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Procedure for Foreign Tax Credit (FTC) and Filing of Income Tax Return (ITR)

TDS on interest on deposit where the depositor has deceased

Tax Audit filing for AY 2017-18 is extended to Oct 31st, 2017

The CBDT has extended Tax Audit Filing for AY 2017-18 to 31st October 2017. PAN-Aadhaar linking due date has been extended by 4 months upto 31st Dec,2017.

ITR filing for AY 2017-18 is extended to Aug 5th, 2017

ITR filing for AY 2017-18 is now extended to Aug 5th, 2017. Returns can be filed without PAN-Aadhar linking but the linking process due date is Aug 31st.

Supreme court judgement on Aadhar-PAN linkage

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.

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.