Budget highlights - 2018

Finance Minister Shri Arun Jaitley presented the Union Budget 2018 in Parliament, the fifth and last full Budget from the current Government.  Here we bring you some of the key observations from the Finance Bill 2018, though there are no major changes observed in the Direct Taxes arena.  Income Tax slab rates have remained unchanged for all c

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Key features of FVU 5.6

ITD has released new e-TDS/TCS File Validation Utilities (FVUs) today, FVU version 5.6 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and FVU version 2.152 for quarterly e-TDS/TCS statement up to FY 2009-10.The new FVU is applicable for all TDS/TCS returns being filed from 7th October, 2017 onwards. Key Features of new File Val

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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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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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TDS filing due date for 2016-17

TDS due date for payment and returns 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. CBDT extends due date for filing of TDS statement in Form 24Q for financial year 2018-19 from

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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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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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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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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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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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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

TDS due date for payment and returns 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.  CBDT extends due dat

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

Nil return filing of TDS - Step by step procedure 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

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