Deduction u/s 80C of Income Tax F/Y 2011-12

Friends,

The various budgets that have come by in the past have opened choices of various kinds of investment alternatives. When we invest in these we could save tax. The significant question would be what should be the field of investment that is to be chosen. It could be residential house property, medical insurance policy etc. If the house is ready for occupation then from that year itself investment in residential house property which is for self-occupation can get you tax deduction in according to section 80C which allows the deduction of Rs.1 lakh even if you are repaying housing loan to bank, financial institution or employer etc. Invest in pension plan which can enable you to be entitled for a combined deduction under section 80C and also section 80CCC for up to Rs.1 lakh only.

Various other popular areas of investment that could be opted by tax payers to avail deductions under the section 80C of Income Tax Act, 1961 are premium payment of life insurance, payment to public provident fund, payment of tuition fee for the purpose of child’s education, investment in NSC bonds, investment in National Saving Scheme (NSS) bonds, investment in ELSS and also housing loan repayment. Therefore you could choose from all these options of investment along with pension plan investment and achieve the target of total investment summing up to Rs.1 lakh. This is the maximum amount that you could try to contribute by the investment option to obtain tax benefit.

Making investments even in bank fixed deposits belonging to any scheduled bank with a maturity period of at least 5 years is eligible to entitle your investment to be claimed for deduction u/s 80C. The chance to avail deduction under section 80C by paying tuition fee for the educational purposes of children is limited only to the payment for two children. This deduction is applicable to any two children of the tax payer. It is to be noticed that when both husband and wife are earning members of the family then they are entitled for a separate limit of two children each. This would mean that they would be capable to be entitled for deduction of tax by paying for tuition fees of 2 children each.

This deduction is not applicable when the child is attending a part time or distance education course. It is intended for only full time courses. Even fees for private tuition or coaching classes are not eligible for deduction u/s 80C. The educational institution in which the children attend their full time course should be located only in India though it could be affiliated to a foreign institution. Pre-nursery, play school and nursery class fees are interesting eligible for deduction u/s 80C but donations paid or late fees, term fees, transport charges etc are not eligible. There is no necessity that the child be a legal child. Even an unmarried person can claim deduction u/s 80C if he has children. Adopted children are also eligible to claim deduction u/s 80C as there is also no necessity to be biological parent of the child.

BSNL - Private Do not Call (PDNC) Registry

Friends

(BSNL Customer Care Numbers)

Now a days Mobile is a very important thing for all of us. But sometimes we got unnecessary messages or Phone calls from the Service Providers. To avoid all these things one can register is mobile for

BSNL - Private Do not Call (PDNC) Registry

 

BSNL is a Public service enterprise and India's No.1 Telecom company. Formed in 2000, it has been seamlessly extending a comprehensive range of services including wireline, CDMA mobile, GSM mobile, Internet, broadband, carrier service, MPLS-VPN, VSAT, and VoIP all over the country. Visit http://bsnl.co.in for further information

Now send FAX from your Computer to FAX Machine.

Friends,

If you have a computer with Windows XP as operating system, and you want to send a FAX to someone having FAX Machine you don't have to go anywhere. YES, because you can send FAX to a FAX Machine from your computer .

Windows XP can send, receive, track, and monitor faxes without an external fax machine. However, the fax component is not installed automatically during Windows setup. This step-by-step article describes how to install, enable, and configure the fax service in Windows XP.

Requirements

• A computer that is running Windows XP and is equipped with a fax modem that is connected to a telephone line
  
  Most modern modems are fax modems. If you are unsure whether your modem can send and receive faxes, see the documentation that was included with your modem.
• The CD that you used to install Windows XP

Notes

• You do not need a separate fax machine to send and receive faxes with Windows XP fax service.
• If you plan to transmit printed material by fax, you must have a scanner. If you plan to create faxes electronically, you do not need a scanner.

Install the fax component

To install the fax component, follow these steps:

1. Click Start, and then click Run.
2. Copy and paste or type the following command in the Open box, and then click OK:
   appwiz.cpl
   It may take several seconds for your computer to compile a list of programs. The Add or Remove Programs dialog box opens.
3. Click Add/Remove Windows Components to the left of the list of programs to start the Windows Components Wizard. This takes several seconds.
4. In the Components list, click to select the Fax Services check box, and then clickNext. Setup installs the fax services.
5. If you are prompted, insert the Windows XP CD, and then click OK.
   
   If the Welcome to Microsoft Windows XP window opens, click the X in the upper-right corner to close it.
6. Click Finish, and then click the X in the upper-right corner of the Add or Remove Programs dialog box to close it.

The fax component of Windows XP should be installed now. If you have problems installing the fax component, go to the "Next Steps" section.

The next step is to configure the fax service. To do this, go to the "Configure the fax service" section.

Configure the fax service

To configure faxing capability in Windows XP, follow these steps:

Step 1: Configure the cover page, select a modem, and enable the fax service to send and receive faxes

1. Click Start, point to All Programs, point to Accessories, point to Communications, point to Fax, and then click Fax Console.
   
