TDS - LATE DEPOSIT TDS -PAY INTEREST 1.5 % PM

The Finance Bill proposes to create a separate class of default in respect of tax deducted but not paid to levy interest at a higher rate of 1.5 per cent per month, i.e. 18 per cent p.a. as against 1 per cent p.m., i.e. 12 per cent p.a., applicable in case the tax is deducted late after the due date. The rationale behind this amendment is that the tax once deducted belongs to the government and the person withholding the same needs to be penalized by charging higher rate of interest.

It may further be noted that the benefit of the proposed amendment under the Section 40a(ia) of making the payment before the due date offiling the return shall be available only in those cases where tax has been deducted during the previous year but paid after the end of the previous year and before the due date of filingthe return. Accordingly, all such persons in terms of the Section 201(1A) need to pay a higher rate of interest, i.e. 18 per cent, from the date of deduction of tax till the date it is actually paid before furnishing the statement under the Section 200(3) of the Act.In case any person claims that tax has been deducted after the end of the previous year and hence a higher interest rate of 18 per cent is not applicable, such a person will not be eligible for the benefit of the proposed amendment to the Section 40a(ia), as this benefit is available only when the tax has been deducted during the previous year itself. So pay your TDS deduction on time ,otherwise you have to bear heavy interest cost. Summary of New provision

Interest up to 30.06.2010

• For late deduction of Tax deduction at source-(rate 1 % per month or part thereof)
• For late deposit of TDS after deduction (rate 1 % per month or part thereof)

Interest from 01.07.2010

• For late deduction of Tax deduction at source-(period date from tax deductible to date of actual deduction )(rate 1 % per month or part thereof)
• For late deposit of TDS after deduction (period :date from tax deducted and date of actual deposit)(rate 1.5 % per month or part thereof)
• http://www.simpletaxindia.org/2010/04/late-deposit-tds-pay-interest-15-pm.html

TALLY DATA MIGRATION FROM 7.2 TO 9

Introduction The Tally Data Migration Tool helps you upgrade from Tally 7.2 to Tally 9, by migrating Data and TCP (Tally Compliant Product) files. It also restores 7.2 backup files. You can also migrate Payroll data using the Tally Data migration Tool. Tally 7.2 data and TCP files cannot be used on Tally 9 unless you migrate them, for which you need to be a licensed user of Tally 9. Tally 6.3 users can also use the migration tool, which will rewrite the version to Tally 7.2 and then migrate the data to Tally 9. Tally Data Migration Tool The Tally Data Migration Tool works with the tally 9. exe and helps you migrate Tally 7.2 company data. It also helps you migrate Tally 7.2 TCP files. A brief explanation on Tally Data Migration and Tally 9 screen follows, as both screens open simultaneously during migration.

Migrate Company Menu The Migrate Company menu displays the following:

• Migrate Data
• Migrate TCP
• Restore 7.2 Backup

Migration Messages Pane The migration status displays in the Migration Messages Pane when the migration is in progress. Calculator Pane If errors occur during migration, then an error message displays in the Calculator Pane.

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Note: The Data Migration Tool is resource intensive. It is recommended that you close all other applications when you migrate Data or TCP files. If an interruption occurs during the migration process, the migrated or partially migrated data will be deleted and you have to repeat migration for the same.

Migrating Data from Tally 7.2 to Tally 9 For an existing 7.2 customer, the migration process takes place as explained below.

1. Click the tallymigration icon to start the migration
2. Tally Data Migration and Tally 9 start simultaneously, in separate screens
3. As soon as Tally 9 is loaded, the message 'Ready for Migration' displays in the Migration Messages Pane
4. Click the Migrate Data option to select the company whose data is to be migrated from Tally 7.2 to Tally 9
5. Specify the data path in the Directory field
6. On selecting the company, the company is loaded
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   Note: If you have placed the data to be migrated from Tally 7.2 to Tally 9 in the Tally 9 folder, you have to only specify the path and need not select the company.

