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TDS Rates Chart for F.Y. 2014-15 A.Y. 2015-16

Every deductor need to deduct TDS as prescribed in Income Tax Act (not more than that and not lower than that). No doubt, there is no penalty to deduct more or wrongly deduction of TDS. However, deductor will issue TDS certificate (Form 16/Form 16A) as per actual deduction. The payee should claim the refund as per TDS certificate whether is wrongly deduction or higher deduction as the case may be.However, TDS can be adjusted against any other payment made or credited if TDS has been wrongly deducted from a payment on which there is no liability to deduct TDS. However, the penalty for non-deposit of TDS will be imposed by Income Tax Department. So TDS rates plays very important part for payer and payee to get easily and timely income tax refund.

Section Payment Nature Payment in excess of TDS Rate  TDS Rate 
for Individiual for Others
194A Interest from a Banking Company 10000 10% 10%
194A Interest other than from a Banking Co. 5000 10% 10%
194C Contractors (including Advertising & Sub-Contractor) 30000 (per payment) or 75000 p.a. 1% 2%
194C Transport Contractors (Providing PAN and enganged in the business of plying, hiring or leasing of goods carriages Nil Nil Nil
194D Insurance Commission 20000 10% 10%
194H Commission or Brokerage 5000 10% 10%
194I Rend of Land & Building 180000 10% 10%
194I Rent of Plant & Machinery and Other Equipments 180000 2% 2%
194IA Transfer of Immovable Property other than Agriculture Land 5000000 1% 1%
194J Payment for Professional Services, Technical Services & Royalty 30000 10% 10%
194J(1)(ba) Payment to Directors any remuneration or fees or commission by whatever named called if the same is not covered u/s 192 10% 10%

Financial Statement Analysis & Interpretation – [Part –I]

Financial Statement Analysis & Interpretation – [Part –I]

Financial Statement Includes:

  1. Trading & Profit & Loss Account; which gives the result of year’s working.
  2. Profit & Loss Appropriation Account; which gives details about the disposal of the retained earning.
  3. Balance Sheet; which gives the financial position of the undertaking as on the accounting date.

“The most important function of financial statements is to serve those who control and direct the business and may be answered the questions, how efficiently the capital of the business is being utilized, how well credit standards are being observed, and whether the financial condition is being improved.”
The Meaning of Analysis and Interpretation
The financial statements are of much interest to number of groups of persons. Apart from the management there are other interested parties like shareholders, debenture holders, potential investors, bankers, trade creditors and legislature.
**Interpret means to put the meaning of a statement into simple terms for the benefit of a person.
** Analysis comprise resolving the statements by breaking them into simpler statements by a process or rearranging, regrouping and the calculation of ratios, interpretation is the mental process of understanding the terms of such statements and forming opinions or inferences about the financial health, profitability, efficiency and such other aspects of the understanding.
Objectives of Analysis and Interpretation
–          To evaluate the financial health of the understanding.
–          To evaluate the earning performance of the undertaking.
–          To evaluate the ability of the undertaking to pay interest, amortized debt and other outside liability.
–          To evaluate the solvency of the undertaking. By the understating of solvency of the undertaking above points can be well understand.
–  Whether current assts are sufficient to pay off the current liabilities.
–  Proportion of liquid assets (cash and book debts) to current assets.
–  Whether the debenture holders are secured by a floating charge of the currents assets.
–  Future growth of undertaking and earning.
Example: Bankers who provide short term working capital loan and medium term credit they generally look into the following matter:
–          The purpose of loan.
–          The manner in which the borrower proposes to repay the loan.
–          The capacity of company to repay as evaluated by trends of profits.
–          Banker’s position in the event of forced liquidation.
–          The quality of management.
–          History of accounts in the history.
Types of Analysis:

  1. Trend Analysis: which is made by analyzing the financial statements over a period of years. This indicates of such variable, as sales cost of production profits, assets and liabilities. For this it is better to prepare financial statements horizontally.
  2. Structural Analysis: which is made by analysis of single set of financial statements as are prepared on a particular date. Under this analysis relationship between different accounting variables is studied as for example, the ratio of net profit on sales or the ratio of current assets over current liabilities.

