Income tax

Tax Rates for Individuals – Budget 2018

January 30, 2018

There are only few hours left to come out the budget 2018 a realty. We have made a most reliable expectations from this budget for Income tax rates applicability on Individuals. Mr Jaitly as committed in his first budget to increase the exemption limit to Rs. 5 lacs. This limit will be enhanced in balanced […]

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Extension of due date of filing of ITR & TAR for AY 2017-18

October 31, 2017

CBDT- on consideration of various representations for further extension of due date CBDT further EXTENDs the due date of filing of ITR & TAR for AY 2017-18 by 7 days to 07 November 2017 CBDT Order for Extension

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GST MAY IMPACT ON DIRECT TAX COLLECTION

September 1, 2017

Finance Minister Arun Jaitley on Wednesday said that the Goods and Services Tax (GST) is bound to impact the direct tax collection as well due to the increased detection technology and greater compliance. “To claim input tax credit under GST, people need to disclose their volume of transactions. There is bound to be a corresponding […]

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INCOME TAX AUDIT & RETURN DUE DATE EXTENDED TO 31 OCTOBER 2017

August 31, 2017

Finance Minister has EXTENDED Due Date of filing of ITRs & Tax Audit Report due for filing on 30 SEP 2017 to 31 OCT 2017. It’s a step taken by the CBDT in view of the whole of September being fully busy in filing GST Returns. Order-under-section-119-Audit-3

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TDS not to be deducted on GST amount

July 19, 2017

1. The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 112014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under […]

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Jurisdiction-free income tax assessment system and e-scrutiny of taxpayers

June 18, 2017

The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers. The 13-member task force has been asked to submit its report on the new tax assessment process, which is aimed at reducing corruption and […]

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Clarification on furnishing Statement of Financial Transaction (SFT)

May 26, 2017

*Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response* Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form […]

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Department clarified TDS on Salary

January 8, 2017

CBDT issues circular for TDS on salary for FY 2016-17 Vide Circular No 01/2017 dated 02.01.2017; Circular contains rates of deduction of income-tax on income chargeable under the head “Salaries” and

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DRASTIC CHANGE IN REVISED RETURN MAY CAUSE SCRUTINY

December 14, 2016

income-tax-press-releaseGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14 December, 2016. PRESS RELEASE Sub: Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed […]

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