta Banerjee which she is supposed to announce in the budget, 14 have been accepted by the commission.
* Nitish Kumar demands the railway minister to introduce a high speed Duranto Express between Bihar and New Delhi.
* Address the staff shortage issue;Recruitment of new railway staff.
* Investors to benefit from rail stocks.
* More RPF personnel recruitment for security.
* Nominal Tatkal rates.
* Tax free bonds to be increased to 10,000 crore to improve railway infrastructure.
* CPI-M; No hopes from railway budget.
* Introduction of SMS service to lodge complaints.
* TPWS and ACD to be installed.
* Revised incentives to maximize private participation.
* More transport system between Secunderabad and Hyderabad.
* 86 new passenger trains expected.
* Super class division to challenge airlines.
* For the North Eastern region; a brand new diesel loco shed is expected to come up in Assam.
* Likely to add more Duronto services from Guwahati to New Delhi and Howrah.
* Railway Budget 2011 to be presented at 12 noon.
* The budget unlikely to favor the expected budget of 39,600 crore.
* Might add 100 new trains.
* For political reasons; West Bengal likely to get more benefits of new trains.
* New projects to create more employment which will again be beneficial for the coming election.
* Safety concern to be addressed; proposed for technology up gradation.
* Fare to remain the same to remove common mans financial burden.
* Mamata Banerjee has reached Parliament.
* Mamata says: Railway budget will be devoted to the common man.

New TDS Compliance Statement

• New Form 24C in introduced
• This form is to be submitted every quarter electronically
• For each TDS section , monthly figures are to be given in respect of
  • Total expense or capital outgo under the section
  • Total amount on which TDS was to be deducted
  • Total amount on which TDS deducted at normal rate / TDS amount
  • Total amount on which TDS deducted at lower rate / TDS Amount
  • Total TDS = TDS at normal rate + TDS at lower rate

eTDS Statements

• Form 24Q/ 27Q formats have been modified
• In deductee wise details , Unique Transaction No is to be given
• eTDS Statements in Form 24Q, 26Q,27Q are to be submitted only once a year on or before 15^th June

Type I: In case you are using digital signature, no further action is required.

Type II: In case you are filing the return without digital signature, ITR-V form is to be filed with the department. This is a single page receipt-cum-verification form.

Type III: You can also file your return through an e-return intermediary who would do e-filing and also assist you file the ITR -V Form.

But you need to pay their fees (currently in the range of Rs 150 to Rs 1,000 for individual tax payers) for taking their help.

Process / Steps :

a) Select appropriate type of return form

b) Fill your return offline and generate an XML file

c) Register and create a user ID/password

d) Login and click on relevant form on left panel and select ‘Submit Return’.

e) Browse to select XML file and click on ‘Upload’ button

f) On successful upload, acknowledgement details would be displayed. Click on ‘Print’ to generate printout of acknowledgement/ITR-V Form.

a) In case the return is digitally signed, on generation of ‘Acknowledgement’, the return filing process gets completed. Assessee may take a printout of the acknowledgement for his record.
b) In case the return is not digitally signed, on successful uploading of e-return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement-cum-verification form. The tax payer has to fill up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local Income Tax Office within 15 days of filing electronically. This completes the return filing process for non-digitally signed returns.

(Via ET, With inputs from National Informatics Centre, Government of India)

Allocation List of Branch Statutory Auditors of Public Sector Banks for the year 2007-08

Click here for Allocation List

The Income Tax Department has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address.

Salary taxpayers who have not received refunds for assessment years 2003\04 to 2006\07 can click on the link below and query using the PAN number and assessment year whether any refund due to them has been
returned undelivered from the menu `undelivered salary refund management system’. If any refund has been returned undelivered due to change in address, then the taxpayer can enter the present address and the refund will be sent to the taxpayer at the new address.

The link to the website is as under:

http://www.incometaxindia.gov.in/CCIT/refundsearch.asp

The BSE Sensex or Bombay Stock Exchange Sensitive Index is a value-weighted index composed of 30 stocks with the base April 1979 = 100. It consists of the 30 largest and most actively traded stocks, representative of various sectors, on the Bombay Stock Exchange. These companies account for around one-fifth of the market capitalization of the BSE.

