Navhal Consultancy - Accounting services

Union Budget Highlights 2015
☺GST to be put in place by April 1, 2016
☺Corporate tax reduced from 30% to 25% over next four years
☺PAN number mandatory for any purchase above Rs 1 lakh.
☺Govt to reduce custom duty on 22 items.
☺A consolidate rate of excise duty @ 12.5% proposed i.e. no Edu. Cess and SHEC.
☺A consolidate rate of service tax @ 14% proposed i.e. no Edu. Cess and SHEC.
☺Wealth tax abolished, replaced by 2% surcharge on super rich
☺Mediclaime investment deduction increased from 15000 to 25000 and Rs. 30000 for senior citizen.
☺Super senior citizen ie. 80 year above can claim medical expenditures of Rs. 30000.
☺Additional investment of Rs. 50000 p.a. allowed for deposition under new pension scheme u/s. 80CCD
☺Transport allowance increase from Rs. 800 to 1600.

☺Defence allocation for this fiscal is Rs 2,46,727crore.
☺AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
☺Govt to raise visa-on-arrival facilities to 150 countries from 43
☺Govt to introduce Indian gold coin with Ashoka sign on it.
☺Proposes 5 ultra mega power projects for 4,000 MW each
☺Investment in infrastructure to go up by Rs 70,000 crores
☺We are committed to subsidy rationalisation based on cutting leakages
☺States get 62% of the total resources now

Cost inflation index for f.y. 2014-15 is 1024....

Delay in Download of TDS Certificate attracts Penalty:


As per the records of Centralized Processing Cell (TDS), if the TDS Statements have been filed by you for different quarters. However, you have not yet downloaded TDS Certificates (Forms 16/ 16A) from the portal. Please refer to the following provisions of the Income Tax Act, 1961 which are related to download of TDS certificate in time and consequence of late download of Certificate from the website http://www.tdscpc.gov.in (hereinafter called TRACES Portal).


Downloading of TDS Certificates from TRACES made mandatory:

In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or TRACES Portal.


TDS Certificates downloaded only from TRACES hold valid:

In view of above circulars, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.
Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.


Assistance for downloading TDS Certificates from TRACES:

You can logon to ortal http://www.tdscpc.gov.in and refer to our e-Tutorial https://www.tdscpc.gov.in/en/download-form16a-etutorial.html to download TDS Certificates. For any further assistance, you can also write to [email protected] or call toll-free number 1800 103 0344.

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