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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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 of October 2017."The due-date' for filing Income Tax Returns and various reports of audit prescribed under the Income-tax Act,1961 has been extended from 30th September, 2017 to 31st October, 2017 for all taxpayers who were liable to file their Income Tax Returns by 30th September, 2017

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Cost inflation index changed

The cost inflation index (CII) is a way of measuring inflation and is used in the computation of long-term capital gains w.r.t the sale of assets. Since the price of a capital asset likely increases in between the years of purchase and sale, selling the asset would net the owner a significant amount. Since the government levies tax on such tr

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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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Equalization Levy - Taxing Digital Economy Transactions

India has taken its first major step towards taxing digital economy transactions. Finance minister in his budget for fiscal 2016-17 had announced the introduction of ‘Equalization Levy’, to tax the e-commerce transactions / digital business conducted across national borders.Recently, CBDT has issued a circular bringing in details of the levy wi

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TDS on Sale of Property 194IA – Due date extended

Due date for filing the statement for Tax Deduction at Source (TDS) on Sale of Property under section 194IA has been extended to 30 days from the end of the month in which tax was deducted.  Earlier, the tax deducted was to be paid within 7 days from the end of the month.CBDT in its notification dated 31st May 2016 had made the changes in Rule 29B

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