   The Fax Configuration Wizard starts.
2. If you are prompted, type the area code or city code of your present location, a carrier code, the number that you must dial first to dial out, and the telephone system that you are using (Tone or Pulse), and then click OK.
   
   If the Phone and Modem Options dialog box is displayed, select your location (if more than one exists), and then click OK.
3. Click Next, type the information that you want to appear on your fax cover page, and then click Next.
4. In the Please select the fax device list, click the modem that you want to use.
5. If you want to disable the ability to send faxes from this computer, click to clear theEnable Send check box.
   
   Note By default, the Enable Send check box is selected.
6. Click to select the Enable Receive check box if you want the computer to receive faxes.
   
   Note When this check box is selected, you can click Manual answer if you do not want the computer to automatically receive faxes. By default, automatic answering is enabled.
7. Click Next.

Step 2: Enter TSID and CSID information and configure printing and storing preferences

1. Type the Transmitting Subscriber Identification (TSID) that you want to use in the TSIDbox.
   
   Note The TSID is mandatory in some areas. This identification information typically appears in the header area of a fax that you receive and can help you recognize the fax machine where the fax originated. The TSID typically includes the sender's fax number and business name.
2. Click Next.
3. Type the Called Subscriber Identification (CSID) that you want in the CSID box.
   
   Note The CSID text that you enter appears on fax machines that send faxes to you. For example, if you enter "123 Fax", a machine that sends you a fax might display the message "Sending a fax to 123 Fax" while sending.
4. Click Next.
5. Click to select the Print it on check box if you want each fax that you receive to be automatically printed. When you select this check box, you can select a specific printer to print the fax.
6. Click to select the Store a copy in a folder check box if you want to archive a copy of each fax. When you select this check box, you can specify the storage location for the fax copy.
7. Click Next.
8. Confirm the configuration settings in the Configuration Summary list, and then clickFinish.
   
   The Fax Configuration Wizard closes and the Fax Console window opens. The computer is now configured to send or receive faxes.

If you have to change your fax service settings, use the Fax Configuration Wizard by following the instructions in the "Change the fax configuration" section.

If the Windows fax service is not working as you expected, go to the "Next Steps" section. For information about receiving faxes or sending a scanned document or image, go to the "More Information" section.

Change the fax configuration

Use the Fax Configuration Wizard to change your fax service settings. You can start the Fax Configuration Wizard from the Fax Console window. To start the Fax Configuration Wizard, follow these steps:

1. Click Start, point to All Programs, point to Accessories, point to Communications, point to Fax, and then click Fax Console.
2. In Fax Console, click Configure Fax on the Tools menu to start the Fax Configuration Wizard.
   
   Note You may be prompted to "unblock" the program. If this is the case, click Unblock.

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Tally Tips and Tricks

Friends,

If you are using Tally then here are some tips. With the help help of these Tips you will be able to work fast in Tally. These are very simple commands. You have just to remind these Tips and enjoy working.

If you want to repeat last narration of last voucher, then go to narration of the voucher and Press Ctrl +R  it will place the last narration and will save your time to write to write narration again and again

You are entering vouchers and suppose you made a mistake in entry however the voucher was saved now you want to alter it, then you will need to follow a big long procedure.

But I will explain you here by which you will be able to modify the voucher without going to related ledger account and without leaving voucher entry screen.

Hit the page up button from your voucher screen and you will find the last entered voucher there. now you can modify it easily alter the voucher.

Similarly you can edit any voucher by this way by selecting a date and pressing page up button again and again and you will find voucher entries one by one for that particular date.

Sometimes Ago, I already explained how to create a new ledger account when you are in the middle of a voucher just press ctrl+c and you will find the ledger creation screen.

and if you want to alter name or group of any ledger you can also do the same without leaving the voucher entry screen. Just recall that voucher select the ledger you wanted to alter press enter one time you and go the amount field now hit back button and come back to the same ledger account and press Ctrl+Enter here you can modify name ,group or any details you want to modify.

You are entering amount and suppose you want to do calculation and you need the result of these calculation to be entered in the amount field. Here is a short cut for this too. Go to amount field and Press Ctrl+C and you will be redirected to calculation pane at the bottom of your tally screen.Make your calculation and after that Press ENTER the amount will be automatically field in the amount column.

Wanted to send a screen shot of your tally voucher entry of tally screen or even a ledger ?

Okay go the screen for what you wanted to take a screen shot and press PrtScr button of your key board (top right side of your keyboard) now go word press or excel and just press Ctrl+V and you will find the screen shot of your tally screen. you may send this through email to any body you wish so.

If you want me to send more Tips and Tricks of Tally to you then simply write down your email address on the TOP of this site.

Wanted to delete a voucher ? okay go to that particular voucher and Press Alt +D

More tips and tricks next time.

What is EEE or EET or ETT in Terms of Taxation?

