Income Tax News

Efiling of first appeal before CIT

30 December 2015 at 23:16

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 30th December, 2015Subject: Electronic filing of first appeal before CIT(Appeals) – reg. It is the endeavour of the Income tax Depa

Posted in Income Tax | 1 comments | 9660 Views

TDS under section 194A of the Act on interest on fixed deposit made on directions of Courts

30 December 2015 at 11:14

Subject: 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

Posted in Income Tax | 3 comments | 14502 Views

Now quote PAN if cash payment is made above 2 lac

16 December 2015 at 10:49

The 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

Posted in Income Tax | 4 comments | 37482 Views

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 | 14814 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 | 13014 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 | 10716 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 | 9339 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 | 15213 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 | 10863 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 | 16773 Views