Maharashtra Govt. notifies last date for Audit Report submission for F.Y 2012-13

Maharashtra VAT (MVAT) Update

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Maharashtra Govt. notifies January 15, 2014 as last date for e-filing of Audit Report in Form-704 for F.Y 2012-13; Dealers to submit hard copies of Form-704 documents, viz. Statement of Submission, Acknowledgement and Form 704 Part - I, by January 25, 2014: MVAT Trade Circular 

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Color Temperature in Photography

Color temperature is a characteristic of visible light. It provides a method of describing these characteristics and is measured in Kelvin (K). A light having higher color temperature will have more blue light or larger Kelvin value as compared to lower light, which has a smaller Kelvin value.
The relationship between color and Kelvin temperature is derived from heating a "blackbody radiator" (think of this as a piece of black metal) until it glows. The particular color seen at a specific temperature is the color temperature. When the blackbody is hot enough and begins to emit light, it is dull red. As more heat is applied, it glows yellow, and then white, and ultimately blue. The colors radiating from the blackbody are correlated to colors we are familiar with in our daily lives. The color emitted from a tungsten lamp in your living room is identical to the yellow-white glow when the blackbody radiator temperature is approximately 3200 degrees Kelvin. When the temperature rises to 5500 degrees, the quality of white light is identical to the color of the sun at midday. The bluish quality of twilight just before dark is similar to the color of the blackbody at about 12,000 degrees Kelvin.

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Who is to deduct TDS? (All About TDS - A Simple Guide)

Who is to deduct TDS?

All About TDS - A Simple Guide

Confia Interactive - Finance Updates

In our last post, We tried to understand about What is TDS? Today, Lets try to understand, who is to deduct TDS? Lets try to understand the same from salary Point of view.

The statute requires deduction of tax at source from the income under the head salary. As such the existence of “employer-employee” relationship is the “sine-qua-non” for taxing a particular receipt under the head salaries. Such a relationship is said to exist when the employee not only works under the direct control and supervision of his employer but also is subject to the right of the employer to control the manner in which he carries out the instructions. Thus the law essentially requires the deduction of tax when;

(a) Payment is made by the employer to the employee.

(b) The payment is in the nature of salary and

(c) The income under the head salaries is above the maximum amount not chargeable to tax.

Hope, This was helpful to you. We will be posting few more informative updates in this series of"All about TDS - A Simple Guide."

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What is TDS or Tax Deducted at Source? (All About TDS - A Simple Guide)

All About TDS - A Simple Guide

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Most of the times in our daily life, we keep on hearing about TDS or Tax Deducted at Source. We ask for TDS Certificates from Banks, Employer,etc for TDS deducted on our behalf.

Lets try to understand the concept of TDS in this series of "All About TDS - A Simple Guide." In this series, We Confia Interactive - Finance Team aims to provide you the understanding of TDS in laymans language. So, that next time when you deal with any of the TDS issues, you can understand them well.

What is TDS or Tax Deducted at Source?

Tax deducted at source (TDS), as the very name implies aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.” Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. Its a convenient mode of Payment of Tax.

The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.

Hope, This was helpful to you. We will be posting few more informative updates in this series of "All about TDS - A Simple Guide."

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Happy Independence Day!

Confia Interactive wishes you all a very Happy Independence Day!

Due date to file Income Tax Return for F.Y.2012-13 was 5th August 2013? Not Yet Filed? Don't Panic....

Confia Interactive - Finance Updates

Due date to file Income Tax Return for F.Y.2012-13 was 5th August 2013? Not Yet Filed your Income Tax Return? Don't Panic....

You can file Income Tax returns (ITR) after due date - ONE year from the END of relevant assessment year. These returns which are filed after due date is called – BELATED tax returns (Section 139(4) of Income Tax Act 1961). So for AY 2013-2014, you can file belated tax returns upto 31-Mar-2015.

