Budget Highlights - 2019

The current minister of Railways Piyush Goyal presented the Union Budget 2019 in Parliament. Here are the highlights of the Budget.

Order under section 119 of the Income-tax Act

Here is the circular on Order under section 119 of the Income-tax Act.

Awareness mail by Income Tax Department for Trusts

In this post, we have published an awareness mail by Income Tax Department for Trusts which shows some important points for ITR filing.

Centralized processing centre - Advisory for tax evasion

In this post, we will look at the advisory for tax evasion by salaried taxpayers by the centralized processing centre.

CBDT Notification - Releases Form ITR-1 to ITR-7

In this post, we will discuss the CBDT Notification which releases Forms ITR-1 to ITR-7 for the FY 2017-18 / AY 2018-19.

Key Income Tax changes with effect from April 1st, 2018

Hello, in this post, we will discuss the key income tax changes that will come into effect from April 1, 2018 once the Parliament passes the bill.

Registration and submissions of financial transactions

Hello, in this post we will look at the notification of procedure for registration and submissions of financial transactions (SFT). Click on the notification to know more.

Details to show in GSTR-3B

In this post, we will look into the details you need to show in GSTR-3B. We will discuss the meaning of GSTR 3B, due dates, late fees, and penalty etc.

Budget highlights - 2018

In this post, we will look at the Budget highlights - 2018 held on February 1st which was the fifth and last full budget from the current government.

Key features of FVU 5.6

FVU 5.6 is now updated in Saral TDS. In today's post, we discuss the key features of the latest File Validation Utility.

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

TDS on interest on deposit where the depositor has deceased

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 October 2017. PAN-Aadhaar linking due date has been extended by 4 months upto 31st Dec,2017.

The CBDT amends Rules relating to TDS on Rent u/s 194IB

The CBDT amended TDS on Rent u/s 194IB. New IT Rules 30(2B), 30(6B), 31(3B), 31A(4B) have been inserted. Also, new IT Forms 16C and 26QC have been introduced.

Cost inflation index changed

CBDT notifies new Cost Inflation Index (For Capital Gains) changing the base year from 1981 to 2001. Now 2001-02 will be taken as the base year.

Due date for furnishing Statement of Financial transactions extended to june 30 2017

Due date for furnishing Statement of Financial transactions has been extended to 30th of June 2017 given the volume of data to be compiled for the procedure.

New ITR for AY 2017-18 notified by the CBDT

The CBDT has notified new ITR for AY 2017-18 for Income Tax Returns. One of the major reforms is one page simplified ITR-1 which can be filed by an individual.

Changes in New File Validation Utility version 5.4 and 2.150

The ITD has released the new File Validation Utility version 5.4 applicable for quarterly filing of TDS/TCS statements & this is applicable from Feb 23, 2017.

Highlights of financial bill 2017

In this post, we have discussed about the Highlights of financial bill 2017 and listed out those points which are of prime importance to the users.

Step-by-step procedure for registration and e-filing of Form 15G and Form 15H

In this post, we have explained the step-by-step procedure for registration and e-filing of Form 15G and Form 15H in the income tax India e-filing website.

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.

An overview of GST

In this post we have discussed about an overview of GST which gives you an understanding about how GST will impact different sectors and individuals.

Appreciation certificate and badges from the ITD

Appreciation certificate and badges from the ITD are being sent out to taxpayers as an ackowledgement for being a part in building the nation by paying taxes

FVU 5.2 version and the changes in the new FVU

File validation utility FVU 5.2 version has been released by the NSDL and has been updated in the latest version of Saral TDS. The changes are discussed here

Due dates for uploading form 15G and 15H is now extended

Due dates for uploading Form 15G and 15H is extended for the 3rd and 4th quarter of Financial Year 15-16 and 1st and 2nd quarter of Financial Year 16-17

Paperless PAN and TAN - registration made easier

Companies can now get registered within a day, thanks to the new paperless PAN and TAN applications. PAN application is also applicable for individuals.

TDS filing due date for 2016-17

TDS filing due date for 2016-17 financial year has been revised and in this post we list the latest due dates for payment and filing of TDS for each quarter

Due date for ITR filing for 2015-16 financial year

The due date for Income Tax Return filing or ITR filing for 2015-16 financial year (AY 2016-17) for non-audit case is extended up to Aug 5th, 2016.

ITR filing - Things to know before filing your ITR

In the season of ITR filing, we have listed the things to a person has to know before the filing of ITR and also which ITR is applicable for which cases.

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

TIN-NSDL has released new version of FVU for generating eTDS/TCS quarterly statements. The new FVU version 5.1 & v2.147 is applicable w.e.f 28th June 2016.

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

Due Date for filing Form 15G/15H at the ITD Portal

The CBDT has notified the Due Date for filing Form 15G/15H at ITD Portal for individual quarters which are applicable for declarations received from 1.4.16

Equalization Levy - Taxing Digital Economy Transactions

India has taken major step towards taxing digital economy transactions. FM in his budget 2016 had announced the introduction of ‘ Equalization Levy ’.

