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TDS on Salaries – Procedure to deduct TDS
Compliances TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Back Ground: Under Section 192, the employer is required to deduct Tax at Sour...
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Generate EVC for e-filing of Income Tax Return by giving Bank/ Demat A/c details
F No. 1/23/CIT(OSD)/E-filing- Electronic Verification /2015-16 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 1/2016 Dated –...
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Prescribing One Year Time Limit for Disposal of Petitions for Waiver of Penalty/ Interest U/s. 273A, 273AA and 220(2A)
Recommendations For Prescribing Time Limit Of One Year For Disposal Of Petitions For Waiver Of Penalty And Interest Under Sections 273A, 273AA and 220(2A) Whereas, a time limit of 1 year for disposal...
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Increase limit for Disposal of Appeals by Single Member Benches of ITAT
Recommendation For Amendment Of Section 255(3) To Widen The Scope Of Disposal Of Appeals By The Single Member Benches Of The Income Tax Appellate Tribunal The existing provisions of Section 255(3) pro...
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Seal and/or Stamp not required on PAN application/ Correction Form
In case of PAN applications from non-individuals, Seal and/or Stamp is not required on PAN application Form 49A or 49AA or Form for Change or Correction. Clarification issued by NSDL
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Changes in Annual Performance Appraisal Report format for Assessing Officers
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 8th January, 2016 Subject: Changes in the APAR format for the Assessing Officers-re...
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Official Twitter Account of the Income Tax Department
DIRECTORATE OF INCOME-TAX (PUBLIC RELATIONS, PRINTING, PUBLICATIONS&: OFFICIAL LANGUAGE) 6’h FLOOR, MAYU R BHAWAN, CONNAUGHT CIRCUS, NEW DELHI·110 001 F.No.Pub-1(37)/PR ,PP&OL/2015-16 4 th January, 20...
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Ready reckoner on Quoting of PAN in various transactions (Rules 114B to 114E)
A. Quoting of PAN(Permanent Account Number)[Rule 114B] (Applicable w.e.f. 01 January 2016) Every person shall quote his permanent account number (PAN) in all documents pertaining to the transactions s...
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Black Money: 644 declarations with tax of Rs. 4,164 crores
644 Declarations involving Rs. 4,164 crore made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Government of India Ministry of Finance Department of Reve...
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Increase Minimum exemption limit to Rs. 5 Lakh: Trade urges FM
Finance Minister: To make health and social security benefits accessible to un-organised sector workers like construction workers, migrant labourers, volunteers of different schemes including Anganwad...
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Validate Sec. 197 certificate at TRACES before filing TDS/TCS return
1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarter...
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Guidance Note for implementation of FATCA and CRS
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31st December, 2015 Subject: Guidance Note for implementation of FATCA and CRS –reg...
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CBDT - Amendment of Rules 114B, 114C, 114D of IT Rules
CBDT Notification No. 95 dated 31st December 2015 Amendment of Rules 114B, 114C, 114D of IT Rules Amendment of Forms No. 60, 61 and 61A pursuant to CBDT press release dated December 15, 2015 wherein q...
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CBDT - Guidance Note for implementation of FATCA and CRS –regarding.
CBDT Press Release Dated 1st January 2016 Guidance Note for implementation of FATCA and CRS –regarding-. An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign...
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Revised rules & Forms related to Quoting of PAN wef 01.01.2016
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 95/2015 New Delhi, the 30th December, 2015 S.O. 3545(E)– In exercise of the powers conferre...
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Reg. Penalty in cases where despite addition tax payable under MAT Provisions is higher than under Normal Provisions
GOVERNMENT OF INDIA MINISTRY OF FINANCE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO. 25/2015 Dated : December 31, 2015 Subject: Penalty u/s 271(1)(c) wherein additions/disallowances made under...
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CBDT Streamlining scrutiny assessment and facilitating electronic communication
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31st December, 2015 Subject: Streamlining scrutiny assessment proceedings and facil...
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Recording of satisfaction note U/s. 158BD/153C of the Act- reg.
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO. 24/2015, Dated: December 31, 2015 Subject: Recording of satisfaction note under secti...
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Amended Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31st December, 2015 Subject: Amendment of Rules regarding quoting of PAN for specif...
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CBDT Makes Electronic filing of first appeal before CIT(Appeals) Mandatory
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 30th December, 2015 Subject: Electronic filing of first appeal before CIT(Appeals)...