Taxpayers facing “high-pitched” assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms. In a maiden initiative, the Finance Ministry, through the Central Board of Direct Taxes (CBDT), has asked the department…
Background Taxpayers who are not mandated to use a Digital Signature Certificate (DSC) for uploading their India Tax Returns (ITR) are eligible to e-verify the same instead of sending the signed physical copy to the Central Processing Centre, Bangalore to complete the ITR filing process. E-verification of the ITR could be made in one of…
Given below are some important information regarding downloading of TDS certificates. Refer to the following provisions of the Income Tax Act, 1961: Downloading of TDS Certificates from TRACES made mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the…
The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically. Seek easy exemption from TDS on interest: File Form 15G/H electronically. What is Form 15G/ 15H? Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st October, 2015 Subject: Extension of date for filing of Income tax returns and tax audit reports to 31st October 2015 – regarding The issue of extension of last date for e-filing returns of income and audit…
Government said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed on 30th September 2015. “638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation,” the Finance…
The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically. Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income. The procedure for submission of the forms by…
In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. The Central Board of Direct Taxes, the apex policy-making body of the…
NEW DELHI: The Income Tax department has brought out new guidelines to award secret informers providing actionable clue about “untraceable” assesses who owe huge taxes and money to government including in TDS and self assessment Tax category. The department last week issued a set of new instructions to all its offices in the country stating…
Due date for E-Filing Returns of Income for all the taxpayers who were required to E-File their Returns by 31st August, 2015 is extended till 7th September, 2015. It has been done considering hardships faced by taxpayer in E-Filing Returns of Income on the last date i.e. 31st August, 2015 due to slowing down of…