The base value of the Sensex is 100 on April 1, 1979 and the base year of BSE-SENSEX is 1978-79.

At irregular intervals, the Bombay Stock Exchange (BSE) authorities review and modify its composition to make sure it reflects current market conditions.

The abbreviated form “Sensex” was coined by Deepak Mohoni around 1990 while writing market analysis columns for some of the business newspapers and magazines. It gained popularity over the next year or two.

The stock market has grown by over ten times from June 1990 to today. Using information from April 1979 onwards, the long-run rate of return on the BSE Sensex can be estimated to be 0.52% per week (continuously compounded) with a standard deviation of 3.67%. This translates to 27% per annum, which translates to roughly 18% per annum after compensating for inflation.

Click here for more details

- All About Sensex, Launch of BSE Sensex
- What is Sensex in the stock market?
- What are the objectives of SENSEX?
- How to calculate BSE SENSEX?
- What is the beta of SENSEX scrips?
- SENSEX - Scrip selection criteria
- Maintenance of SENSEX
- How is the closing Index calculated?
- What are the criteria for selection and review of scrips for the SENSEX?
- Who selects these 30 stocks & How do they select these 30 stocks?
- Dollex series of BSE indices
- Book Building - About Book Building
- Definition of Free-float & Determining Free-float factors of companies
- Understanding Free-float Methodology & Its Major advantages
- Book Building - Glossary
- What are the BSE Sensex & the NSE Nifty?
- Technical Analysis of Indian stock market BSE Sensex Index
- How are adjustments for Bonus, Rights and newly issued Capital carried out in SENSEX?
- The Sensex story: From 1K to 18K
- The Sensex story: From 1K to 20K (Sensex from 1000 to 20000)
- BSE 100 Index
- BSE 200 Index
- BSE 500 Index
- Companies that form the NSE Nifty Index
- BSE TECk INDEX
- BSE BANKEX

Click here for more details about sensex:

http://caduniya.com/sensex-bse-india-stocks/

Business Profile:  

Reliance Power Limited is part of the Reliance Anil Dhirubhai Ambani Group and is established to develop, construct and operate power projects domestically and internationally. The Company on its own and through subsidiaries is currently developing 13 medium and large sized power projects with a combined planned installed capacity of 28,200 MW, one of the largest portfolios of power generation assets under development in India. Our 13 power projects are planned to be diverse in geographic location, fuel type, fuel source and off-take, and each project is planned to be strategically located near an available fuel supply or load center. The identified project sites are located in western India (12,220 MW), northern India (9,080 MW) and northeastern India (2,900 MW) and southern India (4,000 MW). They include six coal-fired projects (14,620 MW) to be fueled by reserves from captive mines and supplies from India and abroad, two gas-fired projects (10,280 MW) to be fueled primarily by reserves from the Krishna Godavari Basin (the “KG Basin”) off the east coast of India, and four hydroelectric projects (3,300 MW), three of them in Arunachal Pradesh and one in Uttarakhand. Reliance Power has acquired the two ultra mega power projects of 4,000 MW each at Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh. The 7,480 MW project to be located at Dadri in Uttar Pradesh is expected to be the largest gas-fired power project at a single location in the world. We intend to sell the power generated by these projects under a combination of long-term and short-term PPAs to state-owned and private distribution companies and industrial consumers.   Website: http://www.reliancepower.co.in

Reliance Power IPO News

Reliance Power IPO subscribed 5.4 times at Rs 450/sh
Reliance Power IPO has subscribed 5.4 times. All bids are at Rs 450 per share, a higher end of band Rs 405-450…..(Moneycontrol.com)

Reliance Power IPO fully subscribed January 15, 2008 10:20 IST
Anil Ambani group’s $3-billion Reliance [Get Quote] Power IPO on Tuesday got fully subscribed within minutes of its book building process, which started this morning, investment banking source said.…..(Rediff.Com)

Subscribe to Reliance Power IPO for listing gains: Experts
2008-01-14 21:58:38
Reliance Power is planning to raise around Rs 10,530-11,700 crore from its initial public offering (IPO) of 26 crore equity shares with a face value of Rs 10, for cash, a price decided through 100% book building process. The price band is at Rs 405-450 per share….(Moneycontrol.com)

SAT adjourns hearing on Reliance Power till Jan 21
14 Jan, 2008, 1352 hrs IST, PTI
MUMBAI: Securities Appellate Tribunal on Monday adjourned its hearing till January 21, on complaints against Anil Ambani group’s three-billion dollar Reliance Power IPO, scheduled to hit the market on Monday. ….( Economicstimes.com )

The month of July is associated with the time for filing returns of income by individual taxpayers. The government has recently notified new forms for filing income tax returns. These forms replace the old ones. Any person planning to file her return for the year ended 31 March 2007 (relevant to income tax assessment year 2007-08) will have to use the new forms (see Ready Reckoner).

