Wednesday, 29 July 2015

[www.keralites.net] GOOD NIGHT plus SONG

 
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Posted by: Ateeq Ahmed Siddiqui <ateeqahmedsiddiqui@gmail.com>
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[www.keralites.net] Revised TDS rules

 

Important Provisions of TDS applicable from 1st June, 2015:

1. Now Bank/Cooperative bank and post office RD recurring deposits interest, if more than 10000/- per year will be liable to TDS w.e.f.
1-6-2015.

If PAN number is not given then TDS will be deducted @ 20%.

Also now bank wise Income will be considered for TDS deduction on time deposits instead of branch wise limits.

2. Now w.e.f. 1-6-2015 any transaction in Real Estate including agricultural land shall be required to be made through account payee cheque or RTGS,if it is of Rs. 20000/- or more, only such farmers are free from this if both of them have agricultural income only and not any other income chargeable to income tax i.e. both of them should not have any income like interest/rent/salary etc.i.e. he should not have even income of one rupee other than only agricultural income.

If transaction is done in cash then penalty of an amount equal to such cash transaction will be imposed on seller who accepts cash or refund of advance is made in cash by the seller of property.

This provision is similar to earlier provision putting an embargo on accepting and repaying loans in cash in excess of Rs. 20,000/-.

3. Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a cash transaction of any amount therein, then TDS @1% will have to be made.) CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh.

4. W.e.f. 1-6-2015 in case of payment of transport freight at a single transaction of  more than Rs. 30000/- or of more than Rs. 75000/- in a year then TDS will have to be deducted @ 1% and in case of recipient being firm or a company then TDS @ 2% will have to be made.

If the recipient own 10 or less goods carriage then he can give a declaration to this effect then TDS will not be deducted even if payment exceeds the threshold of Rs.30000 / Rs.75000.

Till now Income tax rules have not been notified for 2015 therefore format of declaration to be obtained in case of 10 or less truck has not also been notified yet now therefore until specified format comes self declaration from truck owner can be obtained.

 

5. W.e.f. 1-6-15 if any payment is made by any person to a non-resident, (not being a company) or to a foreign company any sum whether or not chargeable to income tax shall furnish form No. 15CA 15CB.

Earlier only income chargeable to income tax in India had to be reported only but now all payments are covered.

If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed.

This is also likely to be forming part of regular reporting items in Income Tax Returns henceforth so escape from this provision will be difficult.

However payments for Imports in regular course of business are not covered here.

6.Till 31-5-2015 Income tax department had no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return.

So if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled.

Now if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee.

7.If the payment is made to a person (including non resident) whose receipts are subject to TDS shall mandatory furnish his PAN to the deductor (even though the deductee file a declaration in form no. 15G or 15H) otherwise the deductor shall deduct the TDS at higher of the following rates the applicable rate prescribed in the Act or 20%.

So, Advisable for all to have a PAN number.
www.keralites.net

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Posted by: Murli dhar Gupta <mdguptabpl@gmail.com>
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[www.keralites.net] ! Love Ever !! GOOD NIGHT plus SONG

 
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Posted by: Abdul Matin Sheikh <abdulmatinsheikh@yahoo.com>
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[www.keralites.net] 10 Proven Health Benefits of Turmeric

 

Fun & Info @ Keralites.net

Dr. Shilpa Benade Maney

Bachelor of Ayurveda, Medicine and Surgery (BAMS) · Ayurveda · yesterday

10 Proven Health Benefits of Turmeric

Good health is a physical state wherein the body, mind and soul function in harmony. Turmeric, is one of the best remedies easily available in every Indian kitchen. With its innumerable health benefits, it becomes the best natural cure to all health related issues.
Check Turmeric's 10 proven benefits.

1.Protects from chronic diseases - Be it cancer, diabetes, heart problems or flu, turmeric fights it all single-handedly. With its anti-inflammatory property and curcumin, it proves efficient in curing many chronic diseases.
2. Is a natural painkiller - Sometimes to deal with unbearable pains, you pop in many painkillers. However, these painkillers have many side effects which affects the body severely. Turmeric is known to be the best painkiller with no side effects, but extra benefits.
3. It Regulates cholesterol - Turmeric is beneficial in controlling your cholesterol levels and reduces the risk to high blood pressure. It has anti-depressants which relieves you from chronic stress and depression.
4. It aces digestion in your body - Turmeric very beneficial for our stomach. It helps overcome gastric problems/acidity and improves digestion.
5. It is a skin expert - Skin darkening is a common problem faced by individuals, especially during summers. Turmeric is useful in removing the acne, pimples and the dead layer of skin. It is the secret to glowing, smooth skin.
6. Builds Immunity - Curcumin in Turmeric has antioxidant properties which neutralizes the radicals and boosts the activity of antioxidant enzymes in the body.
7. Detoxifies the body - Turmeric has healing properties to prevent cell damage and detoxifies liver which further helps in managing your body weight. It is a superlative solution for people suffering from obesity.
8. Helps sharpen memory - Turmeric improves the oxygen intake of the brain, enhancing brain functions and performance. It is the key to stimulate brain memory.
9. To quickly heal : Turmeric has antibacterial and antiseptic agents which help to disinfect burns and bruises. Turmeric paste is effective in healing burns overnight.
10. For hair and teeth - The whitening and healing properties in turmeric helps to whiten teeth and fight germs. It also protects the scalp from dandruff, head lice, and overall conditioning of the scalp.

If you would like to consult with me privately, please click on 'Consult'.

From Lybrate: If you found this tip useful, please thank the doctor by clicking on the heart icon below. Also, spread good health by sharing this tip with your loved ones over WhatsApp, Facebook and other media.

Fun & Info @ Keralites.net
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Posted by: Pramod Agrawal <pka_ur@yahoo.com>
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