Income Tax News

Last date for advance tax payment postponed in flood effected stated

16 December 2015 at 10:49

Last 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

Posted in Income Tax | 2 comments | 14790 Views

Significant decisions taken in last few months by CBDT for improving taxpayer services

16 December 2015 at 10:49

CBDT 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

Posted in Income Tax | 13002 Views

Monetory limit for filing appeals before ITAT and HC increased to 10 lac and 20 lac

16 December 2015 at 10:48

CBDT 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

Posted in Income Tax | 10704 Views

Clarification regarding Notices of defective returns issued to FII/FPIs

11 December 2015 at 10:29

Notices 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

Posted in Income Tax | 9324 Views

New facility of pre-filling TDS data while submitting online rectification

11 December 2015 at 10:29

Central 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

Posted in Income Tax | 1 comments | 15207 Views

Improving The Process of E-Filing of Documents

08 December 2015 at 16:59

Ministry 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

Posted in Income Tax | 10839 Views

Refund pending below Rs 50000 to be expedited

07 December 2015 at 16:30

Central 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

Posted in Income Tax | 5 comments | 16764 Views

Extension of tax compliance dates in Tamil Nadu

07 December 2015 at 12:33

For 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

Posted in Income Tax | 11049 Views

IT deduction from salaries during FY 2015-16

04 December 2015 at 10:23

CIRCULAR NO : 20/2015F.No. 275/192/2015-IT(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes******North Block, New DelhiDated the 2nd December, 2015SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THEFINANCI

Posted in Income Tax | 3 comments | 29037 Views

Shri A.K Jain appointed as new chairman of CBDT

01 December 2015 at 12:23

Shri A.K. Jain, Member, CBDT to discharge the duties and responsibilities of the post of Chairperson, CBDT in addition to his own duties; Ms. Anita Kapur, Chairperson, CBDT who is superannuating today, is appointed as Adviser on Tax Reforms for a per

Posted in Income Tax | 16080 Views