New FVU version 3.71 released
FVU 3.71 is released and would have to be used from 26th May 2013. Click here for details TDSMAN has been updated to FVU 3.71 Please Note: FVU 3.7 has been withdrawn by IT Department
Income Tax
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Assets details mandatory in Income Tax Return A.Y. 13-14
The major change in ITR forms for Financial year 2012-13 is that now you have to provide your all personal assets details (other than involved in your business) and liabilities related to such assets .This details are required to be filled in ITR-3 as well as in ITR-4. However it is not required to filled…
Income Tax Return – Due Date A.Y. 2013-14
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…
Who can use SAHAJ (ITR-1) and who cannot use SAHAJ? A.Y. 13-14
Scope of ITR-1 (Sahaj) form has been reduced in AY 2013-14 significantly. In comparison to last year,two main points has been added under restriction ,first persons is that assessees who have negative income under head “Income from other sources” can not use this form and second main point is that if assessee’s exempted income is more than…
Mandatory e-filing of Income Tax Return if income exceeds Rs. 5,00,000
e-filing of return is mandatory if income exceeds Rs. 5,00,000 or assessee claims relief U/s. 90, 90A or 91 CBDT has vide notification No. 34/2013 dated 01.05.2013 has made it mandatory for the following category of the Assesses to file their Income Tax Return Online from A.Y. 2013-14 :- (a) It is mandatory for every…
Use TDSMAN (F.Y.: 2013-14) to file TDS returns for F.Y.: 2012-13
Many tax deductors file returns only in Quarter 4 and normally buy the software in April or May for preparing these returns. With TDSMAN (F.Y.: 2013-14), one can file returns of F.Y.: 2012-13 (Quarter 4) which is due on 15/05/2013 and further use the software for preparing returns of all the four quarters of F.Y.:…
Important information for all TIN users
TIN users who have registered on TRACES but not activated their account within 24 hours will have to register as new user. Click on Register as New User and select user as Deductor to proceed.
Delayed or Non payment of TDS – Department to initiate action against TDS defaulters
The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers salaries. The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department, has asked all I-T ranges to identify such cases where revenue…
Penalty on Non deduction, late deduction and late deposit of TDS
Non deduction, late deduction and late deposit of TDS may lead you to face following consequences: Interest on late deduction /deposit of Tax at source. Dis-allowance of Expenses, on which tax has not been deducted /deposited u/s 40(a)(ia) Penalty and prosecution.(271C and 276B) I. Interest on late deduction and delayed deposit of…
FAQ on Registration on ITD e-filing website & How to upload ITR
What information do I need, to register myself in the ITD e-filing website? Answer: The basic information required is: PAN, Full Name, Date of Birth/Incorporation, Communication Address, valid e-mail id, Mobile number and Digital Signature Certificate (if applicable). For persons other than Individuals, in additional to the above mentioned information, PAN details and contact details…