CBDT has issued a clarification on TDS charged on the interest on deposits made under Capital Gains Accounts Scheme, 1988 if the depositor has deceased. As per the notification no 08/2017 dated 13th September, 2017, it has been clarified that the interest on TDS on the interest income accrued for and upto the period of…
It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/ Banks are clubbing the interest income accrued to the minor in the hand of grandparents and issuing TDS certificates to the grandparents, which is not in accordance with the law as the Income-tax…
The Central Board of Direct Taxes (CBDT) had earlier issued Circular No. 4/2002 and Circular No. 7/2015 having details of entities whose income is unconditionally exempted under section 10 of Income Tax Act and who are also statutorily not required to file return of income as per section 139 of the act, there would be…
The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments. One of the requirements in Form 12BB for claiming the interest on house property is…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2017 CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of…
After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Kendras (ASKs), as there has been a slight delay in…
The government has asked banks to obtain permanent account number (PAN) or Form-60 if PAN is not available, from all bank account holders by February 28, 2017. It has released press release in this regard which has been given below: Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes…
Date of Communication: 03/01/2017 Dear Deductor, TAN (XXXXXXXXXX) Centralized Processing Cell (TDS) has observed from its records that you have reported “Structurally Correct, however Invalid PANs” in your TDS Statement filed for Quarter 2 of Financial Year 2016-17. To correct such errors, CPC (TDS) Analytics provides facility of correct PAN suggestions for the Deductees, while…
F.No. DGlT(5)/CPC(TDS)/NOTIFICATION/2016-17 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi. Notification No. 11 /2016 New Delhi, 2nd December, 2016 Subject: Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source – Reg….
Date of Communication: 19/11/2016 Dear Deductor, TAN (XXXXXXXXXX) Centralized Processing Cell (TDS) has observed from its records that you have reported “Structurally Correct, however Invalid PANs” in your TDS Statement filed for Quarter 1 and 2 of Financial Year 2016-17. To correct such errors, CPC (TDS) Analytics provides facility of correct PAN suggestions for the…