So, If you have still not filed your Income Tax Return. We are there to help you. Just get in touch with us  at:

Email : finance@confiainteractive.com

Web: www.confiainteractive.com

Mob: +91 9920231182

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Shri P. Chidambaram Releases FAQ on Service Tax VCES

Shri P. Chidambaram Releases FAQ on Service Tax VCES

Scheme A Golden Oppurtunity for Defaulters to Come Clean

Confia Interactive - Finance Updates

Union Finance Minister Shri. P. Chidambaram released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme, 2013 in New Delhi today in the presence of Revenue Secretary, Chairperson and other members of Central Board of Excise & Customs and media. He also released a Logo of Service Tax Voluntary Compliance Encouragement Scheme, 2013 on the occasion. Speaking at the Event, Shri Chidambaram said that the scheme offering “no penalty, no interest”, provides one time opportunity to the defaulters to come clean. He further said that over ten lakhs defaulters have been identified. The Minister said that 1400 defaulters have already filed their declarations amounting to Rs 650 crores. The Minister hoped that the scheme will result in substantial disclosure by non-filers. The Minister exhorted the service tax assessees to make use of this golden opportunity and pay their tax dues to avail immunity from interest, penalty and other proceedings. He further said that the FAQs released today are based on inputs received from various agencies and quarters and would be of immense use for the compliers.
Service Tax Voluntary Compliance Encouragement Scheme (VCES) announced by the Finance Minister in his Budget speech has come into effect on 10th May, 2013. The objective of the scheme is to encourage disclosure of Tax dues and compliance of Service Tax law by the persons who have not paid service tax dues for the period from Oct, 2007 to Dec, 2012, either on account of ignorance of law or otherwise. On payment of the tax dues relating to the said period there will be complete waiver of interest, penalty and other proceedings/ consequences.

The Frequently Asked Questions (FAQ) booklet on VCES contains clarifications on doubts and queries about the scheme. For ease of reference, the statutory provisions and the VCES Rules containing the VCES forms are also included in the booklet.

Service Tax Voluntary Compliance Encouragement Scheme (VCES) announced by the Finance Minister in his Budget speech has come into effect on 10th May, 2013. The objective of the scheme is to encourage disclosure of Tax dues and compliance of Service Tax law by the persons who have not paid service tax dues for the period from Oct, 2007 to Dec, 2012, either on account of ignorance of law or otherwise. On payment of the tax dues relating to the said period there will be complete waiver of interest, penalty and other proceedings/ consequences.

The Frequently Asked Questions (FAQ) booklet on VCES contains clarifications on doubts and queries about the scheme. For ease of reference, the statutory provisions and the VCES Rules containing the VCES forms are also included in the booklet.

The Frequently Asked Questions (FAQ) booklet on VCES contains clarifications on doubts and queries about the scheme. For ease of reference, the statutory provisions and the VCES Rules containing the VCES forms are also included in the booklet.


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Served From India Scheme (SFIS) - Benefit to Service Exporters

SERVED FROM INDIA SCHEME (SFIS) - Benefit to Service Exporters

Confia Interactive - Finance Updates

Objective: To accelerate growth in export of services so as to create a powerful and unique Served From India brand, instantly recognized and respected world over.

Eligibility: All Indian service providers who have free foreign exchange earning of at least Rs 10 Lakhs in preceding financial year / current financial year.

Incentive: Duty credit @ 10% of free foreign exchange earned during current financial year. Free foreign exchange earned through International Credit Cards and other instruments as permitted by RBI for rendering of service are also taken into account for computation of Duty Credit Scrip.

Utilization: Duty Credit may be used for import of any capital goods including spares, office equipment and professional equipment, office furniture and consumables. Furthermore, hotels can import consumables such as food items and alcoholic beverages in addition to capital goods. This import can relate to any service sector business of applicant. Entitlement / goods (imported / procured) are transferable only within company group and managed hotels.

