The government has proposed to make Aadhaar card mandatory for filing income tax return and also applying for permanent account number (PAN). The new proposal has been made through an amendment to the Finance Bill. Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds. It had also said…
1.Restriction on cash transactions It is also proposed to consequentially amend the provisions of section 206C to omit the provision relating to tax collection at source at the rate of one per cent. of sale consideration on cash sale of jewellery exceeding five lakh rupees. This amendment will take effect from 1st April, 2017. 2.Exemption…
How to view your TDS through form 26AS? A taxpayer can view the tax credit or the tax that has been deducted on his behalf in the form of TDS. This information is available in Form 26AS and can be downloaded from the Income Tax website. It provides information about the tax deducted by various…
Are you planning to go on a shopping spree or buying a home theatre system that could set you back by a few lakhs? Before you step out of your home, remember to carry your Permanent Account Number (PAN) as the salesman may ask you for it if you’re buying above a specific limit. Here…
After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Kendras (ASKs), as there has been a slight delay in…
Salary income: Employer deducts TDS on total income, including income other than salary after taking into account all deductions and exemptions. This saves the individual the hassle of paying tax himself. TDS rate: As applicable to individual based on his income and deductions. Interest income: TDS is deducted by banks on FDs and RDs if…
TRACES has provided the functionality of “Online Correction” where deductor can perform correction of TDS/TCS statements online. Deductor is required to Login to TRACES, Go to ‘Default’ Menu, Click on “Request For Correction”. Following are the various facilities available through Online Correction: 1. Rectifying Challan mismatch cases 2. Addition of new Challan to the Statement….
NSDL e-Governance Infrastructure Limited PAN Services Circular No.: NSDL/TIN/2017/001 January 10, 2017 Subject: New design of PAN card All TIN-FCs & PAN Centres are hereby informed that the Income Tax Department (ITD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 1, 2017, PAN cards are being…
The government has asked banks to obtain permanent account number (PAN) or Form-60 if PAN is not available, from all bank account holders by February 28, 2017. It has released press release in this regard which has been given below: Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes…
Date of Communication: 03/01/2017 Dear Deductor, TAN (XXXXXXXXXX) Centralized Processing Cell (TDS) has observed from its records that you have reported “Structurally Correct, however Invalid PANs” in your TDS Statement filed for Quarter 2 of Financial Year 2016-17. To correct such errors, CPC (TDS) Analytics provides facility of correct PAN suggestions for the Deductees, while…