Tools of Financial Analysis:

  1. Comparative Balance Sheet and Income Statements
  2. Common Size Percentage: it is used for big balance sheet when it is very difficult to understand the figures. Generally Income Statement is converted into % statement on some common base. Sales figures assumed 100 and other figures are analyzed on % of sales. In case of balance sheet total of assets and liabilities considered as 100 and all other figures are expressed as % of total.
  3. Trend Ratios
  4. Ratio Analysis:

(i)           Balance Sheet Ratio:
(a)  Current Ratio or Working Capital Ratio
(b)  Liquid Ratio or Acid Test Ratio
(c)   Proprietary Ratio
(d)  Assets Proprietorship Ratio.
(ii)          Profit & Loss Statement Ratio
(a)  Gross Profit Ratio
(b)  Operating Ratio
(c)   Expenses Ratio
(d)  Net Profit Ratio
(e)  Stock Turnover Ratio
(iii)        Balance Sheet and Profit & Loss Statement Ratio
(a)  Return on total resources
(b)  Return on Own Funds
(c)   Turnover of Fixed Assets
(d)  Turnover of Debenture
(e)  Earning Per Share

How to Deposit Advance Tax

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How to Deposit Advance Tax

The procedure to deposit advance tax is similar to income tax. Advance tax is itself a income tax. We call it advance tax as we deposit it advance before due date of income tax. So the procedure is the same as income tax. You can deposit advance tax offline or online.

Offline Procedure to Deposit Advance Tax

You have to fill up challan No.280 and deposit advance tax installment along with Challan No.280 in any authorized bank branch.

You should write your name in full, complete address, permanent account number, assessment year, assessing officer’s ward or circle where the assesse is assessed or assessable and the amount of tax and surcharge, if any, separately and properly.

Online Procedure to Deposit Advance Tax

All asesseess may deposit advance tax electronically. There are no restrictions for any assesse for depositing online advance tax. But for some assesse online deposit of advance tax is mandatory like companies, assesses whose accounts audited u/s 44AB.

You can deposit advance tax online by internet banking.You can deposit advance tax throught your own account or you can use another bank account. But you have to fill challan no. 280 online clearly by stating your own name, address, PAN and other details properly.

Date of Payment/Relisation of Advance Tax

Date of payment of tax is important not only for the purpose of reckoning the payment towards the relevant advance tax installment, but also for the purpose of computing interest for delay, if any. If the payment is made by a cheque along with the challan into the Government treasury or the bankers authorized to collect Government receipts, and if the cheque is not dishonored later, it shall be deemed that payment has been made on the date the cheque was so tendered.

Advance Tax Payment Due Dates – Last Dates to Deposit Advance Tax 

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Advance Tax Installment Due Dates for F.Y.2014-15 (A.Y.2015-16)

Advance tax has to paid by the assessee on the following dates specified by the Income Tax act. The delay in the payment of advance tax attracts penalty.

1 st Installment of Advance tax –15 June 2014

For non-company assessees – NIL
For Company assessees – 15% of advance Tax

2 nd Installment of Advance Tax — 15th September 2014

For non-company assessees – 30% of advance Tax
For Company assessees – 30% of advance Tax

3rd Installment of Advance Tax 15th December 2014

For non-company assessees – 30% of advance Tax
For Company assessees – 30% of advance Tax

4 th Installment of Advance Tax –15th March 2015

For non-company assessees – 40% of advance Tax
For Company assessees – 25% of advance Tax

Last Payment — 31st March 2015

Tax on capital gains or any income earned after 15th March.

Important Points for Advance Tax Payment

In the case of salary Income the tax is deducted by the employer. So TDS is also treated as prepaid taxes. So salaried person pay advance tax but in the shape of TDS. So the Salaried person need to pay tax, if the tax is less than TDS. But if the TDS is less than actual Tax then they are also liable to pay advance tax.

But TDS should be deposited latest by 31st March of the financial year. If on the due dates is Sunday or any holiday then the assesee can deposit the advance tax on next working day. It will treated as advance tax and no penal interest will be charged.

Latest amendment for Advance Tax Payment
Senior citizens (Over 60 Years) need not to pay advance tax if not having any business income. (w.e.f.1-4-2012).

