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

CBDT notified the procedure for submission of Form 67 under Income Tax Rule 116 relating to deduction for Foreign Tax Credit (FTC) for filing Statement/ Income Tax Return (ITR) by a Resident for Incomes from a Country or Specified Territory Outside India.The CBDT notification reads as below;Government of IndiaMinistry of FinanceCentral Board of Di

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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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Regular Return Filing Steps to be followed through SARAL TDS and FAQs

In this post, we shall discuss the procedure to be followed for the process of regular return filing using Saral TDS Software.12 Steps to be followed to do eTDS regular return filing through SARAL TDS:1.  Update Saral TDS to latest version of software (Updated with latest FVU 5.3).2.  Create a file and enter the Deductor, Deductee and Employee de

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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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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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FVU 5.2 version and the changes in the new FVU

NSDL has released the new file validation utility, FVU 5.2 version for filing quarterly TDS/TCS Statements, applicable from 17th September 2016.FVU Version 5.2 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwardsFVU version 2.148 for quarterly e-TDS/TCS statement up to FY 2009-10Saral TDS has been updated with the above said latest FV

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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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TDS filing due date for 2016-17

In one of our previous posts, we had given a detailed view about payment and quarterly filing due dates for TDS. This article is an update keeping in mind the latest changes in TDS filing due dates for FY 2016-17.What remains the same as the previous year? The TDS challan payment due date for each month remains the same i.e., for all the months e

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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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Goods and Service Tax - GST

India’s upper house of parliament on Wednesday unanimously approved the creation of a national sales tax a decade after the move was first proposed, the biggest legislative victory for Prime Minister Narendra Modi since he took office in May 2014.The constitutional amendment, one of India’s most significant reforms since the 1990's, now has to

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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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FVU version 5.1 released for FY 2016-17 Q1 eTDS return filing

New FVU version 5.1 Released for Quarterly eTDS Return:EDIT: FVU 5.2 released for filing quarterly TDS/TCS Statements and is applicable from 17th September 2016.TIN-NSDL has released new version of File Validation Utility (FVU version 5.1) for generating eTDS / TCS quarterly statements. The new FVU version 5.1 (for statement pertaining to FY 2010-

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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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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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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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Latest changes in TDS provisions

In order to bring uniformity and to give Deductors sufficient time for filing TDS/TCS statements CBDT in its notification has amended TDS Provisions w.e.f 1st June 2016.Here are the changes notified:1. Due date for filing TDS statements (Form24Q/26Q/27Q)has been made uniform across Government and Non-Government Deductors, following are the amended

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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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Service tax return filing due date extended to 29th April

CBEC has extended the due date of filing the ST-3 return for the period Oct-2015 to March-2016, from 25th April 2016 to 29th April 2016. The service tax return filing due date has been extended due to the difficulties faced by Taxpayers due to non-working of ACES website on the due date.To avoid last hour congestion and inconvenience it is always a

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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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FVU 5.0 version features and updation in Saral TDS

New File Validation Utility (FVU 5.0) has been released by NSDL for quarterly TDS/TCS statement filing, applicable from April 13th 2016.FVU 5.0 Features:The key features of File Validation Utility (FVU) version 5.0 is as follows:Remark ‘B’ (No Deduction U/s 197A) is made applicable for Section code 192A (Payment of accumulated balance due to a

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Companies Auditor’s Report Order, 2016 notified by the MCA

The Ministry of Corporate Affairs (MCA) has notified the Companies Auditor’s Report Order, 2016 vide Order dt. 29th March 2016, to be applicable from Financial Year 2015-16. MINISTRY OF CORPORATE AFFAIRS ORDERNew Delhi, 29-03-2016S.O. 1228(E).—In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18

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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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Issue of clarification on contentious TDS issues

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 8th March 2016Subject: Issue of clarification on contentious TDS issuesWith a view to bringing about clarity in the interpretation of certain contentious issues relating to tax deduction at source (TDS) on payments made by television cha

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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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Government withdraws proposal to tax on EPF withdrawals

