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The CBDT amends Rules relating to TDS on Rent u/s 194IB

The CBDT amended TDS on Rent u/s 194IB. New IT Rules 30(2B), 30(6B), 31(3B), 31A(4B) have been inserted. Also, new IT Forms 16C and 26QC have been introduced.

Cost inflation index changed

CBDT notifies new Cost Inflation Index (For Capital Gains) changing the base year from 1981 to 2001. Now 2001-02 will be taken as the base year.

Due date for furnishing Statement of Financial transactions extended to june 30 2017

Due date for furnishing Statement of Financial transactions has been extended to 30th of June 2017 given the volume of data to be compiled for the procedure.

Claim settlement period for PF withdrawal is now just 10 days

Income Tax Department simplifies linking PAN with Aadhaar

The ITD has simplified the process of linking PAN with Aadhaar in response to grievances of taxpayers regarding difficulties faced during the process.

Aadhaar is mandatory for PAN applications and filing the Return of Income

Aadhaar is now made mandatory for PAN applications and filing of Income Tax Returns or ITR according to the latest notification released from the CBDT.

Rent receipts to reduce tax cannot be faked anymore

Rent receipts to reduce tax cannot be faked anymore according to the Income Tax Dept, which is now insisting on proof such as electricity bill, water bill.

EPF wage ceiling to be increased to Rs. 25,000

EPF wage ceiling to proposed to be increased to Rs. 25000 by the EPFO which will bring an additional 1 crore formal workers under the social security scheme.