Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 31st December, 2015 Subject: Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016-regarding. The Government is committed to curbing the circulation of black money and widening of…
CPC TDS has released a “Self Declaration” feature on web-portal TRACES with respect to Lower TDS deposited during a Quarter/s to facilitate the deductors to share the reasons for reduction in TDS deposited during the year or quarter compared to last year. CBDT has released an advisory communication in this regard which is given below:…
CBDT has issued a press release regarding the new facility that has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details. The issued press release has been given below: Government of India Ministry of Finance Department of Revenue Central…
In an effort to reduce taxpayers grievances, the Central Board of Direct Taxes on Monday directed the Income Tax department to expedite issuance of pending refunds which are below Rs. 50,000. The status of outstanding refunds was reviewed recently. Following the review, the Central Board of Direct Taxes (CBDT) has issued directions to its field…
The Direct Taxes Directorate of Income-tax (Systems), CBDT vide Notification No. 3 /2015 dt. 1st of December 2015 has notified Stringent Authentication Mechanism through Corporate Head Quarter Server for filing of Correction statements & download of TDS certificates, Consolidated files etc. by Banks / Corporates. Section 200 of the Income tax Act provides for filing…
The Central Board of Direct Taxes has notified use of emails as the new mode of communication between the taxman and taxpayers, as part of the government’s e-initiative to reduce human interface and complaints of harassment and corruption in conducting tax related jobs. The amendment in the Income Tax Act was also required as the…
CBDT has issued a press release regarding extension of due date for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu. 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,…
CBDT has extended the due date for deposit of tax deducted at source (TDS) and tax collected at source (TCS) during the month of November from December 7 to December 20, in respect of deductors located in Tamil Nadu. F.No. 385/26/2015-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes (CBDT) New Delhi,…
Central Board of Direct Taxes (CBDT) has issued a circular which contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The issued circular has been given below:…
Employers failing to pay the Government the tax deducted at source (TDS) on salaries of their employees can be jailed for up to seven years, the CBDT has said. Failure to deduct income tax on salaries of employees or defaulting in payment of the same to the government will be liable to a penalty of…