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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New ITR for AY 2017-18 notified by the CBDT

The Central Board of Direct Taxes has notified Income-tax Return Forms for the Assessment Year 2017-18 (ITR for AY 2017-18). One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj).This ITR Form-1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving inco

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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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