Income Tax News
TDS under section 194A of the Act on interest on fixed deposit made on directions of Courts
30 December 2015 at 11:14Subject: TDS under section 19A of the Act on interest on fixed deposit made on directions of Court- reg Section 194A of Income Tax Act, 1961(�The Act�) stipulates deduction of tax at source (TDS) on interest other than interest on securit
Now quote PAN if cash payment is made above 2 lac
16 December 2015 at 10:49The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Ac
Last date for advance tax payment postponed in flood effected stated
16 December 2015 at 10:49Last Date for December 2015 installment of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015 The last date of payment of December 2015 installment of Advance Tax for both Corporate and Non-Corporate Taxpayers i
Significant decisions taken in last few months by CBDT for improving taxpayer services
16 December 2015 at 10:49CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer The Central Board of Direct Taxes (CBDT) has taken a number
Monetory limit for filing appeals before ITAT and HC increased to 10 lac and 20 lac
16 December 2015 at 10:48CBDT takes Initiatives for reducing Tax Litigation as a part of its initiatives to reduce grievances of the taxpayers The Central Board of Direct Taxes (CBDT) has issued a Circular revising the monetary limits for filing of appeals by the Department
Clarification regarding Notices of defective returns issued to FII/FPIs
11 December 2015 at 10:29Notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled. In order to overcome this
New facility of pre-filling TDS data while submitting online rectification
11 December 2015 at 10:29Central Board of Direct Taxes (CBDT) has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill-in complete details of the entire TDS schedule while applying for rectifi
Improving The Process of E-Filing of Documents
08 December 2015 at 16:59Ministry of Corporate Affairs provides End to End e-Governance Services on its MCA 21 portal, which may occasionally have software and hardware related issues at either end. To address any difficulty, stakeholders may contact the Corporate Seva Kendr
Refund pending below Rs 50000 to be expedited
07 December 2015 at 16:30Central Board of Direct Taxes (CBDT) issues directions for expediting pending refunds below Rs. 50,000/ for Assessment Year(s) 2013-14 and 2014-15 in all cases except those selected for scrutiny The Income-tax Department is committed to improving ta
Extension of tax compliance dates in Tamil Nadu
07 December 2015 at 12:33For all Central Excise and Service Tax assessees in the State of Tamil Nadu, the date for payment of Central Excise duty and Service Tax for November 2015 is extended to 20th December 2015 while date of filing of the Central Excise return for Novembe
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