I started thinking of this only on July 31 when one of my friends was prepared to pay the interest for overshooting the July 31, 2008 timeline of filing the returns. He was relaxed until then and only on July 31 (at about 8 PM) did he realize that he should have filed it by today... His major problem was that he even had to pay Self Assessment Tax.
I could see the beauty of e-filing only now. It took all about 30 minutes to complete the returns through the Skorydov website. Of course NSDL also provides the option to submit Self Assessment Tax online and these together ensured that my friend could complete his returns online by July 31, 2008 although office hours were long completed.
In retrospect, I also filed through the same site and I also finished the same in about 15 minutes flat, which is great considering that I took about 2 hours to fill the returns form two years ago in addition to which I had to endure wrong calculations and finally had to submit a revised form "after" the due date at that time. The Skorydov site greatly helps in this area since it does ask the individual to search as to which ITR he/she needs to fill. It has a set of questions based on which the software gives you easy to fill fields which can be directly extracted from Form-16 etc. In all, I must say that the Skorydov software is excellent and easy to use.
Being a IT professional, e-filing this year has helped me save a lot of time in terms of both having to sit with a CA and file the returns as well as to run behind them to ensure that the returns are filed and done correctly... since at the end of the day, the IT Department does not crucify the CA but me if the returns were not calculated correctly.
Saturday, August 2, 2008
Tuesday, July 29, 2008
All about applying for and tracking PAN
Application:
Read the instructions at https://tin.tin.nsdl.com/pan/form49A.html. At the bottom of the page, select the proper category and click Select.
AO Code:
You need to mention AO code on your PAN application. For information on AO code, http://tin.nsdl.com/aocode.asp.
Track your PAN/TAN Application and e-Return Registration Status:
You can track the status of your application for new PAN / reprint of PAN card / Changes or Correction in PAN details using the 15 digit unique Acknowledgment Number after three days of application using this facility athttps://tin.tin.nsdl.com/tan/StatusTrack.html.
Know your PAN number:
http://incometaxindiaefiling.gov.in/knowpan/knowpan.jsp.
Online Application for Request for New PAN Card Or/ And Changes Or Correction in PAN Data (PAN Change Request Form):
Read the instructions at https://tin.tin.nsdl.com/pan/correction.html. Then go to the bottom of the page, and in the "Apply for New PAN Card Or / And Changes Or Correction in PAN Data" select "Individual" (or your required choice if not individual) and click "Select". This will open the relevant Form.
Read the instructions at https://tin.tin.nsdl.com/pan/form49A.html. At the bottom of the page, select the proper category and click Select.
AO Code:
You need to mention AO code on your PAN application. For information on AO code, http://tin.nsdl.com/aocode.asp.
Track your PAN/TAN Application and e-Return Registration Status:
You can track the status of your application for new PAN / reprint of PAN card / Changes or Correction in PAN details using the 15 digit unique Acknowledgment Number after three days of application using this facility athttps://tin.tin.nsdl.com/tan/StatusTrack.html.
Know your PAN number:
http://incometaxindiaefiling.gov.in/knowpan/knowpan.jsp.
Online Application for Request for New PAN Card Or/ And Changes Or Correction in PAN Data (PAN Change Request Form):
Read the instructions at https://tin.tin.nsdl.com/pan/correction.html. Then go to the bottom of the page, and in the "Apply for New PAN Card Or / And Changes Or Correction in PAN Data" select "Individual" (or your required choice if not individual) and click "Select". This will open the relevant Form.
Tuesday, April 29, 2008
Govt extends tax concessions on STPI by a year
Picked from The Economic Times.
In a much-awaited relief for the IT industry, software companies can now enjoy benefits of the Software Technology Parks of India (STPI) scheme for another year. The government has extended the tax concessions under Section 10A of the Income Tax Act to March 2010. The scheme was to expire in March 2009 under the sunset clause provided in the scheme. On an average, IT companies would get a revenue benefit of at least 5-7% — on the effective tax rate — because of this extension. Normally, companies have about 50% business located in technology parks, export revenue from which is fully tax-exempt. In a letter to the prime minister, Union IT & communications minister A Raja said: “I thank you on behalf of my ministry and the entire IT industry for your far-sighted decision to extend the STPI scheme. This will certainly help the IT industry, especially the small and medium enterprises which have been under tremendous pressure due to the rupee appreciation, wage inflation and several other factors. This would give us the encouragement to build up the momentum to meet our commitment of achieving IT exports of over $60 billion by 2010.” The relief has come after intense lobbying from the communications ministry and the industry. Finance minister P Chidambaram made the announcement in Parliament on Tuesday.
The move will benefit smaller companies more because SEZs have remained off-limits for them. “This is a good move and benefits small- and medium-sized companies who were finding it difficult to move into SEZs due to space crunch and high rentals. Most of the larger companies are already pursuing their SEZ plans aggressively. This move will enable them to enjoy the tax benefits further,” said Infosys Technologies CFO V Balakrishnan However, the biggest of all bonanzas lies in the fact that the small firms will get about two years to chalk out their future. For instance, those like KTwo Technology, an IT services start-up with revenue of $1.58 million in the first year of its operation, stands to benefit immensely. As its CEO Ananth Koppar put it: “At least, the small companies will get a breather for one more year.”
In a much-awaited relief for the IT industry, software companies can now enjoy benefits of the Software Technology Parks of India (STPI) scheme for another year. The government has extended the tax concessions under Section 10A of the Income Tax Act to March 2010. The scheme was to expire in March 2009 under the sunset clause provided in the scheme. On an average, IT companies would get a revenue benefit of at least 5-7% — on the effective tax rate — because of this extension. Normally, companies have about 50% business located in technology parks, export revenue from which is fully tax-exempt. In a letter to the prime minister, Union IT & communications minister A Raja said: “I thank you on behalf of my ministry and the entire IT industry for your far-sighted decision to extend the STPI scheme. This will certainly help the IT industry, especially the small and medium enterprises which have been under tremendous pressure due to the rupee appreciation, wage inflation and several other factors. This would give us the encouragement to build up the momentum to meet our commitment of achieving IT exports of over $60 billion by 2010.” The relief has come after intense lobbying from the communications ministry and the industry. Finance minister P Chidambaram made the announcement in Parliament on Tuesday.
The move will benefit smaller companies more because SEZs have remained off-limits for them. “This is a good move and benefits small- and medium-sized companies who were finding it difficult to move into SEZs due to space crunch and high rentals. Most of the larger companies are already pursuing their SEZ plans aggressively. This move will enable them to enjoy the tax benefits further,” said Infosys Technologies CFO V Balakrishnan However, the biggest of all bonanzas lies in the fact that the small firms will get about two years to chalk out their future. For instance, those like KTwo Technology, an IT services start-up with revenue of $1.58 million in the first year of its operation, stands to benefit immensely. As its CEO Ananth Koppar put it: “At least, the small companies will get a breather for one more year.”
Subscribe to:
Posts (Atom)