CBDT (Central Board of Direct Taxes) has amended the rules pertaining to application of new pan card issued in its notification no. 96 dated December, 23 2013 regarding new format of PAN application; annexure A, B and C for form 49A and annexure 1 for form 49AA. There is a new list of documents required…
A new section 87A by Finance bill 2013 has been introduced for Income Tax Deduction of Rs. 2000/- for Assessment Year 2014-15. This rebate can be availed Tax payer/Assessee under section 87A. It is necessary to read clauses 19 and 20 of the bill to make it more clear- Clauses 19 and 20 of the…
The Income Tax Department has issued a circular regarding Deferred Tax Liability on special reserves created section 36(1)(vii) of the Income Tax Act which is as under: DEFERRED TAX LIABILITY ON SPECIAL RESERVE CREATED UNDER SECTION 36(1)(viii) OF THE INCOME TAX ACT, 1961 CIRCULAR DBOD. NO.BP.BC.77/21.04.018/2013-14, DATED 20-12-2013 Please refer to our mailbox clarification dated…
The tax payers are required to pay their december installment of Advance tax on or before 15th December, 2013. The taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law. The banks are closed on 15th December, 2013, being a Sunday. Therefore, to facilitate payment of this…
TRACES department has issued the following letter to all the deductors: Dear Deductor, Greetings from Centralized Processing Cell of TDS! Your attention is drawn towards some relevant guidelines related to payment of TDS/ TCS liability. Central Government Account (Receipts and Payments) Rules, 1983: Date of Receipt for Cheques or Drafts: The Central Government Account (Receipts…
Structure of the new series of PAN: The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :- i. Full name of the taxpayer; ii. Date of birth / Date of Incorporation; iii. Status; iv. Gender in case of…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Earlier, the Interest liable to be paid was…
As per the latest development in the TRACES, the following types of corrections can also be done directly from the TRACES website: 1. PAN Correction 2. Challan Correction The existing system of preparing and filing correction return will also continue without any change. Online corrections can be done in the following simple steps: 1. Login…
PAN should be quoted on all: Income-tax / TDS / TCS Returns, Correspondence with tax department, Tax challans, Correspondence, bills, vouchers and other documents which are send by deductee of tax to deductor, Documents pertaining to prescribed transactions Sale & purchase of immovable property valued Rs 500,000 or more Sale & purchase of motor vehicle…