TDS RATE CHART FOR FY 2012-13

Sl. No.	Section Of Act	Nature of Payment in brief	Cut Off Amount		Rate %
			01.04.2012	01.07.2012	HUF/IND	Others
1	192	Salaries	Salary income must be more then exemption limit after deductions.		Average Rate
2	193	Interest on debentures	2500	5000	10	10
3	194	Deemed dividend	-	-	10	10
4	194A	Interest other than Int. on securities (by Bank)	10000	10000	10	10
4A	194A	Interest other than Int. on securities (By others)	5000	5000	10	10
5	194B	Lottery / Cross Word Puzzle	10000	10000	30	30
6	194BB	Winnings from Horse Race	5000	5000	30	30
7	194C(1)	Contracts	30000	30000	1	2
8	194C(2)	Sub-contracts/ Advertisements	30000	30000	1	2
9	194D	Insurance Commission	20000	20000	10	10
10	194EE	Payments out of deposits under NSS	2500	2500	20	-
11	194F	Repurchase of units by MF/UTI	1000	1000	20	20
12	194G	Commission on sale of lottery tickets	1000	1000	10	10
13	194H	Commission or Brokerage	5000	5000	10	10
14	194I	Rent (Land & building)	180000	180000	10	10
		Rent (P & M , Equipment, furniture & fittings)	180000	180000	2	2
15	194J	Professional/Technical charges/Royalty & Non-compete fees	30000	30000	10	10
16	194J(1)(ba)	Any remuneration or commission paid to director of the company(Effective from 1 July 2012)	NA	NIL	10	10
17	194LA	Compensation on acquisition of immovable property	100000	200000	10	10
18	194LLA	Payment on transfer of certain immovable property other than agricultural land (Effective from 1 October 2012)	(a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012)		1	1

Note:

1. Yearly Limit u/s 194C:Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.
2. TDS at higher rate ie., 20% has to be made if the deductee does not provide PAN to the deductor.(read detail u/s 206AA)
3. No TDS on Goods Transport  :No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages on furnishing of his Permanent Account Number, to the person paying or crediting such sum.(read details here No TDS on Goods Transport )
4. Surcharge on Income-tax is not deductible/collectible at source in case of  individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
5.  In the case of Company other than Domestic Company, the rate of surcharge is @ 2.5% of Income-tax, where the income or the aggregate of such income paid or likely to be paid exceeds Rs.1,00,00,000. 
6. NoCess on payment made to resident:Education Cess is not deductible/collectible at source in case of resident Individual/HUF/Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company

http://www.simpletaxindia.net/2012/04/tds-rate-chart-fy-2012-13-tcs-rates.html

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Filing of ST-3 only for the period 1st April to 30th June 2012(due date 25th Nov.12)

F. No. 137/22/2012-Service Tax

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

(Service Tax Wing)

 

Room No 263A  North Block,

New Delhi, 28^th September, 2012

To

Chief Commissioner of Customs and Central Excise / Central Excise & Service Tax (All)

Directors General of Service Tax /Central Excise Intelligence /Audit/Systems;

Commissioner of Customs and Central Excise/ Central Excise and Service Tax/ Service Tax (All)

 

Madam/Sir,

 

Subject:  Filing of ST-3 only for the period  1^st April to 30^th June 2012

 

            In terms of sub-rules (1) and (2) of Rule 7 of the Service Tax Rules, 1994, the half yearly return for the period 1^st April to 30^th September 2012, is to be filed by 25^th October, 2012. In the current financial year , an assessee would have had to give data with respect to specific services  and the corresponding legal provisions for the period 1-4-2012 to 30-6-2012. The data for the period   1-7-2012 to 30-9-2012, would have been with respect to  different services  and the corresponding legal provisions. Combination of  all these provisions into one return would have made the return complex for   the assessees . 

 

2.         I am directed to inform you that  it has been decided that assessees have to provide data only for the period 1-4-2012 to 30-6-2012 in the first half yearly return which is due on 25-10-2012. (The data for the period from 1-7-2012 to 30-9-2012 should not be filed . Modifications will be made in the ACES so that any data filed for this period is rejected. Till such time as the modifications are made, ACES will not be accepting returns) Accordingly notification 47/2012 dated 28-9-2012 has been issued today.

 

3.        Data for the period 1-7-2012 to 30-9-2012 will have to be furnished in a return in a revised format. The revised format of the return and the last date for filing it will be indicated separately.

