Cost Inflation Index

Serial No. Financial Year Cost Inflation Index

1981-82 100
1982-83 109
1983-84 116
1984-85 125
1985-86 133
1986-87 140
1987-88 150
1988-89 161
1989-90 172
1990-91 182
1991-92 199
1992-93 223
1993-94 244
1994-95 259
1995-96 281
1996-97 305
1997-98 331
1998-99 351
1999-2000 389
2000-2001 406
2001-2002 426
2002-2003 447
2003-2004 463
2004-2005 480
2005-2006 497
2006-2007 519
2007-2008 551

Useful Link of income tax

INCOME TAX DEPARTMENT (INDIA)


www.incometaxindia.gov.in




INCOME TAX DEPARTMENT (INDIA) Efiling division

http://incometaxindiaefiling.gov.in/portal/



TIN facilitation centers

http://tin.nsdl.com/TINFaciliCenter.asp



TIN NSDL

http://tin.nsdl.com/



NSDL

https://nsdl.co.in/



BSR CODE

http://tin.nsdl.com/OLTASListOfBSR.asp



PAN SEARCH

http://incometaxindiaefiling.gov.in/knowpan/knowpan.do



PAN STATUS INQUIRE

UTI : https://tin.tin.nsdl.com/tan/StatusTrack.html

UTITSL : http://myutitsl.co.in/intra/web/pantrack.jsp



TAN SEARCH

http://incometaxindiaefiling.gov.in/knowtan/knowtan.jsp



TAN Status Inquiry (NSDL)

https://tin.tin.nsdl.com/tan/StatusTrack.html



Challan Status Inquiry (Tax Payer Based)

https://tin.tin.nsdl.com/oltas/servlet/QueryTaxpayer



Know your Assessing Officer

http://www.incometaxindia.gov.in/ao/Firstlevel.asp



PAN AO Codes

http://tin.nsdl.com/aocode.asp



TAN AO Codes

https://tin.tin.nsdl.com/tan/servlet/TanAOSearch?display=Y



Office of the Director General of Income Tax (Systems)

http://incometaxindiaefiling.gov.in/portal/contact_info.do

BEFORE FILING E-TDS RETURN,

BEFORE FILING E-TDS RETURN,

WHY MISMATCH OR MATCH PENDING ?

1) PLEASE VERIFY CIN NUMBER & AMOUNT ON FOLLOWING WEBSITE

https://tin.tin.nsdl.com/oltas/index.html

2) PLEASE BE CAREFUL REGARDING CORRECT TAN NUMBER AT THE TIME OF PAYMENT OF
TAX

3) PLEASE PAY TAX IN SEPARATE CHALAN FOR DIFFERENT SECTION & ALSO SEPARATE
CHALAN FOR COMPANY & NON-COMPANY DEDUCTEES

4) IF POSSIBLE, BEFORE FILING E-TDS RETURN, PLEASE VERIFY PAN NUMBER AT
FOLLOWING WEBSITE

https://onlineservices.tin.nsdl.com/TIN/PANVerification.do

FOR CORRECTION PLEASE TAKE NECESSARY STEP AS FOLLOWING

Statement Type (Transaction Type)
Regular (Original):First statement furnished by a TAN for a quarter for a
form.
Correction (C1):Type of correction statement which can update deductor
details (excluding TAN).
Correction (C2):Type of correction statement which can update deductor
(excluding TAN) and/or challan details.
Correction (C3):Type of correction statement which can update deductor
(excluding TAN) and/or challan and/or deductee details.
Correction (C4):Addition/Deletion of Salary detail records (Applicable only
for 24Q Q4).
Correction (C5):Type of correction statement which can update PAN of
deductee.
Correction (C9):Type of correction statement which can add a challan and its
underlying deductees.
Correction (Y):Type of correction statement to cancel the regular statement
(only in case of TAN change).

Status
Received by TIN:Indicates the statement has been received by the TIN central
system but the challans within the statement may or may not have been
matched.
Partially accepted:This status will be displayed only for C5 correction, if
some deductee records are rejected.