TDS on Sale of Property 194IA – Due date extended

Due date for filing the statement for TDS on Sale of Property u/s 194IA has been extended to 30 days from the end of the month in which tax was deducted.

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.

Latest changes in TDS provisions

CBDT has come out with latest changes in TDS Provisions in order to bring uniformity & give Deductors time for filing TDS/TCS statements w.e.f 1st June 2016

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

In this post we will see the procedure for TCS / TDS return filing statements online at the ITD e-Filing Portal which will be applicable from May 1st, 2016.

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

A long awaited requirement, the procedure to upload 15g and 15h to the income tax department has now been clarified. Here are the details and procedure.

FVU 5.0 version features and updation in Saral TDS

FVU 5.0 version has been released by NSDL for quarterly TDS/TCS statement filing, applicable from April 13th 2016. This feature is now updated in Saral TDS.

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

The MCA has notified the CARO i.e, Companies Auditor’s Report Order, 2016 vide Order dt. 29th March 2016, to be applicable from Financial Year 2015-16.

ITR forms for AY 2016-17 - Paper Filing Format

ITR forms for AY 2016-17 - paper filing format has been announced. A list of ITRs and to whom it is applicable has been provided along with links to the ITRs.

Tax slab for FY 2016-17

There have been few variations made in the Tax slab for 2016-17 financial year w.r.t companies and the applicability of surcharge has been varied as well.

Government withdraws proposal to tax on EPF withdrawals

The Government has withdrawn its Budget proposal of imposing tax on EPF withdrawals. FM Mr. Arun Jaitley in his statement has emphasized that in view...

Correction statement - Procedure of submission

In this post, we discuss the procedure to submit correction statement and the forms which are applicable and the batches in correction statement.

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

What is the due date for payment of TDS? How does it vary across different quarters? What are the consequences of late payment? Here are the answers for it.

Form 15G and Form 15H : Myths and Facts

Since there has been quite some confusions and misinformation floating around, here is a list of what is and is not with respect to Form 15G and Form 15H.

Procedure to allot UIN for Form 15G/ 15H

In accordance with the recent changes, the deductor will have to allot UIN (Unique Identification number) for every Form 15G / Form 15H that is being submitted.

Form 15G/ 15H - Introduction of new rules

Recently there have been several changes introduced with respect to Forms 15G/15H. Also, few procedural changes have been made which is listed in this post.

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

As indicated in our earlier communication, the new version of FVU (FVU v4.9 and FVU v2.145) is released by NSDL applicable from 19th December, 2015.

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.

Online correction - Addition of new challan

With the release of new FVU, the C9 correction (addition of new challan) is removed. This is now done through Online Correction in TRACES Login.

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

The Central Government has notified, as 15th November, 2015 as the date from which the Swachh Bharat Cess would be applicable at the rate of 0.5% on the value of all taxable services

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

CBDT Extends Tax Audit Due date only for the state of Gujarat, Haryana & Punjab ,subject to SLP from 30th Sep 2015 to 31st Oct 2015 for AY 2015-16(FY2014-15)

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.

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).

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 01/09/2015 has further extended the last date for filing a Cost Audit Report in Form CRA-4 without any penalization fee to 30th September, 2015.

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.

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)’.

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

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.

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

12 Steps to be followed to do eTDS regular return filing through SARAL TDS with effecient data output. This will also help in minimizing the default rate.

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) for generation of Quarterly TDS Statements which is applicable from 24th June 2015.

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.

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.

Cost Audit - MCA issues revised e-forms

The government issued revised forms for companies’ statutory filings on appointment of cost auditors and for the cost audit reports, while deadlines have also been extended for such submissions.

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

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

In 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.

ITR 1, 2 and 4S - Income Tax Return Forms - Simplified for 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).

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.

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.

Highlights from Finance Bill 2015

Finance Minister Mr. Arun Jaitley has presented today his first full budget for fiscal year 2015-16, terming it as a growth focused budget, without tripping on the fiscal deficit constraints.

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

Tax Audit limit u/s 44AB has been changed for FY 2014-15. The Tax Audit limit is now Rs. 25 Lakh & Rs. 1 Crore for Professional & BUssiness respectively.

Penalty for Non Compliance of Section 44AB

Non Compliance of the provisions of this act shall attract Penalty under section 271B of the Income Tax Act.

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

The Maximum no. of Tax Audit 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.

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

The latest tax slab for FY 2014-15 for individuals/HUF, AOP/BOI/trust, Firm/ LLP, Company, Co-operative societies, Local authorities is listed in this post.

Latest Changes in Tax Audit Report (Form 3CD)

Central Board of Direct Taxes has made amendments in Form 3CD applicable from the assessment year 2014-15

Latest Changes in depreciation rule, Companies Act 2013

The latest changes made in the companies act 2013

Points to Remember when filing Income Tax Return

Here are some points to be remembered while filing income tax return