Government withdraws proposal to tax on EPF withdrawalsThe Government has withdrawn its Budget proposal of imposing a tax on EPF (Employee Provident Fund) withdrawals. Finance Minister Mr. Arun Jaitley in his statement has emphasized that in view of the representation received from various sections the Government will do a comprehensive review of t

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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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Correction statement - Procedure of submission

Procedure to submit:The correction statement can be submitted to NSDL only through e-Filing.It can be submitted either through TIN-FC or through Online upload.The submission to TIN-FC carriesA correction statement file [*.fvu]A declaration in Form 27A for the correction by the deductor.An Enclosure of Statistics' report to Form 27A to certify the

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Due date for payment of tds and due date for filing of tds

What is the due date for payment of TDS? Is the same due date applicable for all types of assessees? Will it vary for salaried and non-salaried cases? These questions are some of the most frequently asked and searched queries. In this post, we will see how the due dates are applicable. The due dates for the payment of the deducted TDS are on or be

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m-Governance in India : epf mobile app for android users

m-Governance in India was an initiative which was started by the government of India to harness the widespread use of mobile phones in India. m-Governance is a subsidiary of e-Governance.The major objective of m-Governance in India was to provide services and facilities via mobile technologies. It also includes providing uninterrupted access to th

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TDS Compliance for the month of January, 2016

TDS Compliance for January Points to be noted before filing TDS returns:Update Saral TDS to latest version of software i.e version 15.08 (Updated with latest FVU v4.9)Verify the PAN of Deductees & EmployeesValidate Lower/No Deduction Certificate NumberEnter the Challan details and Verify the ChallanGenerate Data Quality Report (DQR) and check

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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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New version of FVU v4.9 and v2.145 updated in Saral TDS

As indicated in our earlier communication, the new version of FVU (File Validation Utility), FVU v4.9 and FVU v2.145, is released by NSDL. This is applicable from 19th December 2015 for filing Quarterly TDS/TCS statements.The key features of the new version of FVU(File Validation Utility) are as follows:It is now mandatory to quote ‘Certificate

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CBDT Extends Due date for payment of TDS/TCS in the state of Tamil Nadu

CBDT Extends Due Date for deposit of TDS/TCS for the state of Tamil NaduCBDT extends the due date for payment of TDS/TCS to the credit of Central Government in respect of deduction/collections made during November 2015 from 7th December 2015 to 20th December 2015 in respect of Deductors located in State of Tamil Nadu.This extension came in view of

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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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Online correction - Addition of new challan

ONLINE CORRECTION FOR ADDITION OF NEW CHALLANIn the latest version of the FVU – version 4. 8 there have been few changes made. One of the change was that the C9 correction, i.e., the addition of new challan through offline was discontinued. Now this will mean that the deductors will not be able to add a new challan in the correction statements fr

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Swachh Bharat Cess @ 0.5% introduced by Central Government w.e.f. 15th November 2015

Swachh Bharat Cess has been introduced by the Central Government to be levied on all or any of the taxable services at the rate of 0.5% on the value of taxable services. This Cess has been introduced to finance and promote the Swachh Bharat initiatives.The Central Government has notified that Swachh Bharat cess will be applicable from 15th Novembe

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XBRL filing due date for FY 2014 -15 is extended

In view of the request received by various stakeholders, the Ministry of Corporate Affairs has further extended the Due date for filing of the Annual Return and Financial Statements (XBRL and Non-XBRL) to 30th November 2015.Accordingly, the additional charge payable on forms AOC-4 (XBRL and Non-XBRL) is also relaxed till 30th November 2015.To know

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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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New FVU version 4.8 released for TDS eFiling: Addition of New Challans in Correction is discontinued

The latest File Validation Utility, FVU version 4.8 and version 2.144 has been released by the NSDL for e-Filing of Quarterly TDS/TCS Statements. This will be applicable from 29th September 2015. Some notable changes were observed in the new file structure. They as provided as follows.The most important change is ‘Discontinuation of C9 Correctio

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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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Quarterly TDS / TCS - New changes in Statements validation structure (File Validation Utility)