The Stilt Fisherman In Srilanka

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Stilt fishing is a method of fishing unique to the island country of Sri Lanka, located off the coast of India in the Indian Ocean. The fishermen sit on a cross bar called a petta tied to a vertical pole and driven into the sand a few meters offshore. From this high position, the fishermen casts his line, and waits until a fish comes along to be caught. Although the approach looks primitive and ancient, stilt fishing is actually a recent tradition.

The practice is believed to have started during World War II when food shortages and overcrowded fishing spots prompted some clever men to try fishing on the water. At first they started fishing from wrecks of capsized ships and downed aircraft, then some began erecting their stilts in coral reefs. The skills were then passed on to at least two generations of fishermen living along a 30 km stretch of southern shore between the towns of Unawatuna and Weligama.

F.No.153/53/2014-TPL (Pt.I) Extension of due date for filing of Return of Income from 30th Sept, 2014 to 30th Nov, 2014

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F.No.153/53/2014-TPL (Pt.I)
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
****

North Block, TPL Division
New Delhi, the 26th September, 2014
Press Release

Subject: Extension of due date for filing of Return of Income from 30th Sept, 2014 to 30th Nov, 2014 in specified cases, regarding.

As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the
Assessment Year.

2. The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August, 2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014. Subsequently, a number of representations were received in the Board requesting for extension of the due date for furnishing of return of income also. Writ petitions were also filed in various High Courts for directing the Board to extend the due date for furnishing of return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of Tax
Audit Report.

3. The Gujarat High Court vide judgement dated 22.09.2014 directed the Board to extend the due date for furnishing the return of income to 30th November, 2014, except for the purposes of charging of interest under section 234A of the Act for late filing of return of income. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

4. In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the `due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who is required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.

5. There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

6. For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

(Rekha Shukla)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT

AMENDMENT TO PUBLIC PROVIDENT FUND SCHEME, 1968

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RBI vide its Notification No.

RBI/2014-15/187 DGBA.CDD.No.867/15.02.005/2014-15 has enhanced the individual subscription limit under Public Provident Fund Scheme, 1968, from existing Rs 1,00,000 to  Rs 1,50,000 in a Financial Year.

The following link will take the readers to the original notification as issued by RBI.

http://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=9181

Plastic Shopping Bags Make A Fine Diesel Fuel

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Shopping bags make a fine fuel: Indian-origin scientist

The conversion produces significantly more energy than it requires and results in transportation fuels – diesel, for example – that can be blended with existing ultra-low-sulphur diesels and biodiesels.

Other products, such as natural gas, naphtha (a solvent), gasoline, waxes and lubricating oils such as engine oil and hydraulic oil also can be obtained from shopping bags.

“There are other advantages to the approach, which involves heating the bags in an oxygen-free chamber, a process called pyrolysis,” said research leader Brajendra Kumar Sharma, a senior research scientist at the Illinois Sustainable Technology Centre at University of Illinois.

According to Sharma, one can get only 50 to 55 percent fuel from the distillation of petroleum crude oil. But since this plastic is made from petroleum in the first place, we can recover almost 80 percent fuel from it through distillation.

 

plastic-bags

Plastic bags make up a sizeable portion of the plastic debris in giant ocean garbage patches that are killing wildlife and littering beaches.

Over a period of time, this material starts breaking into tiny pieces, and is ingested along with plankton by aquatic animals,” Sharma said.

Fish, birds, ocean mammals and other creatures have been found with a lot of plastic particles in their guts.

“Turtles, for example, think that the plastic grocery bags are jellyfish and they try to eat them,” he said.

Other creatures become entangled in the bags. Sharma’s team broke the crude oil into different petroleum products and testing the diesel fractions to see if they complied with national standards for ultra-low-sulphur diesel and biodiesel fuels.

“This diesel mixture had an equivalent energy content, a higher cetane number (a measure of the combustion quality of diesel requiring compression ignition) and better lubricity than ultra-low-sulphur diesel,” he explained.

The researchers were able to blend up to 30 percent of their plastic-derived diesel into regular diesel, “and found no compatibility problems with biodiesel”, Sharma said.

Brajendra Kumar Sharma

 

Plastic shopping bags, an abundant source of litter on land and at sea, can be converted into diesel, natural gas and other useful petroleum products, researchers report.

