GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI INSTRUCTION NO 1/2014, Dated: January 15, 2014 Certificate of Lower deduction or non-deduction of tax at source under section 197 of the Income-tax Act, 1961-matter regarding. As per the Citizens Charter the time line prescribed for a decision on…
A new section 87A by Finance bill 2013 has been introduced for Income Tax Deduction of Rs. 2000/- for Assessment Year 2014-15. This rebate can be availed Tax payer/Assessee under section 87A. It is necessary to read clauses 19 and 20 of the bill to make it more clear- Clauses 19 and 20 of the…
The Income Tax Department has issued a circular regarding Deferred Tax Liability on special reserves created section 36(1)(vii) of the Income Tax Act which is as under: DEFERRED TAX LIABILITY ON SPECIAL RESERVE CREATED UNDER SECTION 36(1)(viii) OF THE INCOME TAX ACT, 1961 CIRCULAR DBOD. NO.BP.BC.77/21.04.018/2013-14, DATED 20-12-2013 Please refer to our mailbox clarification dated…
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 ACT Section Nature of Default Quantum of penalty Non Payment 221(1) Tax payments including Self Assessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S…
As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for filing of returns of income for different category of assessees are given as under: Income Tax Return Due Date AY 2013-14 Sl no. Particulars Due date 1. For such corporate assessees which is required to furnish a report…