ITR e-Return for AY 2016-17 has been enabled in STO/SIT

FVU 5.0 version released by the NSDL is now updated in Saral TDS

The Ministry of Corporate Affairs (MCA) has notified the Companies Auditor’s Report Order (CARO), 2016 vide Order dt. 29th March 2016, to be applicable from Financial Year 2015-16.

ITR forms for AY 2016-17 - paper filing format has been notified by the income tax department.

Government withdraws proposal to tax on EPF withdrawals

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

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

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

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

Due Date for filing XBRL return for FY 2014-15 is extended

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

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

New FVU Released for TDS eFiling: Addition of New Challans in Correction is discontinued

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

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

CBDT further extends the ITR e-filing due date to 07th September 2015 for all Assessee

CBDT extends ITR Filing Due Date to 07th September for Assessees in Gujarat

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

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

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)’

eFile ITR-1, ITR-2, ITR-2A and ITR-4S for AY2015-16 using Saral TaxOffice and Saral IncomeTax

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

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

NSDL is to release new file validation utility for Quarterly TDS Statements to be filed, tentatively by 19th June 2015

ITAT upholds assessee's grievance and deletes fee levied u/s 234E for delayed filing of TDS return, says No enabling provision u/s 200A, prior to June 1, 2015

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

SaralTDS updated with Latest FVU v4.6 for 4th QTR return filing

Recently CBDT announced the new Income Tax Return (ITRs) for AY 2015-16, requiring the disclosure of details regarding bank accounts and foreign trips undertaken in the past financial year to check the menace of black money. Just after a day of announcing, a top finance ministry official said that the new ITRs will be reviewed by the Government. The move comes after criticism from tax experts on the new ITR, which was not only cumbersome but would have also increased harassment of taxpayers.

New ITR forms ITR1 (Sahaj), ITR2 and ITR4s (Sugam) notified for the AY 2015-16

Those assessees of Service Tax who may not have requisite IT infrastructure/resources can seek the assistance from ACES Certified Facilitation Centers (CFCs) set up by eligible Members of ICAI/ICAI/ICSI, holding valid Certificates of Practice

Quarterly TDS Returns Processing Changes for Identification of Challan Short Payments, PAN Errors and Correction before CPC- TDS Computes Default

The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents, for verification at the counter of PAN Facilitation Centers

The Facility to bulk upload Form 15CA is now available as offline utility. The Remitter may use either online or offline utility to upload Form 15CA

An assessee required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, shall furnish the same electronically for AY 2013-14 onwards

Insertion of a new clause (xvig) in sub-section (1) of section 5 to exempt from wealth-tax non-repatriable NRI Bonds

The EDGAR system is upgraded to Release 14.1 on June 20, 2014 and is updated to support the US GAAP 2014 Taxonomy. In addition, EDGAR will no longer provide support for the US GAAP 2012 Taxonomy and the US 2011 DEI Taxonomy. Please refer http://www.sec.gov/info/edgar/edgartaxonomies.shtml for a complete listing of supported standard taxonomies.

Tax deductor and collector holding valid TAN can register and use the TAN based credentials to file Form 15CA. Please download the updated utility of Form 15CA

The facility of direct login and resetting forgot password of e-Filing portal using Net banking account of the tax payer is provided. Banks that provide this facility are Bank of India, City Union Bank Ltd, Corporation Bank - Corporate Banking, Corporation Bank - Retail Banking, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, Union Bank of India. Other banks are expected to follow

Option to Submit Online Grievance Relating to Central Processing Centre (CPC) Bengaluru or e-Filing Provided at Income-tax E-filing Website

Option to Submit an Online Response to Outstanding Tax Demand at Income-tax E-filing Website is Now Enabled

A new section 194DA has been inserted w.e.f. 01.10.2014 relating to payment in respect of life insurance policy

TDS u/s 194A, the interest income payable by special purpose vehicle to a business trust has been withdrawn w.e.f 01.10.2014

Payment of tax on perquisites by employer

An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at its option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. However, the employer will have to pay the tax at the time when such tax was otherwise deductible i.e.

Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh

Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh

The Online Correction

The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at least one correction for the relevant statement has been processed by CPC (TDS).

Disallowance of expenses u/s 40(a)(ia)

Disallowance of expenses u/s 40(a)(ia) has been extended to all sections of TDS. However Disallowance % has been reduced to 30% from earlier 100%. Means if tds has not been deducted and deposited on 100 Rs then only 30 Rs will be disallowed in that year. Further disallowed amount will be allowed as exp.in year in which tds has will be deducted &

CPC (TDS) has issued an advisory communication in which it has stated about the release of a new feature on TRACES where a Digital Signature Certificate (DSC) can be used for availing various services offered by TRACES

No TDS on service Tax

As per circular 01/2014 dated 13.01.2014 TDS is not applicable on service tax part if service tax is shown separately

TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business & Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the immediately preceding financial year shall not be liab

On December 20, 2014, NSDL has released the new version of File Validation Utilities (FVU version (4.5) and FVU version (2.141)) for quarterly eTDS/TCS statement.

Refund Claim has been enabled from the year F.Y 2013-14. Refund can be claimed or adjusted from preceding one year and succeeding one year

TDS challan payment has been made section independent. Any section amount can be paid in a single challan irrespective of section and deductee code.

Transport allowance, which is currently Rs.800 per month, has been increased to Rs.1,600 per month for FY 2015-16

Increase in limit of deduction of health insurance premium U/s 80D from Rs 15000 to Rs 25000, and for senior citizen limit increased from Rs 20000 to Rs 30000 for FY 2015-16

Service Tax rate increased to 14% (all inclusive) to facilitate transition to GST for FY 2015-16

Basic exemptions to Individual Tax payers to remain unchanged for FY 2015-16

Budget 2015-16 announced

   

The Finance Minister of India will present his Financial Budget for the FY 2015-16 on 28th Feb 2015

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