Ensure that your TDS reaches the income-tax department. If not, an assessee might be charged interest for not paying TDS on time. Recently, a senior citizen received a notice from the Income Tax Department, asking her to pay Rs 30,000, the tax on her bank fixed deposits for assessment year 2013-14, along with interest, for…
1. What is Form 16B? Form 16B is the TDS certificate to be issued by the deductor (purchaser/buyer of immovable property) to the deductee (Seller of immovable property) in respect of the taxes deducted on the sale of immovable property and deposited into the Government Account. 2. Who can download Form 16B? Only a purchaser/buyer,…
CBDT has noticed that 5,09,898 taxpayers who have submitted an e-return for AY 2011-12 or 2012-13 or AY 2013-14 (Upto 20th October 2014) with returned Income of More than 10 Lakh or paid self assessment tax of more than / equal to one lakh (as per ITR) have not filed ITR for AY 2014-15. In…
As per the records of the Centralized Processing Cell (TDS), this has been observed that there has been substantial delay in payment of the “amount of Tax Deducted” during the Financial Year 2013-14. In such case, this leads to Short/ Late Payment Defaults in your TDS Statements. CPC (TDS) has issued a follow up communication in…
CPC (TDS) has issued a communication to banks regarding non reporting of 15G/H transaction in contravention of rule 31A (4) of Income Tax Rules read with section 200 of Income Tax Act. CPC (TDS) has requested banks to ensure the details of 15G/H transactions from their source data and raise Flag “B” in the original…
CPC (TDS) has issued a communication to banks regarding raising of Flag “B” in TDS Quarterly Statements against 15G/H transactions. The issued communication has been given below: Dear Deductor (TAN XXXXXXXXX), As you may be aware that the depositors submit form 15G/H to the bank for no deduction of tax to be made on the…
The due date to deposit the tax deducted at source/tax collected at source during the month of september, 2014 has been extended from 7th october, 2014 to 10th october, 2014 The Press Release issued by CBDT is as follows :- F.No. 385/10/2014-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of…
Due Date for filing of return of Income for Assessment Year 2014-15 extended from 30th September, 2014 to 30th November, 2014 in Specified Cases F.No.153/53/2014-TPL (Pt.I) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) North Block, TPL Division, New Delhi Dated: September 26, 2014 Subject: Extension of due date…
Finance Minister Arun Jaitley will launch an updated version of the existing website of Income Tax Department today to enable taxpayers to file easily their IT returns or apply for a PAN card. The updated version of the existing website of the Income Tax department- www.incometaxindia.gov.in- will now be acting as a single window for…
CPC (TDS) has issued a follow up communication to all deductors regarding nil TDS deposited during FY 2014. It may be possible that either the tax may not have been deducted at source or the tax deducted may not have been deposited, within stipulated time. In such case, this may lead to Short / Late…