The TDS rates chart for the financial year 2016-17 as proposed in the budget has been given below: Proposed TDS rates for F.Y. 2016-17 (w.e.f. 01.06.2016) * Changed values are highlighted in RED Nature of Payment Made To Residents Cutoff (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No /…
7 April 2016 – Due date for deposit of Tax collected for the month of March, 2016. However, all sum collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 April 2016 –…
After years of labour, the Income Tax department has finally got a new technology tool to check the menace of duplicate PAN cards which also allows the taxman to ‘kill’ the second one. An ambitious electronic smart platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised by the department which will…
Income Tax officials sometimes penalize you even if you correctly comply the provisions. You being a taxpayer whose tax has been deducted at source but not deposited to the Governments account by the deductor and you receive a demand notice from the Department. This is the common issue of the taxpayer that when the deductor…
In Budget 2016, FM announced an overhaul of Indias tax deducted at sources (TDS) system. Government hasreduced the rates of Tax Deducted at Source (TDS) on several deductions with a view to improve cash flow, especially of small tax payer. Under the scheme of deduction of tax at source as provided in the Act, every person…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 8th March, 2016 Subject: Issue of clarification on contentious TDS issues-regarding-. With a view to bring about clarity in the interpretation of certain contentious issues relating to tax deduction at source (TDS) on payments made by television…
CBDT has issued a press release regarding non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor. The issued press release has been given below: Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th March, 2016…
Finance Minister Arun Jaitley in his Budget 2016 speech said that Non-resident Indians (NRIs) without PAN will not be subjected to higher rate of TDS. “Non-residents without PAN are currently subjected to a higher rate of TDS. Budget 2016 proposes to amend section 206AA of the Income-tax Act so as to provide that TDS shall…
Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT today issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days. “In view of the large volume of pending refunds which are subject to proceedings…
Government has reduced the rates of Tax Deducted at Source (TDS) on several deductions with a view to improve cash flow, especially of small tax payer. According to the Budget proposal for 2016-17, the TDS rate in respect of life insurance policies has been reduced from 2 per cent to 1 per cent and on…