All the new return forms have a common prefix - ITR. Although the amendment in the Income Tax Rules, 1962 mentions that the new forms apply for the assessment year 2007-08 and subsequent years, the notes at the end of the new forms say that the forms are applicable only for assessment year 2007-08.

Perhaps, the government may change the forms yet again. The new forms are now mandatory for assessment year 2007-08. Old forms can be used for earlier assessment years.

Finance minister P. Chidambaram believes that the return forms in India are the simplest in the world. But does that make our tax returns simple? Old saral was a simple one-page form while the new forms - eight in number - are between two and 20 pages. This excludes the long list of instructions attached to each of these.Taxpayer and trigger scrutiny assessment. Some observations on the forms:

The process is simple for only a small segment of taxpayers deriving income only from salary and interest - they need to fill the simplest of the lot, form ITR-1.

The old saral was more like a summary sheet, wherein the taxpayers had to give their income information through one-liners. Now, taxpayers need to read the instructions carefully as they are required to fill small details, which were annexed earlier.

Via / Link

Step by step process to be followed for registration of Director’s DSC is as under:

1. Click on the ‘Register DSC’ link available on the MCA portal homepage.
2. On the next screen, click on the ‘Director’ link on the left hand panel and fill-up your DIN. Please ensure that the DIN is approved and typed correctly.
3. System shall verify that the DIN is valid and approved. If the DIN is filled incorrectly or DIN filled is not approved, system will throw an error message to that effect.
4. Fill-up rest of the particulars and ensure that details filled are as per DIN- 1. If the applicant has filed DIN-4, then fill the details as submitted in DIN-4 form.
5. Click on the ‘Next’ button. The system would verify the details.
6. If the details filled do not match with DIN-1/ DIN-4, as the case may be, for the reason that you do not have your DIN application details, you can get the details from the company in which you are a director.
7. If the details are correct, the system would prompt you to select the DSC.
8. Click on the ‘Select Certificate’ button to browse and select the certificate. Please ensure that the selected DSC belongs to the applicant, whose particulars are being registered.
9. System shall validate the DSC. If the selected DSC is already registered against given DIN, system will give an informatory message. If a different DSC is already registered against the given DIN, system will ask if the user wants to update his/ her DSC.
10. Type the displayed system generated text for verification in the box provided.
11. Click on ‘I agree’ button to agree to the declaration that details furnished are correct.
12. Click on the ‘Submit’ button to register your DSC.
13. Acknowledgement message is displayed to the user.
14. User can take a print-out of the acknowledgement.
15. The applicant can click on the ‘Reset’ function to clear the data in the fields.

If you havn’t obtained your DSC yet, please apply soon. Click for details

The concept of a Director Identification Number (DIN) has been introduced for the first time with the insertion of Sections 266A to 266G of Companies (Amendment) Act, 2006. As such, all the existing and intending Directors have to obtain DIN within the prescribed time-frame as notified.Step by step Process

Step by step process to be followed by the applicant

Step I. Obtain provisional DIN

The applicant is required to fill-up and submit form DIN-1 online for obtaining provisional DIN. Form DIN-1 is available under ‘Apply for DIN’ tab on the left hand side panel under DIN’ link on the homepage of MCA portal.

For complete details and more steps please click here.

Efiling

1. User downloads the eform

2. The users fill the appropriate eForm for the service required. There is an option of pre-fill facility in the eForms, where the static details such as name and address of the company will be pre-filled by the system automatically on entering the Corporate Identity Number (CIN).

3. The users attach the necessary documents to the eform.

4. The users may avail the pre-scrutiny service of the eForm. The documents will be verified (pre-scrutinised) by the system. In case of any inadequacies, for example, if a mandatory column in the eForm is not filled in, the user will be asked to rectify before the document is ready for execution (signature).