Payment of Excise Duty: Additionally, this Duty Credit Scrip can also be utilized for payment of excise duty for procurement of items, permitted by Department of Revenue (DoR), from domestic sources.

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Enchanting Kerarla

Kerala one of the most popular tourist destinations in India.
Kerala's beaches, backwaters, mountain ranges and wildlife sanctuaries are the major attractions for both domestic and international tourists.
The most popular tourist attractions in the state are beaches, backwaters and hill stations. All of which offer you a unique experience.
Visit the God's own country with Confia Interactive for the ultimate travel experience.

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Procedures relating to filing of application to obtain Status Recognition Certificate / Nominated Agency Certificate - DGFT

Procedures relating to filing of application to obtain Status Recognition Certificate / Nominated Agency Certificate

Confia Interactive - Finance Updates

The Director General of Foreign Trade have notified the Procedures relating to filing of application to obtain Status Recognition Certificate / Nominated  Agency Certificate under Policy Circular No. 4/2009-2014 (RE 2012) Dated 8th August 2013. 

The same reads as follows:

Government of India

Ministry of Commerce and Industry

Department of Commerce

Directorate General of Foreign Trade

Udyog Bhawan, New Delhi

Policy Circular No. 4/2009-2014 (RE 2012)                                                                                                                                                                                                             Dated:  8^th August, 2013

To

                All Regional Authorities (RAs);

                All Commissioners of Customs;

               Exporting Community

Subject:          Procedures relating to filing of application to obtain Status Recognition Certificate / Nominated  Agency Certificate.

            RAs / Development Commissioners are following different practices while issuing Status Recognition Certificate / Nominated Agency Certificate in case of IEC holders having both DTA units as well as SEZ Units.  Para 4A.4 of FTP read with para 4A.35 of HBP, empowers only the concerned RAs (as authorised under Appendix 1A), to grant the Nominated Agency Certificate, whereas both, the concerned RA or the concerned DC of SEZ may issue Status Recognition Certificate. 

 2.   To bring greater clarity into the matter and also to have uniform and harmonious practice by RAs and Development Commissioners, a tabular chart has been provided below:

S.No.	Category	Issuing /renewing Authority  for  Status Recognition Certificate	Issuing / Renewing Authority for Nominated Agency Certificate
1.	IEC holder having DTA unit as well as SEZ/EOU unit	R A concerned  As per Appendix 1	RA concerned As per Appendix 1A
2.	IEC holder having SEZ/EOU unit only	DC concerned As per Appendix 1	No such Certificate for such applicants.
3.	IEC holder having DTA unit only	RA concerned As per Appendix 1	RA concerned As per Appendix 1A

 3.   Existing Status Recognition Certificates and Nominated Agency Certificates that have been issued already shall not be withdrawn, irrespective of whether it has been issued by concerned RA or DC.  After the expiry of validity period of existing certificates, it can be renewed only as per the authority indicated in Para 2 above. 

   (Jaikant Singh)

Jt. Director General of Foreign Trade

Telephone No.: 23062968

e-mail: jaikant.s@nic.in

(Issued from File No.01/94/180/426/AM13/PC-4)

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Overwhelming Response to e-Filing of Income Tax Returns

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Overwhelming Response to e-Filing of Itr: 123.03 Lakh Returns e-Filed till 5th August, 2013

The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes (CBDT) from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th August, 2013 which is 68.3% higher than 73.11 lakh returns e-filed in the corresponding period during last year. 6.92 lakh returns were e-filed on 5th August, 2013 itself. The assessees having salary income can file return using ITR 1 or ITR 2. Up to 5th August, 87,13,493 returns were e-filed under ITR 1 and ITR 2 which is 85.8% higher than the 46,90,279 returns e-filed under ITR 1 and ITR 2 in the corresponding period last fiscal.

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Golden Triangle With Segway- Delhi, Agra and Jaipur.

