PAN - Aadhar linkage approved by the supreme court

Supreme court judgement on Aadhar-PAN linkage

June 19, 2017

The supreme court has stated that the Aadhar-PAN linkage at the time of applying for PAN and for ITR filing to be valid and the process will continue as is.

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

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

June 12, 2017

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.

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Base year for Cost inflation index has been changed by the CBDT

Cost inflation index changed

June 8, 2017

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.

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Due date for furnishing Statement of Financial transactions

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

May 31, 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.

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Claim settlement period of PF is now just 10 days

Claim settlement period for PF withdrawal is now just 10 days

May 19, 2017

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simplified linking PAN with Aadhaar

Income Tax Department simplifies linking PAN with Aadhaar

May 16, 2017

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

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

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

May 3, 2017

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.

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Rent receipts to reduce tax cannot be faked anymore

Rent receipts to reduce tax cannot be faked anymore

April 8, 2017

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.

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

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

April 7, 2017

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.

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new itr for ay 2017-18

New ITR for AY 2017-18 notified by the CBDT

March 31, 2017

The CBDT has notified new ITR for AY 2017-18 for Income Tax Returns. One of the major reforms is one page simplified ITR-1 which can be filed by an individual.

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