Friends,


What do the three characters meanings?
I understand these words are very untidy to you but comprise so much significance in the taxation world. So let’s try to understand these expressions.

    * “E” means Exempt
    * “T” means Taxable.
    * “T” means Taxable.

Words laid down above appears to be higgledy-piggledy for non-professionals, but for all taxpayers it is must to understand these words before investing in saving instruments like PPF, NSC, FD, Post Saving account.

Almost all instruments fall under the following equations.

    * EEE (Exempt – Exempt – Exempt)
    * EET (Exempt – Exempt – Taxable)
    * ETE (Exempt – Taxable – Exempt)
    * ETT (Exempt – Taxable – Taxable)

The above equations are passed in three stages when someone invest in investment instruments.

Stages for tax benefit and taxation

1)   First Stage  -   Investment Stage

    * The moment - when somebody practically makes an investment.

Almost all Investments are exempt from tax  i.e. First E for EEE, EET.

2) Second Stage – Earnings Stage

    * The moment – When you get benefit (interest, accrued interest etc.) on your investment i.e First Stage

But the  second stage may be taxable or exempt i.e. Second E may be T or E
For example :

    * Interest on  National Savings Certificate (NSC) is taxable
    * Interest on Provident Fund (PF) or Voluntary Provident Fund (VPF) is not taxable.

3)   Third Stage -  Withdrawal Stage

    * The moment – when you withdraw the whole or part of your investment with benefit i.e. interest or accrued interest.

Now same as second stage may be taxable or not i.e third stage may be E (exempt) or T (Taxable)

For example

PPF is fall under EEE (Exempt – Exempt – Exempt).

See all tax saving Schemes

Now lets understand with saving instruments and tax saving schemes in which equation they fall.

Public Provident Fund (PPF)

    * Investment: Tax-deductible
    * Accumulation: Tax-free
    * Withdrawal: Tax-free

Stages :  Exempt – Exempt – Exempt or EEE regime is followed for PPF.

National Savings Certificate (NSC)

    * Investment: Tax-deductible
    * Accumulation: Taxable
    * Withdrawal: Tax-free

Stages :  Exempt – Taxed – Exempt or ETE regime is followed for NSC.

Provident Fund (PF)

    * Investment: Tax-deductible
    * Accumulation: Tax-free
    * Withdrawal: Tax-free

Stages :  Exempt – Exempt – Exempt or EEE regime is followed for PF and VPF.

Tax Saving Fixed Deposits

    * Investment: Tax-deductible
    * Accumulation: Taxable
    * Withdrawal: Tax-free

Stages :  Exempt – Taxed – Exempt or ETE regime is followed for these FDs.

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Penalty on late Submission of Service Tax Return increased 10 times to Rs. 20000

Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the filing of service service tax return.

Rule 7C Prescribe the Penalty which Assessee has to Pay if there is delay in filing of service Tax Return.

We are producing herebelow the extract of Rule 7C

Where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, for the period of delay of-
(i) fifteen days from the date prescribed for submission of such return, an amount of five hundred rupees;
(ii) beyond fifteen days but not later than thirty days from the date prescribed for submission of such return, an amount of one thousand rupees; and
(iii) beyond thirty days from the date prescribed for submission of such return an amount of one
thousand rupees plus one hundred rupees for every day from the thirty first day till the date of
furnishing the said return:

Provided the total amount payable in terms of this rule  shall not exceed  the amount  specified in Sec.70 of the Act.

It is clear from the above that above penalty is subject to maximum specified in section 70. Section 70(1) Specify the maximum Penalty of Rs. 2,000/- in respect of  return filed up to 31st March 2011. This amount of Maximum Penalty is been increased to Rs. 20,000/- (Twenty Thousand only) w.e.f. 01.04.2011.

As per Section 71 (C) of the Finance Act 2011 (8 of 2011) Applicable from 1st April Unless Otherwise specified there was an amendment in Sub Section (1) of section 70 which is as follows:-

‘in Section 70 (1) of the Finance Act, 1994, for the words “two thousand rupees”, the words “twenty thousand rupees” shall be substituted’.

After Considering the above amendment the Maximum Penalty for Late Filing of Service Tax Return is been increased to 20000/- (Twenty Thousand) w.e.f. 01.04.2011 from earlier 2000/- (Two Thousand).

After enactment of Finance Bill 2011, the following position will emerge out:

Period of Delay	Penalty/late fee before finance bill 2011	Penalty/late fee After Finance Act, 2011 (W.e.f. 01.04.2011)
for delay up to 15 days	INR 500	INR 500
for delay beyond 15 days but up to 30 days	INR 1,000	INR 1,000
for delay beyond 30 days	INR 1,000 + INR 100 per day (from 31st day subject to a maximum amount of Rs 2000.	INR 1,000 + INR 100 per day (from 31st day subject to a maximum amount of Rs 20000.

‘Provided also that where the gross amount of service tax payable is nil, the Central Excise officer may, on being satisfied that there is sufficient reason for not filing the return, reduce or waive the penalty’.