Capital of India, Magnificent Taj Mahal and Ethnic beauty of the Pink City. The perfect introduction to India's three most popular destinations - Delhi, Agra and Jaipur .Visit one of the most popular circuits of India. Experience the history of massive forts, the magnificence and splendor of Rajasthan's palaces, the bustle and buzz of markets and bazaars, and the traditions of a heritage home-stay  Travel through a land full of contrasts on this compact India tour, jam-packed with unforgettable highlights.
Add the beautiful Golden Triangle to your wonderful golden journey. 

For more details:
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Income Tax Deductions under Section 80 C - Tax Planning

Income Tax Deductions under Section 80 C - Tax Planning

Confia Interactive - Finance Updates

How to Save your Income Tax?

Most of us try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in toto so that one can make best use of the options available for exemption under income tax Act. Lets try to understand the section to get the maximum benefit out of it.

Sec 80C of the Income Tax Act is the section that deals with these tax breaks. It states that qualifying investments, up to a maximum of Rs. 1 Lakh, are deductible from your income. This means that your income gets reduced by this investment amount (up to Rs. 1 Lakh), and you end up paying no tax on it at all! So you can save a huge amount of Tax.

So, Lets understand which are the qualifying Investments.:

• Provident Fund (PF) & Voluntary Provident Fund (VPF)

• Public Provident Fund (PPF)

• Life Insurance Premiums

• Equity Linked Savings Scheme (ELSS)

• Home Loan Principal Repayment

• Stamp Duty and Registration Charges for a home

• National Savings Certificate (NSC)

• Infrastructure Bonds

• Pension Funds 

• 5-Yr bank fixed deposits (FDs)

• Senior Citizen Savings Scheme 2004 (SCSS)

• 5-Yr post office time deposit (POTD) scheme

• NABARD rural bonds

• Unit linked Insurance Plan

So, Save your Tax....  Do follow us , to keep updated abour such useful Information.

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Income Tax Return Due Date Extended to till August 5, 2013

As a Measure of Taxpayers Convenience, Last Date of Filing of Returns Extended to 5th August, 2013

There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during the corresponding period of the last fiscal year.

Due to large number of taxpayers accessing e-filing website on due date of filing, some cases of taxpayers not being able to access the e-filing portal have been reported. These problems are primarily due to network constrains of the local internet service providers (ISPs).

However, as a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from 31st July, 2013 to 5th August, 2013.

Taxpayers are requested to avail of this extension of time and file their returns after paying due taxes.

Source- Press Release from Ministry of Finance

- Confia Finance Team

Income Tax Return filing

Income Tax Return filing date has been extended to 5th August 2013
So what are you waiting for!
File your return before 5th August 2013.
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Tikona Fort

Trek to Tikona Fort-
Tikona fort is close to Pavana Dam. The fort is on top of 3500 foot hill and offers unhindered views of the entire region including the forts of Tung, Lohagad , Visapur and Pavana dam.

So what are you waiting for?
just two days remaining!
Book your seat now to experience the joy of monsoon with Confia Interactive.

For more details: http://confiainteractive.com/tikona-fort.html

Income Tax Return filing

File your Income Tax Return before 31st July 2013.

For more details:

Email Us: finance@confiainteractive.com
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Trek to Tikona
Just for Rs.1000/-
28th July 2013.

For further details: http://confiainteractive.com/tikona-fort.html

Taxation Update (Service Tax)

Penalty on assessee having limited operations to be waived off if he had co-operated in proceedings with department

Where a assessee having limited operations had co-operated in proceedings and paid service tax alongwith interest, penalty was liable to be waived off under section 80

In the instant case assessee neither paid service tax nor filed the return in respect of Rent-a-Cab services provided by him. After show-cause notice was issued, he paid service tax alongwith interest, but sought waiver of penalties imposed on him under sections 76 & 77. He sought waiver on the ground that he was a small businessman, he had not collected service tax from service recipients and was passing through financial difficulties.

