Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
7 May 2016 – Due date for deposit of Tax deducted/collected for the month of April, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 May 2016 –…
The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others. In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a…
CBDT has issued a press release in which it has requested taxpayers to avail facility for online rectification. The issued press release has been given below: Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st April, 2016 Sub: Request to taxpayers to avail facility for…
Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT today issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days. “In view of the large volume of pending refunds which are subject to proceedings…
Government has reduced the rates of Tax Deducted at Source (TDS) on several deductions with a view to improve cash flow, especially of small tax payer. According to the Budget proposal for 2016-17, the TDS rate in respect of life insurance policies has been reduced from 2 per cent to 1 per cent and on…
F.No. A-11011/02/2015-Ad.VII Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, the 26th February, 2016 ORDER No. 01/Ad.VII/2016 Subject: Dedicated structure for delivery and monitoring of Tax Payer Services in the Income Tax Department-reg. The Competent Authority has accorded approval for setting up a dedicated structure for…
Although FM Jaitley did not make any changes to the tax slabs in this year’s budget, he had a suitcase full of small changes that will make a significant impact to your tax outgo in 2016-17. Here is a quick list of 8 major announcements he made in his 1 hour 42 minutes speech that…
If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall be liable to action in accordance with the provisions of section 201…