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Service tax: Norms for point of taxation simplified

The Finance Ministry has come to the rescue of industry and professionals by considerably simplifying its norms on ‘point of taxation' for service tax collection purposes. The point of taxation will now be primarily linked to date of invoice/collection, according to the latest changes made by the Central Board of Excise and Customs (CBEC). The simplification has come a month after the original norms were issued and would help allay the concerns expressed by industry. Point of taxation refers to the time when a taxable service should be brought to service tax. Prior to the latest changes, the point of taxation was also linked to the date of provision of services/date when services were to be provided. This has now been dropped. The point of taxation was hitherto decided as the earlier date of invoice, date of collection or date of provision of services/date when services were to be provided. Meanwhile, it has now been clearly spelt out that the point of taxation for services exports will be the date of payment. Also, professionals such as chartered accountants, company secretaries, architects and interior decorators need to pay service tax only when they receive payment for their services and not on accrual basis. This will come as a big relief for small practitioners and professionals as they generally get payments for their services after a gap of 4-6 months.

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REVERSE SECTION 80C BENEFIT OF HOME LOAN

Friends,

Under Income Tax Act there is a provision for a rebate u/s 80C for Home Loan taken for Construction of house. But if someone sales the house in question within 5 years the benefit taken on this regard will be reversed. Some questions regarding this are given below :-

I had purchased a house in an under construction building in the March 2006. Had taken a loan from HDFC for the same. Got the possession of the house in November 2006.Having paid all the respective dues to the builder we starting paying the EMI to HDFC from April 2006 onwards to HDFC bank.

I have sold this property in the month of January 2010.

Qtn 1. please advised if this comes under short term capital gains or long term capital gains

Qtn: 2, In 2009 August we bought a house taking a fresh loan from HDFC bank.can I use the money from the above sale to pay of this loan and waive of the tax.

Qtn:3 I already have one property in my name, can I buy a second property to waive of the tax

Qtn 4 : alternative, i can buy land in my home town.

Point wise answer to your queries is given here under.


Ans1:You have given followings facts.

   1. Under construction house Purchased in March,2006
   2. Possession of the House has been taken in November,2006
   3. Loan Repayment to HDFC has been started in April ,2006
   4. Due to Seller /Builder has been Given By April 2006

From this facts ,I can conclude that the Property has been transferred in March 2006 it self , as the Bank provides Loan only after registration on your Name .So purchase date I assume that in March 2006.Now you have sold the House in January ,2010 so total holding period is more than 3years(Jan,2010-March ,06) ,so the Capital gain is Covered under Long Term Capital Gain.Even if Date of purchased is considered as November 2006(Jan,2010-November,2010) ,then also it is covered under Long term capital Gain.


Ans:2 Long term capital gain on House transfer ,can be saved by Individual under section  54,the detail of the section are

Capital gain arising from sale of above said property will be saved up to the amount used in

    to purchase a residential house within year before the date of transfer of old house or

    Purchase a residential House within two year after the date of transfer of old house.

    or construct a house with in three year from date of transfer of old house property.


Capital gain is saved up to the amount which is used in to buy /construct new house,if amount used for house purchased/construction is less than the amount of capital gain than the balance amount will be taxed as long term capital gain.In Simple words ,the requirement under this section is to Invest only amount up to Capital gain and not Total Net Sale proceed Collected from house sold .

As given above as per section 54 ,New house can be purchased within one year before the transfer of new House.In your case you have sold House in Jan,2010,so House purchased in August ,2009 is eligible for Exemption under section 54.Further if you repays the HDFC bank loan taken on new house then the same amount will be eligible for exemption under section 54.

Ans 3: The section 54 is applicable where you have sold a house and after that invested the Long term capital gain in New house.Under section 54 there is no bar on number of houses you have or on houses purchased in future.The restriction on number of houses is placed under section 54F.Even in section 54F ,you can purchase new house ,if you already have another house on your name(read 54 F from here).This section(54F) is applicable where the Asset sold is other than House . (read Section 54F Vs 54EC from here).The only restriction under 54 is that if you will sell the New house before 3 years of purchase then the cost of that house will be reduced by the capital gain exempted on sale of original(OLD) house.

Ans-4:Yes you can also Invest amount in Land but condition is that you will construct a house on that land with three years from the date of sale of old house .So in your case construction should be completed by Jan ,2013 on that land.Further if amount invested in land is less than the capital gain amount on sale of House (sold in Jan ,2010) then to claim exemption in this year ,you have to deposit Balance amount in Capital gain account scheme ,1988 before the due date of Return .In case of individual due date in non audit cases is 31st July .

