New ITR for AY 2017-18 notified by the CBDT

The Central Board of Direct Taxes has notified Income-tax Return Forms for the Assessment Year 2017-18 (ITR for AY 2017-18). One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj).This ITR Form-1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving inco

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Income Tax Return filing for Jammu and Kashmir

Income Tax Return filing for Jammu and Kashmir has been extended to December 31st, 2016 the the assessment year 2016-17.Notification from the department F. No. 225/195/2016-ITA IIGovernment of India Ministry of Finance Department of Revenue Central Board of Direct TaxesNorth Block, ITA.II division New Delhi 18th of October, 2016Order under sectio

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Appreciation certificate and badges from the ITD

As a gesture of thanking the taxpayers, Appreciation certificate and badges from the ITD has been sent out to all those who have paid their taxes.Taking a new step taken the by income tax department, the ITD thanks the taxpayers by sending them a "certificate of appreciation". The appreciation certificate from the ITD contains the signature from th

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Clarification on extension of due date for Income Tax filing 2016 to 17th October

F. No. 225/195/2016-ITA IIGovernment of India Ministry of Finance Department of Revenue Central Board of Direct TaxesNorth Block, New Delhi Dated the 14th of September, 2016Clarification req. u/s 119 of the Income-tax Act, 1961 dated 9th September 2016Central Board of Direct Taxes, vide order u/s 119 of the Income-tax Act, 1961 (Act) dated 9th

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CBDT Extends the due date for filing of income tax returns to 17th October, 2016

Government of India Ministry of Finance Department of Revenue Central Board of Direct TaxesNew Delhi, 9th September, 2016Press ReleaseSub :- CBDT Extends due date for filing of Income Tax Returns – regThe due date for filing of Income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act is the 30th Septe

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Due date for ITR filing for 2015-16 financial year

The Central Board of Direct Taxes, CBDT has extended the Due date for ITR filing for 2015-16 financial year to 5th of August 2016. This extension of due date for filing the income tax returns was done considering bank strike on 29th July and 31st being a Sunday.  This change in due date for ITR filing for 2015-16 is applicable to all the the r

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ITR filing - Things to know before filing your ITR

Income Tax Return filing or ITR filing as it is commonly called seems like a huge task to be accomplished. It need not be that way. In this post, we will be discussing the important steps which will simplify the process of ITR filing. We have also provided a list of ITRs so you will be able to understand which ITR you should be filing. Firstly her

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Amendment in Section 206C of the Income-tax Act vide Finance Act 2016 - CBDT Circular for Clarifications

The CBDT vide Circular No. 23/2016 dated. 24 June 2016 has clarified on FAQs of stakeholders regarding amended provisions of Section 206C of the Income Tax Act, i.e. no TCS if cash receipts is upto Rs 2 lakhs even though total consideration exceeds Rs 2 lakhs.Circular No. 23/2016F. No. 370142/17/2016-TPLGovernment of IndiaMinistry of FinanceDepart

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Tax compliance window - Income declaration scheme

Honourable Finance Minister had proposed to introduce a limited period ‘Tax compliance window’ for taxpayers to disclose undeclared income of previous years as a part of Finance Bill 2016.Ministry of Finance has issued a notification enacting Income Declaration Rules, 2016 w.e.f 1st June, 2016. The scheme provides an opportunity to taxpayers to

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Undisclosed Income Declaration Scheme to open from 1st June

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 14 th May, 2016Subject: The Income Declaration Scheme 2016 to open from 1st June 2016.The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared inc

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Procedure to upload 15G and 15H to the income tax department

The income tax department has given out the procedure for the deductor to upload 15G and 15H forms to the Income Tax Department.The first step is from the deductee's side who will be submitting the forms 15G or 15H, either manually or electronically to the deductor. This has to be digitized by the deductor and uploaded to the department website on

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Procedure for TCS/ TDS return filing in the ITD e-filing portal

With effect from 1st May 2016, the online submission of Quarterly TDS/TCS statements will be discontinued at TIN-NSDL website.The Deductors who desires to upload the Quarterly TDS/TCS e-Returns online, shall upload the same at e-Filing Portal of ITD. The Deductor must have registered the TAN at ITD’s e-Filing Portal using a valid Digital Signatu

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ITR e-Return for AY2016-17 enabled in STO/SIT

Saral TaxOffice and Saral Income Tax version 11.01 is released enabling e-Return filing and Paper Return filing for ITR-1(SAHAJ), ITR-2A, ITR-2, ITR-3 and ITR-4S (SUGAM) for AY 2016-17.Notable changes in ITRs are:Partnership firms with only presumptive income can now file return in ITR-4S. Software is updated with the mentioned changes.Schedule AL

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ITR forms for AY 2016-17 - Paper Filing Format

ITR forms for AY 2016-17 - paper filing format has been notified by the income tax department.As speculated, the Income Tax Department has notified the ITR Forms for Assessment Year 2016-17 much earlier, though the schema for electronic filing is yet to be made available hope to get it soon as well.Below we have provided the information about the d