7. If the company selected has Payroll data, the following screen appears
8. To continue with the migration, press Enter
9. Accept to migrate the selected company
10. In the Migration Information screen on the left hand side, you can view the Types of Masters and Vouchers to be migrated from Tally 7.2.
11. During the migration from Tally 7.2 to 9, the status of the migration appears in the screen on the right hand side, which displays the number of Masters and Vouchers that have migrated to Tally 9.
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    Note: As certain voucher types and units have been removed from Tally 9, there will be a difference of 3 in the total number of Voucher Type Masters and 1 in the number of Unit Masters.

12. When the migration is complete, an Information pop-up message appears as shown below.
13. On pressing any key, a Congratulations message appears as shown below
14. If errors occur during migration, they are displayed in red in the Migration Messages Pane as shown in the following screen.
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    Note: If an error "The Cost Centre 'ABC' does not belong to the Category 'XYZ' appears during migration, rewrite Tally 7.2 data with Tally Data Migration Tool using Ctrl + Alt + R and then migrate the data to 9.

15. The migrated companies are saved in the Tally 7.2 data folder. The migrated data is prefixed with a '0' and appears as a 5 digit number.
16. Now you can work on Tally 9 with the migrated data
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    Note: The migrated data will reside in the folder where it was at the time of migration.

http://forums.techarena.in/guides-tutorials/1024517.htm

How to type Indian Rupee Symbol in Text

As we all know that India has got a Symbol for Currency. Now we all have to use the new symbol but the symbol is not available on the keyboard. By doing a little work we can create a rupee symbol and we can use it in our word documents, excel spreadsheet etc.

Here are the steps

Click Start -> Run -> Type eudcedit.exe

Private character editor will get opened

Select the first empty code as shown above

Click OK

Click Edit menu -> Copy Character

Change the font by clicking on Font Button and set desired font (I selected Georgia).

Click OK

Select Letter 'R'

Click OK

Modify the letter by using tool like pencil, rectangular selection etc

Now we can link this symbol to existing fonts

1. File -> Font Links
2. Click Link with all fonts
3. Click OK

Using the Rupee Symbol into a text The characters for private use are accessible via the "Character Map".

To insert Rupee Symbol into a text:

1. Set the cursor to the correct position within your text.
2. Click on "Start" -> "Programs" -> "Accessories" -> "System Tools" -> "Character Map"
3. The Character map will display all private characters.
4. Select the Rupee Symbol to insert and click on select.
5. Click "Copy".
6. Go back to your text and press Ctrl+V to insert the Symbol from the clipboard into the text.

This Symbol will work only on the machine, it was created, unless you save it into a separate font-file and distribute it together with your document.

That's it.

http://mscoder.wordpress.com/2010/07/18/how-to-type-indian-rupee-symbol-in-text/

Advance tax limit hiked

From 1.4.2009, you won’t have to pay advance tax if your tax liability is less than Rs 10,000 annually.

The limit has been hiked “with a view to providing for inflation adjustment”, says the memorandum. The Rs 5,000 limit has been in existence for the past 13 years. It was fixed in the 1996 Budget.

“This gives a further leeway to individual taxpayer to pay the entire income tax at the end of every year,” said Vikas Vasal, executive director, KPMG.

Advance tax applies to individuals whose incomes are not subject to tax deduction at source (TDS).

This directly impacts the self-employed in the lower tax slab. This tax is also payable on income on account of interest, tuition fee, rent, trading of securities and consultancy work

Advance tax is paid every quarter. If not paid on time, it attracts a penalty at an annualised rate of 13 per cent.

Let’s look at what is the difference the hike, included under the existing provisions of Section 208 the Income-Tax Act, has made to individuals.

Considering the earlier exemption of Rs 1.5 lakh and Rs 1 lakh deductions, a person was liable to pay advance tax if he was earning a salary of more than Rs 2.75 lakh.

This year onwards, advance tax has to be paid by people earning over Rs 3.10 lakh. The salary level increases as the exemption limit is now Rs 1.6 lakh.

“This move impacts individuals in the lower income group. For those in the high income slab, this is immaterial,” said K H Viswanathan, executive director, RSM Astute Consulting Group.