TDS on interest on deposit where the depositor has deceased

CBDT has clarified on TDS on interest on deposit made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased.Below given is the notification released by CDBT regarding the clarification; Government of IndiaMinistry of FinanceCentral Board of Direct TaxesDirectorate of Income-tax (Systems)New DelhiNotification No. 08/2017Ne

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

The CBDT has extended the due date of ITR filing for AY 2017-18 to 5th of August, 2017. The purpose of this extension for Income Tax Return filing is said to be problems which occurred during PAN-Aadhar linking which is mandatory for ITR filing as well as some technical issues which had rendered the Income Tax e-Filing website inaccessible. Anot

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Supreme court judgement on Aadhar-PAN linkage

The supreme court has rolled out the judgement regarding the Aadhar-PAN linkage. It states that Supreme court has found the required quoting of Aadhar number while applying for PAN and for ITR filing to be valid. The process from now on will continue on the basis of Aadhar number. If you are yet to link Aadhar and PAN, make sure you do it before

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Income Tax Department simplifies linking PAN with Aadhaar

Income Tax Department has simplified the process of linking PAN with Aadhaar. The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. Responding to grievances of taxpayers regarding difficulties in linking PAN with Aadhaar their names did not match in both systems (Eg. Names with initials in one and expanded initia

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

According to the latest notification from the CBDT, Aadhaar is mandatory for PAN applications and filing of Income Tax Returns or ITR. Find the official notification below:Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 5th April, 2017PRESS RELEASEMandatory Quoting of Aadhaar For PAN Applications &

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Issuing of PAN instantly

The CBDT is working on Issuing of PAN instantly based on e-KYC available from the Aadhar's e-KYC facilities, thus reducing the time of PAN generation to few minutes. The e-KYC allows the user to verify details through a bio-metric identification features.Currently, issuing of a new PAN takes about 2-3 weeks.With the availability of this new facili

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Annual Information Return (AIR) in response to demonetization of 500 and 1000 notes

Further to the demonetization of the high denomination notes, which is resulting in huge deposits of cash in Bank accounts, to monitor the possible tax evasion CBDT has mandated the reporting of the same by Banks / Cooperative society / Post Offices by amending the Rule 114E of Income Tax.CBDT vide its notification no. 104/2016 dated 15th Novembe

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Paperless PAN and TAN - registration made easier

Paperless PAN and TAN applications i.e., online application for PAN and TAN registration has been introduced by the CBDT. The primary objective of this initiative is to increase the speed at which PAN and TAN can be registered. According to the new process, the PAN and TAN which can be applied online will be allotted within one day of completion o

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Paperless PAN and TAN application - Press release from ITD

The following post is a press release from ITD i.e., the Income Tax Department which speaks about the implementation of Paperless PAN and TAN application. Government of India Ministry of Finance Department of Revenue Central Board of Direct TaxesNew Delhi, 22nd July, 2016.Sub :- Ease of Doing Business – Paperless PAN and TAN application pro

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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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