Example: Suppose you have Long term capital gain on your house sold in Jan,2010 is 20 Lacs.And Land proposed to be purchased is Just of 12 Lacs then to save complete Capital gain you have to deposit 8 Lakhs in capital gain account scheme by 31st  July ,2010.Further You have to use amount deposited in capital gain scheme by Jan , 2013.Otherwise unused amount will be taxable in Fy 2012-2013. (read section 54 Details here)

Reverse Of section 80C benefits

One more point ,I would like to point out here that  as Per section 80C ,if a person is claiming House loan repayment benefit under section 80C and have sold the House within 5 years from thr end of Financial year in which House has been purchased then all the benefit availed under this section (80C) of earlier years will be reversed and included in the taxable income of the year in which house has been sold.
In your case you have purchased house in March ,2006 and sold the same in Jan,2010 means before the expiry of the five years from the purchase of the house , so tax benefit  (if any ) on repayment of house loan)availed by you under section 80C ,In Financial year 2006-07,2007-08,2008-09 will be revered in Financial year 2009-10 and no benefit in Financial year 2009-10 in respect of old house .So keep this point in Mind .

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Make Donations and Cut Down your Income Tax u/s 80G

Friends,

If you have decided to donate some money for charitable purpose and you are a Income Tax payee then you can claim a Deduction of the sum paid as donation under section 80G of Income Tax. The deduction can be claimed in two forms i.e. while calculating your taxable income 100% of donation can be deducted for donation made to some specified institutions described below and for the others its 50% of the donation made. The details are as under :-

80G. Deduction in respect of donations to certain funds, charitable institutions, etc.

(1) In computing the total income of an assessee, there shall be deducted, in accordance with and subject to the provisions of this section,-

(i) in a case where the aggregate of the sums specified in sub-section (2) includes any sum or sums of the nature specified in sub-clause (iiia) or in sub-clause (iiiaa) or in sub-clause (iiiab) or in sub-clause (iiie) or in sub-clause (iiif) or in sub-clause (iiig) or in sub-clause(iiiga)or sub-clause (iiih) or sub-clause (iiiha) or sub-clause (iiihb) or sub-clause (iiihc) or sub-clause (iiihd) or sub-clause (iiihe) or sub-clause (iiihf) or sub-clause (iiihg) or sub-clause (iiihh) sub-clause (iiihi) or sub-clause (iiihj) or in sub-clause (vii) of clause (a) or in clause (c) or in clause (d) thereof, an amount equal to the whole of the sum or, as the case may be, sums of such nature plus fifty per cent. of the balance of such aggregate; and

(ii) in any other case, an amount equal to fifty per cent. of the aggregate of the sums specified in sub-section (2).

(2) The sums referred to in sub-section (1) shall be the following, namely:-

(a) any sums paid by the assessee in the previous year as donations to-

(i) the National Defence Fund set up by the Central Government; or

(ii) the Jawaharlal Nehru Memorial Fund referred to in the Deed of Declaration of Trust adopted by the National Committee at its meeting held on the 17th day of August, 1964; or

(iii) the Prime Minister's Drought Relief Fund; or

(iiia) the Prime Minister's National Relief Fund; or

(iiiaa) the Prime Minister's Armenia Earthquake Relief Fund; or

(iiiab) the Africa (Public Contributions - India) Fund; or

(iiib) the National Children's Fund; or

(iiic) the Indira Gandhi Memorial Trust, the deed of declaration in respect whereof was registered at New Delhi on the 21st day of February, 1985; or

(iiid) the Rajiv Gandhi Foundation, the deed of declaration in respect whereof was registered at New Delhi on the 21st day of June, 1991; or

(iiie) the National Foundation for Communal Harmony; or

(iiif) a University or any educational institution of national eminence as may be approved by the prescribed authority in this behalf; or

(iiig) the Maharashtra Chief Minister's Relief Fund during the period beginning on the 1st day of October, 1993, and ending on the 6th day of October, 1993 or to the Chief Minister's Earthquake Relief Fund, Maharashtra; or

(iiiga) any fund set up by the State Goverment of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat; or

(iiih) any Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district for the purposes of improvement of primary education in villages and towns in such district and for literacy and post-literacy activities.

Explanation.- For the purposes of this sub-clause, "town" means a town which has a population not exceeding one lakh according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or

(iiiha) the National Blood Transfusion Council or to any State Blood Transfusion Council which has its sole object the control, supervision, regulation or encouragement in India of the services related to operation and requirements of blood banks.

Explanation.-For the purposes of this sub-clause,-

(a) "National Blood Transfusion Council" means a society registered under the Societies Registration Act, 1860 (21 of 1860) and has an officer not below the rank of an Additional Secretary to the Government of India dealing with the AIDS Control Project as its Chairman, by whatever name called;

(b) "State Blood Transfusion Council" means a society registered, in consultation with the National Blood Transfusion Council, under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India and has Secretary to the Government of that State dealing with the Department of Health, as its Chairman, by whatever name called; or

(iiihb) any fund set up by a State Government to provide medical relief to the poor; or

(iiihc) the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants; or

(iiihd) The Andhra Pradesh chief Minister's cyclone Relief Fund 1996; or

(iiihe) the National Illness Assistance Fund; or

(iiihf) the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund in respect of any State or Union territory, as the case may be:

Provided that such Fund is-

(a) the only Fund of its kind established in the State or the Union territory, as the case may be;

(b) under the overall control of the Chief Secretary or the Department of Finance of the State or the Union territory, as the case may be;

(c) administered in such manner as may be specified by the State Government or the Lieutenant Governor, as the case may be; or

(iiihg) the National Sports Fund to be set up by the Central Government; or

(iiihh) the National Cultural Fund set up by the Central Government; or

(iiihi) the Fund for Technology Development and Application set up by the Central Government; or

(iiihj) the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities constituted under sub-section (1) of section 3 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999 (44 of 1999); or

(iv) any other fund or any institution to which this section applies; or

(v) the Government or any local authority, to be utilised for any charitable purpose other than the purpose of promoting family planning; or

(vi) any authority referred to in clause (20A) of section 10; or

The following sub-clause (vi) shall be substituted for the existing sub-clause (vi) in clause (a) of sub-section (2) of section 80G by the Finance Act, 2002, w.e.f. 1-4-2003:

(vi) an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both;

(via) any corporation referred to in clause (26BB) of section 10; or

(vii) the Government or to any such local authority, institution or association as may be approved in this behalf by the Central Government, to be utilised for the purpose of promoting family planning;

(b) any sums paid by the assessee in the previous year as donations for the renovation or repair of any such temple, mosque, gurdwara, church or other place as is notified by the Central Government in the Official Gazette to be of historic, archaeological or artistic importance or to be a place of public worship of renown throughout any State or States.

(c) any sums paid by the asseessee, being a company, in the previous year as donations to the Indian Olympic Association or to any other association or institution as notified by the Central Government under clause (23) of section 10 for-

(i) the development of infrastructure for sports and games; or

(ii) the sponsorship of sports and games, in India.

(d) any sum paid by the assessee, during the period beginning on the 26th day of january, 2001 and ending on the 30th day of september, 2001, to any trust, institution or fund to which this section applies for providing relief to the vicitms of earthquake in Gujarat.

(4) Where the aggregate of the sums referred to in sub-clauses (iv), (v), (vi), (via) and (vii) of clause (a) and in clauses (b) and (c) of sub-section (2) exceeds ten per cent. of the gross total income (as reduced by any portion thereof on which income-tax is not payable under any provision of this Act and by any amount in respect of which the assessee is entitled to a deduction under any other provision of this Chapter), then the amount in excess of ten per cent. of the gross total income shall be ignored for the purpose of computing the aggregate of the sums in respect of which deduction is to be allowed under sub-section (1).

(5) This section applies to donations to any institution or fund referred to in sub-clause (iv) of clause (a) of sub-section (2), only if it is established in India for a charitable purpose and if it fulfils the following conditions, namely:-

(i) where the institution or fund derives any income, such income would not be liable to inclusion in its total income under the provisions of section 11 and section 12 or clause (23) or clause (23AA) or clause (23C) of section 10:

Provided that where an institution or fund derives any income, being profits and gains of business, the condition that such income would not be liable to inclusion in its total income under the provisions of section 11 shall not apply in relation to such income, if-

(a) the institution or fund maintains separate books of account in respect of such business;

(b) the donations made to the institution or fund are not used by it, directly or indirectly, for the purposes of such business; and

(c) the institution or fund issues to a person making the donation a certificate to the effect that it maintains separate books of account in respect of such business and that the donations received by it will not be used, directly or indirectly, for the purposes of such business;

(ii) the instrument under which the institution or fund is constituted does not, or the rules governing the institution or fund do not, contain any provision for the transfer or application at any time of the whole or any part of the income or assets of the institution or fund for any purpose other than a charitable purpose;

(iii) the institution or fund is not expressed to be for the benefit of any particular religious community or caste;

(iv) the institution or fund maintains regular accounts of its receipts and expenditure;

(v) the institution or fund is either constituted as a public charitable trust or is registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India or under section 25 of the Companies Act, 1956 (1 of 1956), or is a University established by law, or is any other educational institution recognised by the Government or by a University established by law, or affiliated to any University established by law, or is an institution approved by the Central Government for the purposes of clause (23) of section 10, or is an institution financed wholly or in part by the Government or a local authority; and

(vi) in relation to donations made after the 31st day of March, 1992, the institution or fund is for the time being approved by the Commissioner in accordance with the rules made in this behalf:

Provided that any approval shall have effect for such assessment year or years, not exceeding five assessment years, as may be specified in the approval.

(5A) Where a deduction under this section is claimed and allowed for any assessment year in respect of any sum specified in sub-section (2), the sum in respect of which deduction is so allowed shall not qualify for deduction under any other provision of this Act for the same or any other assessment year.

(5B) Notwithstanding anything contained in clause (ii) of sub-section (5) and Explanation 3, an institution or fund which incurs expenditure, during any previous year, which is of a religious nature for an amount not exceeding five per cent. of its total income in that previous year shall be deemed to be an institution or fund to which the provisions of this section apply.