It returns to be filed without TDS certificates

The Central Board of Direct Taxes have vide notification S.O.No.752(E) dated 28.3.2008, notified the return forms for the assessment year 2008-09. With a view to enabling tax-payers to file returns in the electronic mode, these returns (except ITR-7) have been made annexure-less. In the recent past media reports have raised doubts on whether TDS/ TCS certificates, counterfoil of challan for tax payment and other documents should be filed along with the return or not. On consideration by CBDT, it is clarified that –

(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures;

(ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be received by giving a Return Receipt Number, as if it were a return. These ITR-V verification forms are to be received in separate counters to be set up for the purpose and these forms should be kept in safe custody

(iii) the credit for tax deducted at source (TDS)/tax collected at source (TCS) shall be allowed on the basis of details furnished in the relevant schedules of the return forms, subject to relevant instructions on verification of TDS claims;

(iv) no disallowance of claim for TDS/TCS shall be made by the assessing officer only on the ground that the TDS/TCS certificates have not been filed along with the return of income or Form ITR-V. The same procedure shall also apply in respect of challans relating to Advance Tax and Self Assessment Tax;

(v) assessees are also advised to retain with themselves all annexures relating to computation of income, TDS/TCS certificates, counterfoil of challans relating to payment of advance tax and self assessment tax, audit reports and any other document which they would have otherwise liked to file in support of their claims. The original documents and certificates may be produced by them as and when called for by the assessing officer.

BSC/GN-185/08
link from http://pib.nic.in/release/release.asp?relid=40493&kwd=

Higher TDS rate if PAN not disclosed

Higher TDS rate if PAN not disclosed
Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess).
Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income.
The Central Board of Direct Taxes is considering changes to the Act to this effect.
For example, if a payment is made to a professional like an engineer or a doctor, TDS is deducted at a rate of 10 per cent. If the engineer or doctor fails to provide PAN number, tax will be deducted at the rate of 30 per cent. Similarly, if a contractor does not provide PAN, he will suffer a TDS at the higher rate of 30 per cent instead of 2 per cent now.
"In many situations, contractors or sub-contractors pay the normal TDS but still do not file return of income. By taxing at maximum marginal rate, they will be induced to disclose PAN and file tax return also," said Amitabh Singh, partner, Ernst & Young.
The move is being viewed as an effort by the government to expand the taxpayer base and ramp up revenue collections in view of the huge resource requirement to fund subsidies.
Many assessees do not reveal their PAN to evade taxes and get away with the normal TDS payment. Due to lack of PAN, taxes were often pocketed by deductors also. This creates difficulty in processing tax refunds as well.
PAN quoting has been made mandatory in the e-TDS returns being filed by firms and companies from last year. The tax deductors were facing some difficulty due to reluctant of assessees to prove PAN. The higher TDS rate will force the assessees to reveal the number. Near 100 per cent PAN quoting in TDS returns is important for moving towards dematerialisation of TDS certificates by 2010, the revised deadline set in Budget 2008.

The move is aimed at increasing the effectiveness of TDS provisions to expand the taxpayer base and improve collections. TDS collections constituted 34 per cent of the total Rs 3,14,000 crore direct tax collected in 2007-08.
TDS collections are expected to grow by 55 per cent to Rs 1,65,385 crore in 2008-09, or 45 per cent of the Budget estimate of Rs 3,65,000 crore for 2008-09.

From : Sunil Rajai

Marketing CEO of MONARCH Group of Companies ( www.strajai.com )

31-35, 3rd Floor, Gandhi Chambers, Bhavaniwad, Haripura, SURAT - 395 003. (GUJARAT)RIM : 93777 15225 / 99040 16789Tel.(0261) 2608985 / 86 / 87 / 3205686 Fax: +91-261-2450502Email:ssrajai@yahoo.com / ssrajai@gmail.comHome: www.i-tax.inGroup for Taxation News: http://groups.google.com/group/itaxusers