Income Tax Archives - Page 10 of 11

Relaxation in Furnishing of Information for Payments to Non-Residents

December 17, 2015December 17, 2015 TaxIndiaUpdates In0 comments4036 views

. CBDT vide its Notification No. 93/2015, F.No.133/41/2015-TPL dated 16-12-2015 substituted rule 37BB of the Income-Tax Rules, 1962 with new rules for Furnishing of information for payment to a non-resident, not being a company, or to a foreign company. Section 195 of the Income-tax Act empowers … Continue Reading →

Income Tax

PAN is mandatory for transactions exceeding Rs.2 lakh

December 16, 2015December 16, 2015 TaxIndiaUpdates In0 comments10109 views

. Rules regarding quoting of PAN for specified transactions amended. The Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. For the persons who do not hold PAN are required to fill a form and furnish any one of … Continue Reading →

Income Tax

Revised monetory limit of Tax Effect for filing appeals by Department before ITAT HC SC

December 12, 2015December 12, 2015 TaxIndiaUpdates In0 comments7188 views

. To reduce the volume of litigation the CBDT vide its Circular No. 21/2015 F No 279/Misc. 142/2007-ITJ (Pt) dated 10-12-2015 has revised monetory limit of tax effect for filing appeals by Department before ITAT, High Courts and Supreme Court. Now appeals/ SLPs would not be filed by … Continue Reading →

Income Tax

Fraudulent Income Tax Refund E-mail from Fake Income Tax Web Sites

December 7, 2015December 7, 2015 TaxIndiaUpdates In0 comments6758 views

. These days income tax assessee’s face various Fraudulent Income Tax Refund E-mail from Fake Income Tax Web Sites. These emails are appear to have been sent from Income Tax Department, but were actually online traps to dupe unsuspecting victims. The Correct Procedure of … Continue Reading →

Income Tax

CBDT Simplified Procedure in respect Form No.15G 15H

December 2, 2015December 4, 2015 TaxIndiaUpdates In0 comments4970 views

. Directorate of Income-tax (Systems), CBDT, New Delhi vide Notification No. 4 /2015 dt. 01-12-2015 specifies the procedure, formats and standards in respect to new form 15G and 15H as under: 1.The person responsible for paying any income of the nature referred to in sub … Continue Reading →

Income Tax

Paperless Assessment Proceedings CBDT (Income Tax Department)

October 20, 2015October 21, 2015 TaxIndiaUpdates In0 comments5775 views

. With the moto to support ‘Digital India’ campaign of Indian Prime Minister Sh. Narendra Modi, Central Board of Direct Taxes ( CBDT ) vide its instruction no. F. No. 225/267/2015-ITA-II Dated 19-10-2015 initiate the concept of using email for corresponding with taxpayers and sending through … Continue Reading →

Income Tax

Finally CBDT Extended Due Date of Filing return upto 31-10-2015

October 1, 2015October 11, 2016 TaxIndiaUpdates In0 comments6082 views

After a one month continuing persuasion by whole of taxation fraternity finally CBDT Extended Due Date of Filing return upto 31-10-2015 vide its press release dated 01-10-2015. The Press release & Order u/s 119 are as under: Source: http://www.incometaxindia.gov.in/Pages/press-releases.aspx Government of India Ministry of Finance … Continue Reading →

Income Tax

Children Education Allowance : A Tool to Manage Tax Liability

September 13, 2015September 13, 2015 TaxIndiaUpdates In0 comments11749 views

To promote education in India the Government has introduced various tax exemption in relation of expenses on school going children. Following are eligible expenses: Tuition Fee: Section 80C of Income Tax Act, 1961 provides deduction from gross total income for payment of tuition fees … Continue Reading →

Income Tax

No Extension in Due Date of Filing Returns by 30-09-2015 for A.Y. 2015-16:PIB

September 9, 2015September 25, 2015 TaxIndiaUpdates InComments Off68348 views

No Extension in Due Date of Filing Returns in case where the last date of filing returns for AY 2015-16 for assessees whose accounts are liable to get audited is 30-09-2015. The Ministry of Finance has issued press note that there would not be any … Continue Reading →

Income Tax

Due date of filing return has been extended upto 07-09-2015

September 2, 2015September 7, 2015 TaxIndiaUpdates In0 comments5462 views

Due date of filing return has been extended by CBDT in the case of all income tax assessees who are liable to file their Income tax returns by 31/08/2015. (CBDT vide order u/s 119 dated 02/09/2015). For details, as below: F.No.225/154/2015/ITA.II GOVERNMENT OF … Continue Reading →