(5C) This section applies in relation to amounts referred to in clause (d) of sub-section (2) only if the trust or institution or fund is established in India for a charitable purpose and it fulfils the following conditions, namely:-

(i)it is approved in termsof clause (vi) of sub-section(5);

(ii) it maintains seperate accounts of income and expenditure for providing relief to the victims of earthquakes in Gujarat;

(iii) the donations made to the trust or institutionot fund are applied only for providing relief to the earthquake victims of Gujarat on or before the 31st day of March, 2003;

(iv) the amount of donation remaining unutilised on the 31st day of March, 2003 is transferred to the Prime Minister's National Releif Fund on or before the 31st day of March, 2003;

(v) it renders accounts of income and expenditure to such authority and in such manner as may be prescribed, on or before the 30th day of June, 2003.

Explanation 1.-An institution or fund established for the benefit of Scheduled Castes, backward classes, Scheduled Tribes or of women and children shall not be deemed to be an institution or fund expressed to be for the benefit of a religious community or caste within the meaning of clause (iii) of sub-section (5).

Explanation 2.-For the removal of doubts, it is hereby declared that a deduction to which the assessee is entitled in respect of any donation made to an institution or fund to which sub-section (5) applies shall not be denied merely on either or both of the following grounds, namely:-

(i) that, subsequent to the donation, any part of the income of the institution or fund has become chargeable to tax due to non-compliance with any of the provisions of section 11, section 12 or section 12A;

(ii) that, under clause (c) of sub-section (1) of section 13, the exemption under section 11 or section 12 is denied to the institution or fund in relation to any income arising to it from any investment referred to in clause (h) of sub-section (2) of section 13 where the aggregate of the funds invested by it in a concern referred to in the said clause (h) does not exceed five per cent. of the capital of that concern.

Explanation 3.-In this section, "charitable purpose" does not include any purpose the whole or substantially the whole of which is of a religious nature.

Explanation 4.-For the purposes of this section, an association approved by the Central Government for the purposes of clause (23) of section 10 shall also be deemed to be an institution, and every association or institution approved by the Central Government for the purposes of the said clause shall be deemed to be an institution established in India for a charitable purpose.

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Three New Services on Income Tax eFiling Site

Friends,

Income Tax Department is releasing 3 new services on the e-filing website. These are available from the 'Services' menu on the Menu Bar on top. The services are available without requiring any login (and are also available under 'My Account' as well) are:


1. ITR-V receipt status at CPC Bangalore.

Use this query to find out if the ITR-V sent by you has been received in CPC 

or it has been filed using digital-signature.

2. Refund failure status out of refunds issued or to be issued at CPC Bangalore

Use this query to find out if your refund could not be issued due to missing/incorrect mandatory fields or if the refund was returned due to reasons such as address not found, etc. Please note that, if the query does not fetch any details, it implies that either the e-return has not been processed so far, or no refund was due, or refund has been delivered successfully. 

3. Processing status of e-Returns from CPC Bangalore

Use this query to find out if your e-return has been processed at CPC. 

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Delhi Engineering College Recruitment 2011

Friends,

Ch. Brahm Prakash Government Engineering College has advertised for filling up various posts of Professor, Assistant Professor & Associate Professor. These posts are to be filled on contract basis through Walk in Interview. Those who wants to appear in the walk in interview they can read the instructions from the official website.

Professor : 03

Associate Professor : 13

Assistant Professor : 24

Date of Walk in Interview : 24 & 25 September 2011

Time : 9:30 AM to 02:30 PM

Advertisement : http://www.gecdelhi.ac.in/pdf_files/informtion%20for%20walk-in-interviews%20–%20for%20uploading%202011-12.pdf

Details of Walk in Interview, Advertisement, Pay Scale and other information can be downloaded form the official website of Government Engineering College Delhi.

TALLY.ERP 9 TEN TIPS -MAKE EASIER TO USE TALLY ERP 9

Friends,

I have collected some useful tips to run the tally easily and more efficient way .Today,I am publishing 10 tally tips only and publishing other twenty after your response.This tips are for tally.ERP 9 but few tips are also working in earlier version also .All tally Tips are shown with relevant pictures so that it is easy to understand the tips and you can learn it step by step.Due to many picture shown in the post ,this post may load slow in your computer.

Tally Tips - Your Weekly Refresher...!

1. User defined Primary Group

Did you know that you can create your own primary groups in Tally.ERP 9? 

You can create your own Primary (Main) Group under Assets, Liabilities, Income and Expenses. 

To create Main Group, go to Gateway of Tally > Accounts Info > Groups > Create 

The newly created Group in the Report appears as shown.

2. Sub-Ledger concept of Group

Did you know that a group can behave as a sub-ledger in Tally.ERP 9?