5. The applicant or a representative of the applicant will then submit the duly signed documents electronically.

   

6. The system will calculate the fee, including late payment fees, if applicable.

7. Payments will have to be made through appropriate mechanisms - electronic (credit card, Internet banking) or traditional means (at the Bank counter).

(a) Electronic payments can be made at the Virtual Front Office (VFO).

(b) If the user selects the traditional payment option, the system will generate a pre-filled Challanin the prescribed format. Traditional payments through cash, cheques can be done at the designated network of Banks using the system generated Challan. There will be five banks with estimated 200 branches authorised for accepting Challan payments.

8. The payment will be exclusively confirmed for all online (Internet) payment transactions using payment gateways.

9. Acceptance or rejection of any transaction will be explicitly communicated to the applicant (including facility to print a receipt for successful transactions).

10. MCA21 will provide a unique transaction number, which can be used by the applicant for enquiring status pertaining to that transaction.

11. Filing will be complete only when the necessary payments are made.

Source : mca.gov.in/

e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website ( www.incometaxindia.gov.in ) and NSDL-TIN website (www.tin-nsdl.com). There is a validation software (File Validation Utility) available along with the data structure which should be used to validate the data structure of the e-TDS/TCS return prepared. The e-TDS/TCS return should have following features:

1. Each e-TDS/TCS return file should be in a separate CD/floppy.
2. Each e-TDS/TCS return file should be accompanied by a duly filled and signed (by an authorised signatory) Form No. 27A in physical form.
3. Each e-TDS/TCS return file should be in one CD/floppy. It should not span across multiple floppies.
4. In case the size of an e-TDS/TCS return file exceeds the capacity of one floppy, it should be filed on a CD.
5. If an e-TDS return file is required to be compressed, it should be compressed using Winzip 8.1 or ZipItFast 3.0 compression utility (or higher version thereof) to ensure quick and smooth acceptance of the file.
6. Label should be affixed on each CD/floppy mentioning name of the deductor, his TAN, Form no. (i.e . 24, 26 or 27) and period to which the return pertains.
7. There should not be any overwriting/striking on Form No. 27A. If there is any, then the same should be ratified by an authorised signatory.
8. No bank challan or copy of TDS/TCS certificate should be filed alongwith e-TDS/TCS return file.
9. In case of Form Nos. 26 & 27, deductor need not file physical copies of certificates of no deduction or lower deduction of TDS received from deductees.
10. In case of Form 24, deductor should file physical copies of certificates of no deduction or deduction of TDS at lower rate, if any, received from deductees. However, there is no such requirement in case of Form 24Q.
11. e-TDS/TCS return file should contain TAN of the deductor/collector without which, the return will not be accepted.
12. CD/floppy should be virus-free.

In case any of these requirements are not met, the e-TDS/TCS return will not be accepted at TIN-FCs.

What is annual e-TDS/TCS Return?

Ans. Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/floppy should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.

What is quarterly e-TDS/TCS statement?

Ans. TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements. As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards. The forms used for quarterly e-TDS statements are Form Nos. 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed in CD/floppy should be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.

Who is required to file e-TDS/TCS return?

Ans. As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS returns on electronic media (i.e. e-TDS/TCS returns). However, deductors/collectors other than corporate/government can file either in physical or in electronic form.

e-TDS/TCS returns have been made mandatory for Government deductors. How do I know whether I am a Government deductor or not?

Ans. All Drawing and Disbursing Officers of Central and State Governments come under the category of Government deductors.

Under what provision should e-TDS/TCS returns be filed?

Ans. An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated August 26, 2003 for electronic filing of TDS return notified by the Central Board of Direct Taxes (CBDT) for this purpose. CBDT Circular No. 8 dated September 19, 2003 may also be referred. An e-TCS return should be filed under Section 206C of the Income Tax Act in accordance with the scheme dated March 30, 2005 for electronic filing of TCS return notified by the CBDT for this purpose. As per section 200(3)/206C, as amended by Finance Act 2005, deductors/collectors are required to file quarterly TDS/TCS statements from FY 2005-06 onwards.

Click to read / download Master circulars released by RBI (Reserve Bank of India) in the month of July 2007.

Master circulars