 

4.         The above information may be communicated to departmental officers and assessees. Hindi version to follow.

 

 

Yours faithfully,

 

 

(S.M. Tata)

Commissioner( Service Tax)

Tel/Fax: 011-23092275

Cenvat Credit cannot be denied if invoice number was handwritten or rubber stamped

We are sharing with you an important  judgment  of  Hon'ble  CESTAT-Mumbai in the case of  Pepsico India Holding Pvt. Ltd. Vs. Commissioner of Central Excise, Mumbai-II [2012-TIOL-787-CESTAT-MUM] on the following issue:-

Issue: Whether the Cenvat credit can be denied on the ground that the invoice number was handwritten or rubber stamped but not printed on invoice?

Facts: The appellants are in appeal against the impugned orders wherein input credit taken by them on duty paid invoice was denied only on the basis that the invoice number was handwritten or rubber stamped but not printed. A show-cause notice was issued and demands were confirmed by both the lower authorities. Aggrieved from the said orders, an appeal was filed before the CESTAT-Mumbai.

The appellant submitted that there is no requirement in the CENVAT Credit Rules that the invoicenumber should be printed and the only requirement is that the invoice should be serially numbered.

Held: The CESTAT observed that Rule 9of the Cenvat Credit Rules,2004 provides that the CENVAT credit shall be taken by the manufacturer on the basis of the invoice issued by the manufacturer for clearance of inputs/capital goods from the factory. Further, Rule 9(2) of Cenvat Credit Rules, 2004 provides that:

"No CENVAT credit under sub-rule (1) shall be taken unless all the particulars as prescribed under the Central Excise Rules, 2002 or the Service Tax Rules, 1994, as the case may be, are contained in the said document."

Rule 11 of Central Excise Rules, 2002 provides that:

"The invoice shall be serially numbered and shall contain the registration number, address of the concerned Central Excise division,name of the consignee, description, classification, time and date of removal, mode of transport and vehicle registration number, rate of duty, quantity and value, of goods and the duty payable thereon."

And Rule 4A of the Service Tax Rules, 1994 provides that:

"Taxable service to be provided or credit to be distributed on invoice, bill or challan.-

 (1) Every person providing taxable service shall not later than thirty days {fourteen days prior to 1-4-2012} from the date of completion of such taxable service or receipt of any payment towards the value of such taxable service, whichever is earlier, issue an invoice, a bill or, as the case may be, a challan signed by such person or a person authorized by him in respect of such taxable service provided or agreed to be provided and such invoice, bill or, as the case may be, challan shall be serially numbered and shall contain the following, namely:-

(i) the name, address and the registration number of such person;

(ii) the name and address of the person receiving taxable service;

(iii) description and value of taxable service provided or agreed to be provided; and{Substituted vide Notification No.  36/2012- Service Tax, Dated 20/06/2012, before it was read as:- "(iii) description, classification and value of taxable service provided or to be provided;}

(iv) the service tax payable thereon.

……………………………………………………………………….."

Therefore, in accordance with the above provisions, it was held that there is no requirement that theinvoice number should be printed on the invoice. The only requirement is that invoice should be serially numbered. Henceforth, it was decided that the appellant had fulfilled the requirement of CENVAT Credit Rules, 2004. Accordingly, they were entitled to avail input credit on the strength of the invoices in question.

Bimal Jain
FCA, ACS, LLB, B.Com (Hons)

http://taxguru.in/excise-duty/cenvat-credit-denied-invoice-number-handwritten-rubber-stamped.html

Penalty for Late Filing of Service tax Return

File Service Tax Return in time as Maximum Penalty 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 Returnis 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 beforefinance bill 2011	Penalty/late fee AfterFinance 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'.

So File you return on time to avoid penalties. Last date to file service tax return for the quarter ended 30th June 2012 is 25th November 2012 & CBEC has not yet announced the last date to fileservice tax return for the quarter ending on 30th September 2012. It seems CBDT will come up with new format of service tax return  for the quarter ending on 30th September 2012 and that why they have not yet enabled service tax return filing for the quarter ending on 30th September 2012.

(Article was first Published on 13.04.2011 7 Repblished with modifications on 30.10.2012)

http://taxguru.in/service-tax/file-service-tax-return-time-maximum-penalty-increased-10-times-rs-20000.html