There have been changes in the Quarterly  TDS / TCS Statements validation structure (File Validation Utility). The changes are as listed below for a clear understanding of the Deductors. These changes are expected to be released by September 24, 2015 by NSDL. Change in validation of section 192A transactions:Changes made in the validation are: In

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MCA extended the last date of filing CRA-4 without any penalty/late fee to 30th September, 2015

The Ministry of Corporate Affairs (MCA) vide Circular No. 12/2015 Dated 01/09/2015has further extended the last date for filing a Cost Audit Report in Form CRA-4 without any penalization fee to 30th September, 2015.This is in continuance of the MCA’s earlier circular extending the due date to 31stAugust, 2015.Companies are required to file CRA-4

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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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MCA extends last date for filing FY 2014-15 Financials through XBRL to 31st October 2015; Final Taxonomy yet to be notified

MCA Extends XBRL Filing for FY 2014-15 extended to 31st October 2015XBRL India has come out with a draft XBRL taxonomy for Commercial and Industrial (C&I) entities, to accommodate the changes as per Companies Act of 2013 and the rules notified thereunder.These changes will be applicable for Reporting period starting from 1st April 2014 onwards.

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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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MCA extends the last date for filing Annual Return and Financial Statements to 31st Oct 2015 without additional fee

MCA extends the last date for filing Annual Return and Financial Statements to 31st Oct 2015 without additional fee MCA extends the last date for filing Financial Statements and Annual return to 31st Oct 2015 vide circular no 10/2015 dated 13th July 2015. The new forms for filing Financial Statements AOC-4 and AOC-4 XBRL are to be used in respect

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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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New File Validation Utility FVU v4.7 is released by NSDL, w.e.f 24th June 2015

NSDL has released the new File Validation Utility (FVU v4.7) for generation of Quarterly TDS Statements which is applicable from 24th June 2015.FVU v4.7, for quarterly e-TDS/TCS statement pertaining to FY 2010-11 on-wards & FVU version 2.143, for quarterly e-TDS/TCS statement up to FY 2009-10.The key features of the new FVU v4.7 are as summariz

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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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New File Validation Utility v4.7 to be released by NSDL

NSDL is to release new file validation utility for Quarterly TDS Statements to be filed, tentatively by 19th June 2015. The details are as below. New File Validation Utility v4.7 (FVU) Version 4.7: - for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards. Version 2.143: - for quarterly e-TDS/TCS statements from FY 2007-08 up to FY

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Cost Audit - MCA issues revised e-forms

The government issued revised forms for companies’ statutory filings on the appointment of cost auditors and for the cost audit reports while deadlines have also been extended for such submissions. MCA issues amended Companies (cost records and audit) Rules, 2015 dated 12th June 2015. In the said rules, MCA has notified the revised e-forms CRA-

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Instruction regarding not to put any inconvenience to Assessee (Deductee) for Non-deposit of TDS by the Deductor - CBDT

Instruction regarding not to put any inconvenience to Assessee (Deductee) for Non-deposit of TDS by the Deductor - CBDT - Order-Instruction - Dated 01-06-2015 - Income TaxNo. 275/29/2014-IT-(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesDated New Delhi, the 1st June, 2015To,The CCsIT (CCA)Subject: Non-dep

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Fee under section 234E is deleted by ITAT for delayed filing of TDS return

Fee under section 234E for delayed filing of quarterly TDS return, deletedIn a recent judgement, the ITAT (Income Tax Appellate Tribunal) have upheld the assessee’s grievance and deletes fee under section 234E for delayed filing of quarterly TDS return.The judgement was in the case of Sibia Healthcare Private Limited against DCIT(TDS-CPC).ITAT(I

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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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Increase in Service Tax Rate from 12.36% to 14% w.e.f 1st June 2015

Increase in Service Tax rate of 14%The Finance Ministry has announced the increase in Service Tax rate of 14% to be effective from 1st June 2015 vide Notification No. 14/2015 dated 19th May, 2015.The existing Service Tax rate of 12.36% was increased to flat 14% in the Finance Bill 2015.Service tax is a tax levied by Central Government of India on s