The Tribunal partly waived off penalty with following observations:-

Taking note of size of operations of assessee and fact that he had co-operated in proceedings and paid service tax alongwith interest, it was appropriate that penalties under section 76, which were almost equal to service tax liability, were required to be waived off by invoking provisions of Section 80. However, penalty imposed under section 77 was to be sustained. - ROYAL TRAVELS V. COMMISSIONER OF CENTRAL EXCISE [2013](Ahmedabad - CESTAT) 

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File Your Income Tax Return in Time

The last day for filing your income tax return is here. File your Income Tax Return for F.Y.2012-13 before 31st July 2013. Don't fret. Use our Expert Service & File your Income Tax Return.

Monsoon Mania - Trek 2013 to Malshej- Shivneri & Tikona

It's all about Photography - Confia Interactive Photography Team.

Importance of Light in Photography

Light is the heart of Photography. Without light photography can't exist. As we all know photography is nothing but painting with light. Unless you don't know how to deal with the light; you won't be able to take a good photograph. So it is very crucial how you deal with the light. It doesn't matter which light it is; whether it is harsh or soft, you should know how tackle the situation and make the best out of it. Sometimes even harsh light can give you the best photograph but you should know how to control the light and from which angle to shoot. One more important thing is you have to be at the right place, at the right time to shoot the perfect picture. If you want a dreamy, foggy kind of effect then obviously you have to shoot early morning; otherwise you won't be able to get expected result no matter which gear you use. 

Finance Update - Confia Interactive Finance Team

MVAT Updates

MAVT ACT, 2002

Notifications

1) The Legislative Assembly has enacted Maharashtra Act VIII of 2013 dated 25.4.2013 by which the LA Bill XI of 2013 is converted into Act. The amendments in this Amendment Act are to carry out the proposals made in Budget 2013-2014.

2) The Governor of Maharashtra has notification dated 25.4.2013, by which the provisions of above Amendment Act VIII of 2013 are brought into effect from 1.5.2013.

3) The Government of Maharashtra has also enacted Maharashtra Act No. IV of 2013 dated 12.4.2013, so as to convert the Ordinance V of 2013 into Act. By this Act the time limit for assessments for the years 2005-2006 and 2008-2009 is extended upto June,2013.

4) The Government of Maharashtra has also issue Corrigendum dated 26.4.2013 to Notification dated 20.3.2013 so as to make corrections in entries amended earlier by above notification dated 20.3.2013.

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  Finance Team

Finance Update - Confia Interactive Finance Team

Service Tax Voluntary Compliance Encouragement Rules, 2013

Central Government vide Notification No.10/2013-ST dated 13th May,2013 has notified Service Tax Voluntary Compliance Encouragement Rules, 2013. The salient features of these Rules are as under:

• Any person wishing to make declaration under Voluntary Compliance Encouragement Scheme (VCES) shall take registration under Rule 4 of the Service Tax Rules, 1994, in case he is not already registered.

• The declaration of tax dues to be made in Form VCES-1 in duplicate verified in the prescribed manner giving interalia details such as name, address, telephone, email ID, STC no. & details of tax dues.

• The declaration in Form No.VCES-1 to be accompanied by calculation sheet of service tax dues (calculated in the manner prescribed under Sr. No.3F(I) or Part B of Form ST-3, as the case may be, for the relevant period). Such calculation sheet to be furnished return period wise and service wise, in case the tax dues relate to more than one service .

• Designated authority to issue an acknowledgement of such declaration in Form No.VCES-2 within 7 working days from the date of receipt of declaration

• No CENVAT Credit to be utilized for payment of tax dues under this Scheme

• Designated authority to issue acknowledgement of discharge of dues to the declarant in Form No.VCES-3 within 7 working days from furnishing the details of full payment of declared tax and interest, if any

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   Finance Team

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