Brajendra Kumar Sharma, center, a senior research scientist at the Illinois Sustainable Technology Center at the U. of I., with research chemist Dheeptha Murali, left, and process chemist Jennifer Deluhery, converted plastic shopping bags into diesel fuel.

The conversion produces significantly more energy than it requires and results in transportation fuels – diesel, for example – that can be blended with existing ultra-low-sulfur diesels and biodiesels. Other products, such as natural gas, naphtha (a solvent), gasoline, waxes and lubricating oils such as engine oil and hydraulic oil also can be obtained from shopping bags.

A report of the new study appears in the journal Fuel Processing Technology.

There are other advantages to the approach, which involves heating the bags in an oxygen-free chamber, a process called pyrolysis, said Brajendra Kumar Sharma, a senior research scientist at the Illinois Sustainable Technology Center who led the research. The ISTC is a division of the Prairie Research Institute at the University of Illinois.

 

Illinois Sustainable Technology Center

 “You can get only 50 to 55 percent fuel from the distillation of petroleum crude oil,” Sharma said. “But since this plastic is made from petroleum in the first place, we can recover almost 80 percent fuel from it through distillation.”

Americans throw away about 100 billion plastic shopping bags each year, according to the Worldwatch Institute. The U.S. Environmental Protection Agency reports that only about 13 percent are recycled. The rest of the bags end up in landfills or escape to the wild, blowing across the landscape and entering waterways.

Plastic bags make up a sizeable portion of the plastic debris in giant ocean garbage patches that are killing wildlife and littering beaches. Plastic bags “have been detected as far north and south as the poles,” the researchers wrote.

“Over a period of time, this material starts breaking into tiny pieces, and is ingested along with plankton by aquatic animals,” Sharma said. Fish, birds, ocean mammals and other creatures have been found with a lot of plastic particles in their guts.

Whole shopping bags also threaten wildlife, Sharma said.

 

Fuel from plastic bags

 “Turtles, for example, think that the plastic grocery bags are jellyfish and they try to eat them,” he said. Other creatures become entangled in the bags.

Previous studies have used pyrolysis to convert plastic bags into crude oil. Sharma’s team took the research further, however, by fractionating the crude oil into different petroleum products and testing the diesel fractions to see if they complied with national standards for ultra-low-sulfur diesel and biodiesel fuels.

“A mixture of two distillate fractions, providing an equivalent of U.S. diesel #2, met all of the specifications” required of other diesel fuels in use today – after addition of an antioxidant, Sharma said.

“This diesel mixture had an equivalent energy content, a higher cetane number (a measure of the combustion quality of diesel requiring compression ignition) and better lubricity than ultra-low-sulfur diesel,” he said.

 

research on plastic

 The researchers were able to blend up to 30 percent of their plastic-derived diesel into regular diesel, “and found no compatibility problems with biodiesel,” Sharma said.

“It’s perfect,” he said. “We can just use it as a drop-in fuel in the ultra-low-sulfur diesel without the need for any changes.”

The research team also included Bryan Moser, Karl Vermillion and Kenneth Doll, of the USDA National Center for Agricultural Utilization Research, in Peoria, Ill.; and Nandakishore Rajagopalan, of the ISTC at the U. of I.

The Illinois Hazardous Waste Research Fund and the Environmental Research and Education Foundation supported this study.
Source : http://news.illinois.edu , http://post.jagran.com

Mirrors Cause Hallucinations

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Mirrors Cause Hallucinations

A strange illusion is conjured up when you stare at your reflection in a mirror. It’s an old Halloween trick that modern science is starting to investigate. Try it for yourself. Sit in a darkened room, about a meter (3 ft) away from a mirror, and gaze at the reflection of your face for about 10 minutes. Keep the lighting as dark as you can, while still being able to see your reflection.

At first, you will find that there are small distortions in your face in the mirror. Then, gradually, after several minutes, your face will begin to change more dramatically, and look more like a waxwork, like the face doesn’t belong to you. Some people see a series of other faces, or even fantastical monsters or beings staring back, and others see animal faces. It is a dissociative state that scientists are studying, in order to try and understand our sense of self and identity. Psychologists believe it could even help patients with schizophrenia, when they are encouraged to confront their “other selves.”