A certificate of tax deduction at source or TDS has to be issued by the deductor to the deductee specifying there in the prescribed particulars such as; amount of tax deducted Permanent Account Number ( PAN ) of the Deductee Tax Deduction and Collection Account Number ( TAN )of the Deductor Prescribed Forms as per IT Act Relevant forms for TDS certificate has been … [Read more...] about Form 16 & Form 16A – Provisions of Income Tax Act, 1961
Archives for June 2013
Income tax at lower rate or no deduction of tax certificate
Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated inome tax (IT) liability of a person justifies the deduction of income tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of sub-section (1) of section … [Read more...] about Income tax at lower rate or no deduction of tax certificate
Application for allotment of TAN – Tax deduction and collection account number
An application under sub-section (1) of section 203A for the allotment of a tax deduction and collection account number (TAN) shall be made in duplicate in Form No. 49B. An application for TAN shall be made,— In cases where the function of allotment of tax deduction and collection account number (TAN) under section 203A has been assigned by the Chief Commissioner or … [Read more...] about Application for allotment of TAN – Tax deduction and collection account number
PAN Application for allotment of a permanent account number
An application under sub-section (1) or sub-section (1A) or sub-section (2) or sub-section (3) of section 139A for allotment of a permanent account number (PAN) shall be made in Form No. 49A or 49AA, as the case may be. The application referred above shall be made,— in cases where the function of allotment of permanent account number (PAN) under section 139A has been … [Read more...] about PAN Application for allotment of a permanent account number
Linking Customer Account and Vendor Account in SAP
There can be a situation where both customer and vendor are the same party and your company is doing business with them. In such a kind of situation, SAP has given an option by which the settlement to the party will net off while making payment. To get this work we have to follow following settings in both masters: 1. Create the Vendor master and Customer master … [Read more...] about Linking Customer Account and Vendor Account in SAP
ACCOUNTING ENTRY IN SAP BANK RECONCILIATION PROCESS
Bank reconciliation process in SAP is based on the accounting entry passed through a Bank sub and main account. The process is dependent on the Bank Statement received from the Bank that will be entered into SAP. Accounting rules are to be defined for each transaction type and posting rule for posting accounting entry as per statement. Bank statements to be uploaded into … [Read more...] about ACCOUNTING ENTRY IN SAP BANK RECONCILIATION PROCESS
How to check your EPF Claim Status – Employee Provident Fund Claim Status Online
With the new EPF online facility, now you can check your EPF claim status online without any assistance. in our last article we have shown you how to check EPF balanace online . Today, in this article we will show you how to check your EPF claim status online with step by step procedure . Only thing you are required to know is the; Employee Provident Fund or EPF Account … [Read more...] about How to check your EPF Claim Status – Employee Provident Fund Claim Status Online
How to check your EPF balance – Employee Provident Fund Balance Online
EPF or Employees Provident Fund of India has set up an online service to track employee's EPF account balance with the help of employee provident Fund or EPF Account Number. Only thing you are required to know is the; Employee Provident Fund or EPF Account Number and Provident Fund Office location where your employer maintain EPF Account In this article we will let you … [Read more...] about How to check your EPF balance – Employee Provident Fund Balance Online
Documents required for a PAN Card in the case of Individuals not being a citizen of India
A PAN Card application in Form 49AA should accompany documents mentioned below in the case of an individual not being a citizen of India and interested in applying for a PAN Card. Supporting Document Required as Proof of Identity for Applying PAN Card Photocopy of Passport; or Copy of person of Indian Origin card issued by the Government of India; or Copy of Overseas … [Read more...] about Documents required for a PAN Card in the case of Individuals not being a citizen of India
What is the process of filling your income tax return
Income tax return or ITR can be filed in two ways: (1) filing income tax return electronically, (2) Manual filling of IT return which is submitting the return in paper format with the tax department. Now a days, most of the ITRs are required to be filing online. To file your ITR you need to select the ITR form applicable to you based on your income and status. After … [Read more...] about What is the process of filling your income tax return