Amendment in Rule 114B for compulsory quoting of pan in case of cash deposit exceeding Rs. 50000 in a single day or aggregating to more than Rs. 2.5 lakh during the period from 09.11.2016 till 30.12.2016. Amendment in Rule 114E for filing AIR report as required under section 285BA of Income Tax Act, 1961 wrt…
In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS. The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever…
As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley today launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this facility on a monthly basis. Briefing…
Date of communication: 01/10/2016 Dear Deductor (TAN XXXXXXXXXX), As per the records of Centralized Processing Cell (TDS), TDS Statements have been filed by you for Quarter 1 of Financial Year 2016-17; however, TDS Certificates in Form 16A have not yet been downloaded in respect of this quarter, from the web-portal TRACES. Immediate Attention: With reference…
Circular No. 35/2016 F No.275/29/2015-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 13th October, 2016 Subject: Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding Section 194-I…
Date of Communication: 23/09/2016 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 3 and 4 of Financial Year 2015-16. To correct such errors, CPC (TDS) Analytics provides facility of correct PAN suggestions for the…
CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department. An exclusive ‘e-nivaran’ (electronic resolution) link has recently been activated on…
Date of Communication: 13/08/2016 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, 2 and 3 of Financial Year 2015-16. To correct such errors, CPC (TDS) Analytics provides facility of correct PAN suggestions for…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 9th September, 2016 Press Release Sub :- CBDT Extends due date for filing of Income Tax Returns-reg The due date for filing of Income tax returns by tax payers whose accounts are required to be audited under…
Non-resident investors who do not provide permanent account number will no longer have to face higher tax deduction at source. The income tax department has eased norms for non-resident investors, who will not be subjected to a higher rate of 20% tax deduction at source or TDS on their interest earnings, royalty or technical fee…