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Inclusion of interest income in the return of income

PRESS RELEASE New Delhi, 23rd March 2016Sub: Inclusion of interest income in the return of income filed by persons liable to pay tax- regardingInformation regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and s

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Tax slab for FY 2016-17

In the tax slab for FY 2016-17, i.e., Financial Year April 1 2016 to March 31 2016, there have not been any major changes. In this post, we will discuss the relative changes in the tax slab for 2016-17 for different entities. 1 . Individual, HUF, AOP, BOI, AJP: There are no changes in the basic exemption limit. It will applicable as follows. In

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EPF coverage rules now applicable for establishments with 10 or more employees

The EPF coverage rules have been changed to include those establishments which have more than 10 employees. This move will benefit over 50 Lakh workers who are not applicable under the old EPF coverage rules. According to the old EPF coverage rules, any establishments which have 20 or more employees come under the coverage of the Employees' Pro

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Highlights of Union Budget for Fiscal Year 2016-17

 Honorable Finance Minister Mr. Arun Jaitley unveiled his third Union Budget for Fiscal Year 2016-17 today, forecasting the GDP growth by 7.6% with retaining Fiscal Deficit at 3.5% of GDP for the fiscal year. Citing that the CPI inflation has come down to 5.4% from 9% in the past 3 years, he said it is a huge relief to the public.There is no chang

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Form 15G and Form 15H : Myths and Facts

In some of the previous posts, we have been looking at the different facets concerning Form 15G and Form 15H. There has also been quite some confusions and misinformation floating around. So in this post, we give you some of the important facts regarding the same.MYTHFACTAny person who wishes to avoid tax deduction can make use of Form 15G and Fo

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PAN made mandatory for the following cases

In order to restrain the circulation of black money and to increase the tax base, the government has recently updated the conditions for which quoting of PAN is mandatory. This will be applicable for transactions which exceed a certain limit which is specified.This change was made based on the recommendation of the Special Investigation Team (SIT)

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Procedure to allot UIN for Form 15G/ 15H

As we all know, there have been some changes in relation to Form 15G and Form 15H.In accordance with these changes, the deductor will have to assign UIN (Unique Identification number) for every Form 15G / Form 15H that is being submitted.The procedure to be followed for the allocation of UIN is:The UIN will consist of 3 fields -A sequence number: T

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Form 15G/ 15H - Introduction of new rules

As we have seen in one of the earlier posts, there had been a few changes made for the submission of Forms 15G/ 15H. Now there have been further enhancements made which is covered in this post.One of the conditions that have been relaxed under the revision is the mode of submission of these forms to Deductor.Now an eligible assessee may file Form 1

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Form 15G and 15H submission is been simplified by CBDT

 The CBDT, in its recent notification, has declared that the submitting of Form 15G and 15H has been simplified. This mainly asks the Deductor to have online provisions for accepting the declaration.Now, as we know, if the taxpayer is not seeking any deductions under the section 197A, then (s)he can submit a self-declaration of the same in the for

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Tax Audit Report due date is extended as per CBDT Press Release to 31st Oct

The Central Board of Direct Taxes has issued a notice dated 01st October 2015, extending the due date for filing returns of Income and Tax Audit Report for the entire country.CBDT states that some High Courts have ruled in favor of and some against the due date extension.CBDT is now extending the due date for the whole country in order to avoid the

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CBDT Extends Tax Audit Due date only for the state of Gujarat, Haryana and Punjab

CBDT extends the due date for Income Tax Return from 30th September 2015 to 31st October 2015 for AY 2015-16 (FY 2014-15), with reference to the Orders from Gujarat and Punjab & Haryana High Court, only to the state of Gujarat, Haryana, Punjab and Union Territory of Chandigarh.The extension is subject to the outcome of any further appeal/SLP w

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Income Tax Department acknowledge and thank the Tax Payers

Income Tax Department acknowledge and thank the Tax Payers for the widespread support for its e-Governance system. The remarkable increase in the number of e-filings this year and the introduction of Electronic Verification Code (EVC) has received the appreciation from Tax Payers towards the initiatives taken by the Finance Ministry.Here is the Pr

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ITR e-filing due date further extended by CBDT- due date to 07th Sept 2015

CBDT has extended the ITR e-Filing due date of from 31st August 2015 to 07th September 2015 in respect of all the Taxpayers who were required to e-File their returns by 31stof August 2015.This has happened in the past as well where CBDT was compelled by the Court to extend the dates by the Courts. The Income Tax department notified the new set of

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ITR Filing Due Date extended by CBDT to 7th Sept in Gujarat

ITR Filing Due Date extended for the state of GujaratConsidering the recent disturbance of general life caused in the state of Gujarat, an appeal had been made to the Central Board of Direct Taxes (CBDT).The CBDT, which with the utilization of powers under the section 119 of the Act extended the due date for filing the Tax Audit Report (TAR) under

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CBDT has enabled e-Filing for all the Income Tax Returns(ITR) Forms for AY 2015-16

