The Income Tax Department through NSDL has released the latest File Validation Utility (FVU) Ver. 3.8 on 29/06/2013 which would be applicable from 01/07/2013. Both…
View More Major changes announced for FVU 3.8 and onwardsTag: Income Tax
New File Validation Utilities (FVU) released
The Income Tax Department has released the following new File Validation Utilities on 29th June 2013 which would be applicable from 1st July 2013:Â FVU…
View More New File Validation Utilities (FVU) releasedLevy u/s 234E of the Income Tax Act, 1961 is a statutory levy and cannot be waived
If the deductor is charged penalty amount u/s 234E then this penalty has to be paid to the Income Tax Department using Challan No. 281,…
View More Levy u/s 234E of the Income Tax Act, 1961 is a statutory levy and cannot be waivedPenalty Chart under the Income Tax Act, 1961
Given below is the chart which shows section under which penalty can be imposed, nature of default and quantum of penalty. PENALTIES UNDER INCOME TAX…
View More Penalty Chart under the Income Tax Act, 1961Steps to file Income Tax Return without using any software
After incorporating the new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any…
View More Steps to file Income Tax Return without using any softwareTDS on Property -FAQ and Points to Remember
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal…
View More TDS on Property -FAQ and Points to RememberGuidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax – Systems). Below…
View More Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statementsBooklet on Permanent Account Number (PAN)
This booklet has been brought out for the first time under the Tax Payers Information Series. It is an attempt to help the taxpayers who…
View More Booklet on Permanent Account Number (PAN)Govt urges taxpayers to disclose true income and pay appropriate taxes
Government urges all tax payers to disclose their true income and pay appropriate taxes within the current financial year; A Compliance Management Cell has been…
View More Govt urges taxpayers to disclose true income and pay appropriate taxesReasons for mistakes in credit for tax payments or TDS
A major reason for difference in refund amount during processing is that the details of tax payment or TDS do not match with the data…
View More Reasons for mistakes in credit for tax payments or TDS