Opting to set Group Behaves like a Sub-Ledger to Yes for a particular Group will not explode the sub-groups and ledgers for that group in any report, either

1.        When viewing the report in a detailed format, or  

2.        When viewing the report with the option Expand all levels in Detailed Format.

For example, set Group behaves like a Sub-Ledger for Sundry Debtors and Sundry Creditors groups to Yes. (This is set to ‘Yes’ by default, you may set this option for any other default group or user defined group)

The normal view of a Trial Balance is as given 

Press Alt + F1 for a detailed view.

Press F12: Configure to set Expand all levels in Detail Format to Yes

The Trial Balance displays as shown

 

3. Report Navigation with + & -

Did you know that you can navigate using the + and – keys in a report? 

In display reports of Accounting and Inventory, i.e. Group Summary, Ledger and Stock Item reports, you can

·        Move to different Group/Ledger of your choice by using F4 (Group/Ledger/ Item)

·        Move to the next or previous item within the report by using (+) and (-) respectively

4. Net Debit & Credit Balance

Did you know you can display net balances for a report?

When a Group contains Ledger balances that have Debit as well as Credit balances, you can configure a report to display the Net Balances only in all reports.

Report view with both Debit and Credit balances

To configure for Net Balance Reporting, enable Nett Debit/Credit Balances for Reporting toYes in the Group Creation/Alteration screen.

Report view after configuring for Net Balance Reporting:

5. Master Creation Shortcut Navigation Key 

Did you know that you can use shortcut navigation key while creating masters?

While creating the following Accounting Master and in the Inventory Master, you can use the short cut navigation key to move between the respective Master Creation screen

Sl No	Accounting Masters	Inventory Masters
1	Ledger	Stock Item,
2	Group,	Stock Group,
3	Voucher Type	Godown,
4	Budgets	Voucher Type
5	Currencies etc.,	Unit of Measure, etc.,

For example, after creating a ledger master, press Ctrl + G to move to Group Creation screen directly. Press Ctrl + V to move to Voucher Type Creation master and so on for other masters.

6. Voucher Cancellation

Did you know that you can cancel vouchers in Tally.ERP 9? 

Apart from deleting any voucher, vouchers can also be Cancelled. While using Automatic Voucher Numbering, you can opt to cancel a voucher using Alt + X, to keep the sequence of subsequent voucher numbers intact and information of the common narration.  The cancelled vouchers will not retain Accounting or Inventory Transactions (Useful in Sales Vouchers).  Vouchers with manual numbering or where no voucher numbering is used can also be cancelled. 

Cancela voucher, go to Ledger Voucher screen (Eg. Day Book), select Single or Multiple Vouchers and press Alt + X 

Display of cancelled vouchers

 

A cancelled voucher with the narration and information that the narration being retained is displayed as shown:

7. Add & Insert Voucher

Did you know that you can add or insert a voucher in the Day Book or Voucher Register?

Another useful feature that is available in Tally.ERP 9 is that it enables the user to insert or add a voucher. 

For example, in the Sales voucher Register Report which is displayed below there are two vouchers numbered 3 and 4 for May 04, 2009. 

To create a new voucher or insert a new voucher with sale bill number 4 and change the bill number of the existing voucher to 5.

Select the existing voucher (number 4) and press Alt + I to insert a new voucher.

Press Alt + A to simply add a new voucher after bill number 4

8. Voucher Duplication

Did you know that you can duplicate an existing voucher in Tally.ERP 9?

This is useful when a constant amount is entered across the year or month with the same ledgers being used. To duplicate an existing voucher:

1.        Select the required voucher and press Alt +2.

2.        Make necessary changes to the voucher and save.

9. Setting Credit Limit

Did you know…?

You can set credit limit for Sundry Debtors and Sundry Creditors in Tally.ERP 9. When the outstanding amount exceeds the credit limit, Tally.ERP 9 will not allow any invoice beyond that limit unless modified.

Example: You can set a credit limit of Rs.50000/- for the customer’s ledger and raise one invoice amounting to Rs.30000/-, subsequently you can also try to raise another invoice amounting to Rs. 30000/-

To enable credit limit, set Maintain Budgets and Controls to Yes in F11 > Accounting Features

To set credit limit for the customer:

Go to Gateway of Tally > Accounts Info > Ledgers > Credit Limits > Select the Group inUnder Group (all the ledgers in that group will be listed) > Select Customer and set the Credit Limit

After the first invoice is raised for Rs.30000, try to raise the second invoice for Rs.30000. Here, Tally.ERP 9 will restrict from saving this voucher, as shown:

10. Accounting, Inventory & Related reports

Did you know that you can navigate to any Accounting or Inventory report without navigating the routine menus ….?

You can navigate to any Accounting or Inventory Reports from any report without going through the routine menu navigation.

1.        In Balance Sheet Report press F9: Inventory Report or F10: Accounting Report to access any of the reports listed from the drop-down list.

2.        There is no restriction on the number of instances one can access these reports. 

3.        Press Esc to return back in the order you progressed to different reports.

F9:  Inventory Reports

F10: Accounting Reports

Use F8: Related reports to view related reports for any individual group/ledger analysis.

F8: Related Reports