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Friday, April 26, 2013

New Form 16 Circular

TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.
All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.
The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31
Courtesy @

Thursday, April 18, 2013

Delhi Minimum wages 2013

Dear All,

The Delhi Government has decided to implement the revised rates of minimum wages for unskilled, semi-skilled and skilled categories in all scheduled employments, Labour Minister A.K. Walia said on Monday. The new rates, which have been worked out after adjustment of dearness allowances, have come into effect from April 1, 2013 and will extend to clerical and non-technical supervisory staff as well.

Now the monthly minimum wages of unskilled workers has been fixed at Rs.7,722 (previously Rs.7,254) and per day wage has gone up from Rs.279 to Rs.297. The monthly wages for semi-skilled workers has gone up from Rs.8,528 to Rs.8,008 (per day wage from Rs.308 to Rs.328) and for skilled workers the new wages have been fixed at Rs.9,386 (previously Rs.8,814) increasing the per day wage to Rs.361 from Rs.339.

For clerical and non-technical supervisory staff, the new monthly wages for non-matriculates has been fixed at Rs.8,528 from Rs.8,008 (per day wage has gone up to Rs.328 from Rs.308). For matriculates but non-graduates, the wages have increased to Rs.9,386 from Rs.8,814 and for graduates and above it has been fixed at Rs.1,0218 instead of Rs.9,594.

Dr. Walia said all employers have been directed to release payments to their workers as per the revised rates through electronic clearance system or by cheques. He said workers have been asked to contact the district office of the Labour Department in case they are not paid wages as per the revised rates

Pls Fine the Notification below

Delhi Minimum wages April 2013

Saturday, April 06, 2013

Friday, April 05, 2013


A Mediclaim policy is one that refers to the medical insurance of individual, HUF, spouse, parents or dependent children, also known as health insurance .The section 80D of Income Tax Act provides for deduction of the payment made subject to the premiums of such medical policies. This exemption is over and above the deductions of Rs.1,00,000 under the section 80C. Medical insurance is vital in order to insure the health and safety of the family members, and it comes to aid in times of illness and makes up for your medical expenditure.
The medical premium varies with age, and as you grow older the premium increases.(Hence it is recommended that a senior citizen gets himself medically insured) The insurance can take place at any point of time between the age span of 18-59 yrs. As per the budget 2011-12, a senior citizen is a person of the age 60yrs or more. Before that, 65 yrs and more was considered as the age for senior citizens) the policy can be in the name of any of the following persons:
Individual or the taxpayer
Parents: Parents of the individual and of the spouse may be covered under this irrespective of their dependence on the assessee.
Dependent children: legitimate children or legally adopted children fall under this category and may be insured by the taxpayer. This includes male child who is unemployed, under the age of 25 yrs and he is a bonafide student fully dependent on the assessee . In case of a girl child, she is considered d as dependent until she is unmarried.
And in case of an HUF, any family member can be insured.
The total amount of deduction included under the section 80d mediclaim policies is Rs.35000. It is split into parts as shown below:
For an individual:
Basic deduction: The insurance premium of self, spouse and children is covered under this amount. Maximum deduction upto Rs.15000 is allowed .however, a deduction upto Rs.20000 is allowed in case the insured person is a senior citizen.
Additional deduction: Includes the medical premium paid for parents and a maximum deduction upto Rs.15000 is allowed. If the parent in this regard is a senior citizen then the amount is increased upto Rs.20000.
For HUF:
The premium can be paid for any member of HUF and the maximum deduction of Rs.15000 is permissible. Only when the person is a senior citizen the amount available for deduction is Rs.20000.
The medical premium is paid under medical insurance scheme of General Insurance Corporation approved by the Central Government or by any other insurer approved by IRDA (Insurance Regulatory and Development Authority).. Before 1st April 2009, the only mode of payment allowed was cheque. The payments for such premiums can now be made via any mode other than cash

Tuition fees as a deduction under section 80C

Tuition fees as a deduction under section 80C
The section 80c provides deduction from the taxable income for the tuition fees paid for his/her children .The upper limit for the deduction under this section is Rs 1 lakh. Parents are allowed to claim the deduction for their children’s tuition fees. This deduction is strictly available only on the tuition fees paid and not the exam fee, sports fee, lab fee, admission fee or the hostel fee. A parent is individually allowed to claim deduction for two children , thus both the parents can together claim deduction for four children. The deduction claim is permissible for only full time courses and not part time, coaching classes, distance learning or private tuitions. This however includes tuition fees for playschools and pre-nursery. The deduction is available on the amount paid by the individual and the period for which the payment is made is not to be considered.

Tuesday, April 02, 2013

Jharkhand New V.D.A. WEF 1st Apr 2013

Dear All,

Appended below is the New VDA in respect of Jharkhand State

Jharkhand VDA -01-04-2013

Gujarat Profession Tax Slab Revised 1st Apr 2013

Dear All,

Gujarat state Profession Tax Slab Revised 1st Apr 2013 where in the first slab has been removed

Now the New Slab W.E.F from 1st Apr-2013 will be as listed below

i) Less than Rs. 3000/ Zero
(ii) Rs. 3000/- or more but less than Rs. 6000/ - 0

(iii) Rs. 6000/- or more but less than Rs. 9000/- 80/-
(iv) Rs. 9000/-or more but less than Rs. 12000/- 150/-

(v) Rs. 12000/- or more. 200/-

The details Notification of the same is enclosed below:-

Gujarat State tax on Profession-revised from 01-04-2013

Gujarat Minim Wages 2013-2014 -01/04/2013 to 30/09/2013

Dear All,

Appended below is the New Minum wages of Gujarat from 1st Apr 2013 to 30th Sep-2013 where in DA has been increase @Rs 11 Per Day

Attachment :- Gujarat Minimum wages Apr-2013 to Sep-2013

Full Brekaup

Gujarat MW-breakup 01-04-2013 to 30-09-2013 English