CBDT has enabled e-Filing for all the Income Tax Returns(ITR) Forms for AY 2015-16. Below are the key changes observed.All Bank accounts held by the assessee have to be reported.Aadhaar number and passport number are required to be given in new ITR forms.Introduced Filing return U/s 119(2)(b) pursuant to an order of CBDT .For Non-Residents, details

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Electronic Verification System for verification of e-filed Income Tax Returns

CBDT has launched Electronic Verification System for verification of e-filed Income tax returns with a One-Time Password (OTP) called ‘Electronic Verification Code (EVC)’. This facility of the ITD completely eliminates the process of sending the paper copy of ITR-V acknowledgement to the ITD CPC based in Bengaluru.What is EVC: 'Electronic Veri

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e Filing of ITR 1, ITR 2, ITR-2A and ITR-4S for AY 2015-16 using Saral TaxOffice and Saral IncomeTax

The process of filing Income tax returns electronically, through the internet is known as e Filing. e-Filing income tax return is very easy for salaried individual. Since July 2015, the income tax department has made the whole e filing process easier. Now the filing has really become online. e Filing of ITR 1, ITR 2, ITR-2A and ITR-4S is now upda

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Saral TaxOffice and Saral Income Tax now enabled with ITR eFiling for AY 2015-16 (ITR-1 and ITR-4S)

Income tax return e-Filing in India for AY 2015-16 is open now. The income tax return e-Filing has made our life very easy. A salaried person can easily e-file income tax return using his form 16. Saral TaxOffice and Saral Income Tax now enabled with ITR eFiling for AY 2015-16 (ITR-1 and ITR-4S). Users can download and update the software to versi

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Income Tax Return Forms (Simplified) for AY 2015-16

CBDT notifies Income Tax Return Forms (Simplified) for AY 2015-16 vide Notification No. 49/2015 dated 22nd June 2015.The earlier ITRs were reviewed and few modifications which were proposed have been withdrawn.The notable changes are as below:a) ITR -2A is newly included;It is applicable for Assessee without Business Income, Capital Gains and forei

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Extension of Due Date of Filing Return of Income Tax for the Assessment Year 2015-16

Extension of Due Date of Filing Return of Income Tax for the Assessment Year 2015-16The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, extends the 'due-date' for filing Returns of Income, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of Income Tax asse

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ITR 1, 2 and 4S - Income Tax Return Forms - Simplified for Convenience of the Tax Payers

Income Tax Return Forms ITR 1, 2 and 4S have been simplified for the convenience of the Tax Payers.Forms ITR 1, 2 and 4S for Assessment Year 2015-16 were notified on 15th April 2015 (15.04.2015). In view of various representations, it was announced that these ITR forms will be reviewed. Having considered the responses received from various stake

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TAN and PAN application fee is revised by NSDL w.e.f 1st June 2015

In view of the increased service tax rate with effect from June 1, 2015, TAN and PAN application fees have been revised as under:1. For dispatch of PAN card in India:- Rs. 106 (inclusive of service tax).2. For dispatch of PAN card outside India: - Rs. 985 (inclusive of service tax).3. For TAN applications:- Rs. 63 (inclusive of service tax)TAN or T

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New ITR forms for AY 2015-16 Income Tax Return Filing

CBDT has notified new ITR Forms (Income Tax Return Forms) SAHAJ (ITR-1), ITR-2 and SUGAM (ITR-4S) for AY 2015-16. However the schema for xml eReturn generation is still awaited.Key changes observed in the notified forms is as follows:Aadhaar number to be mentioned in the ITRs.New 'Schedule BA : Details of Bank Accounts' introduced. Assessee will no

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Highlights from Finance Bill 2015

Finance Minister Mr. Arun Jaitley has presented today his first full budget for the fiscal year 2015-16, terming it as a growth focused budget, without tripping on the fiscal deficit constraints. The Finance Minister said the GDP growth is expected to accelerate between 8 to 8.5 percent in the fiscal year starting 2015. The highlights of Budget 20

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Highlights of Budget: Budget 2015/16 goes for growth, delays cut in fiscal deficit

Finance Minister Arun Jaitley on Saturday announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit.Here are the highlights of the budget of Jaitley's budget for the fiscal year that begins on April 1.FISCAL DEFICITFiscal deficit is seen

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FY 2014-15: Applicability of tac slabs for different entities

FY 2014-15 has seen some changes in the applicability of tax slabs for different entities such as Individuals/HUF, Trusts, Firms, Companies etc. In the following post, we see the rates which are applicable for different entities. FY 2014-15 tax slab for Individuals/HUF: General (Below 60 yrs)Senior Citizen (Above 60yrs & Below 80yrs)Very Seni

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Points to Remember when filing Income Tax Return

With the due date of July 31 fast approaching, it is that time of the year again when the nation's tax payers scramble to file I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit.Thus, if your income for the year exceeded the exemption limit, you will be required to file

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ITR filing – Validation of Mobile number and Email id prior to filing return

Validation of Mobile numbers and email ID is to be Done before return filing.A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. For details, taxpayers can log on to: Income Tax India eFiling PortalThe Department will send s

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