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New FVU 4.6 version released

NSDL has released the much awaited FVU 4.6 version for Statements Pertaining to FY2010-11 onwards and FVU version 2.142 for statement up to FY 2009-10.The new File Validation Utility is applicable from 21st April 2015, and it’s mandatory to generate the quarterly TDS statements using the above mentioned FVU for both regular and correction stateme

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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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Service Tax Rate levy on Taxable Services changed in the Finance Bill 2015

The Honorable Finance Minister in his Budget speech has proposed to increase the Service Tax Rate from 12.36% to 14% (Inclusive of Cess) subsuming the cesses.Earlier the Service Tax Rate at 12.36% was applicable on all taxable services from 1st April 2012.The new Service Tax rate shall come into effect on a date to be notified by the Central Govern

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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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Tax Audit under Section 44AB – Changes for AY 14-15

An Assessee is liable to get his/her Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,The Person is carrying on business and the Total Sales/Turnover exceeds  1 Crore(Limit increased w.e.f 1st April 2012) orThe Person is carrying on Profession, and the Gross Receipts exceed  25 Lakh(Limit increased w.e.f 1st Apri

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eFiling of Tax Audit Report made mandatory for AY 2013-14 onwards

As per the Notification No.34 dated 1st May 2013, e-filing of Tax Audit report is now mandatory from the AY 2013-14 onwards. As per Rule 6G, tax audit report is required to be furnished (efiling of Tax Audit) in Form 3CA & Form 3CB and the particulars that are required to be furnished along with these tax reports should be in Form 3CD.

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Penalty for Non Compliance of Section 44AB

The section 44AB states that any person carrying out business / Profession is required to get his audit done. This is applicable if S/He falls under the following category:Business – If the Gross Turnover exceeds Rs 1 Crore during any previous Year.Profession – If Gross Receipts exceed Rs 25 Lakh in any previous Year.If any person who falls und

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Number of tax audits limitation is increased from 45 to 60 for CA's

The Maximum number of Tax Audits Assignments under Section 44AB which can be taken by a CA has been increased from 45 to 60 by the ICAI Council in its 331st meeting held from 10th to 12th Feb 2014. (Refer: Official Announcement)Thus. if a firm has 4 partners, the maximum number of Tax Audits that can be taken by a firm in an assessment year would b

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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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Latest Changes in depreciation rule, Companies Act 2013

Companies Act 2013  has become new legislation for corporate India. The act has replaced six decades old legislation and overhauled the corporate functioning. The Companies Act marks a major step forward and appreciates the current economic environment in which companies operate. It goes a long way in protecting the interests of shareholders and r

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Latest Changes in Tax Audit Report (Form 3CD)

Revised Tax Audit Report Form 3CDCentral Board of Direct Taxes vide notification no. 33/2014 dated 25.07.2014 has made amendments in Form 3CD which is further made applicable from the assessment year 2014-15. Revised Form 3CD has new some clauses as well as some old clauses being substituted by new clauses.Central Board of Direct Taxes has withdr

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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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DIN with Director's Signature w.e.f. 1st April '14 - Mandatory

Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director.PENALTY: -Company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to Rs. 10,000/- and where the contravent

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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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NIL RETURN FILING OF TDS THROUGH TRACES FOR FY- 2014-15

A new option has been opened at TDS CPC on TRACES in respect of Nil Returns. The deductor after logging into his account simply has to declare/update the record regarding Nil return in a particular quarter.This in turn while help the deductor to be free from the notices which otherwise are being sent for Non filing of TDS return for that quarter. I

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Latest Changes in Budget 2014-15

Finance Minister Mr. Arun Jaitley presented budget 2014-15, today 10th July 2014. The Finance Minister was emphasizing more on increase in non tax revenue, reduction in expenditure, higher tax collection, introducing GST and reviving the growth in manufacturing sector.Here are the key takeaways from Finance Minister’s speech from budget 2014-15 ,

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