Hii All Can anybody answer me what are the amendmends in Belated return in 2016-17 budget and when it will be applicable onwards?

Dear all,
I have to file the correction statement for FY 2011-12 for a nationalised bank. I found that in all cases of PANNOTABVL, Deductors name and PAN were filled, i.e all credit has been availed by bank. It can be intentionally or unintentionally, because it is very old case, but what to do now???
How can i correct this error??

Thanks & Regards

today i am received one bill
transaction in contract base 94 C 2%
Ass.Value : 30,000/=
Service Tax: 4,200/=
Total Amount Paid : 34200/=

So Can I deduct TDS On this Transaction or not ?
Beacuse of 94 C Payment of Contract Rules Rs.30000/= For Single Payment
but as per rules tds deducted on Before Service tax amount ...

Dear Sir/Madam,
I got notice from IT dept. it says your return is defective due to no receipt or income has been offered in any heads of the incime for the TDS claimed in the return. We have filed ITR-7 within due date However we have not given any details in schedules of ITR-7. My college has earned income less than 15% of gross profits from educational activities and interest on fixed deposits. Whether this income should be mentioned in Schedule-BP and OS in ITR-7? And how to claim exemption u/s 11 in ITR-7? Please clarify.
Thanks and regards
Nagaraju

Our client has received a notice from ITD regarding non filing of income tax return of A.Y.2014-15.In Information Summary, AIR-001 Deposited Cash of Rs.10,00,000 or more in a Saving Bank Account is mentioned.Actually,cash is deposited for tax payment of various persons.Thus, there is no source of income from which such cash is received i.e. no actual income.
Quesion is which option to select in efiling portal compliance section?

Pl clarify whether Tax is required to be deducted if professional charges for 2 different bills is exceeding Rs.30000/- when the bills are inclusive of service tax and if the service tax is excluded the amount is not exceeding Rs.30000/-.

Can anyone provide case law (Preferably Karnataka high court) for deduction u/s 54 for renovation of new house purchased.

Brief background:- Assessee has purchased a new house, then carried out certain renovation and altered the building by making changes and building additional walls etc. After that he started staying there.

dear Sir I work in a bank and I earn interest income more than 10000 as we don't deduct any tax for customers if they provide 15g/h but in my case my income exceeds 250000 and my confusion is that how much income should I consider 25000 plus interest income or 250000+ interest income - 10000(exempted)

Dear Experts,

One of our client got a notice for non filing of Income Tax Return for FY 2012-13, we filed the return u/s 142 (1). Now CPC has transferred the case to the jurdicitional assessing officer. Should be wait for ITO to send the refund or approach directly?

Thanking You

Please clarify that:

1. If any employee has been contributed Rs.180000/- (10% of Salary) in NPS, can he takes tax benefit of Rs.150000/- in U/S 80CCD (1) and balance Rs.30000/- in U/S 80CCB (1B) of Income Tax Act, 1981.

2. If any employee has been contributed Rs.180000/- (10% of Salary) in NPS and Rs.32000/- in PPF or LIC, can he takes tax benefit of Rs.32000/- in U/S 80C, Rs.118000/- in U/S 80CCD (1) and Rs.50000/- in U/S 80CCB (1B) of Income Tax Act, 1981.

3. If any employee has been contributed Rs.32000/- (10% of Salary) in NPS and Rs.156000/- in PPF or LIC, can he takes tax benefit of Rs.150000/- in U/S 80C and Rs.32000/- in U/S 80CCB (1B) of Income Tax Act, 1981.