Background Recently, the Central Board of Direct Taxes (CBDT) has issued a Notification amending Income-tax Rules, 1962 (the Rules) with respect to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). The amended rules introduce Form 12BB using which the employees could declare relevant details to the employer to estimate tax deduction at…
CBDT has vide notification no. 30/2016 dated 29-04-2016 has revised the due date for filing TDS Returns for Government and Non-Government Deductors w.e.f 1st June, 2016. The New Dates for TDS Return filing effective from FY: 2016-17 is as under: Sl. No. Date of ending of quarter of financial year Due date w.e.f 01.06.2016 for Government and Non-Government Deductors 1. 30th June…
CBDT has vide notification no. 30/2016 dated 29-04-2016 has revised the due date for filing TDS Returns for Government and Non-Government Deductors w.e.f 1st June, 2016. The New Dates for TDS Return filing effective from FY: 2016-17 is as under: Sl. No. Date of ending of quarter of financial year Due date w.e.f 01.06.2016 for Government and Non-Government Deductors 1. 30th June…
Background The Income-tax Act, 1961 (the Act) provides exemption from tax in respect of allowances granted by an employer to its employees in order to meet specific expenses to the extent actually incurred. In case the allowances are not spent for the specific purposes or are not fully spent, then such unspent portion is taxable…
Circular No.18/2016 F.No 142/32/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 23rd May, 2016 Sub: Relaxation for Furnishing of UID in case of Form 15G/15H for certain quarters-reg The existing provisions of section 197A of the Income-tax Act, 1961(the Act) inter alia provide that tax…
Currently, the Due dates for filing of TDS returns are different for Government Deductors and Non Government Deductors, which is as follows : Sl. No. Date of ending of the quarter of the financial year Due date for Government Deductors Due date for Non-Government Deductors (1) (2) (3) (4) 1. 30th June 31st July of the…
The Income Tax (I-T) department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the deductor on this issue in the future. The Central Board of Direct Taxes (CBDT) has issued a circular in this regard to the assessing officers…
CBDT has issued a press release in which it has requested taxpayers to avail facility for online rectification. 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, 1st April, 2016 Sub: Request to taxpayers to avail facility for…
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…