CBDT has clarified on the order which was recently circulated on social media about extension of due date for the tax audit assessee. It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income tax Act 1961 under the signature of… Read More »
The due date for filing Quarterly TDS/TCS statement for Q2 of FY 2015-16 is fast approaching. Do submit your quarterly TDS/TCS returns on or before due dates (as mentioned below) to avoid late filing fee under section 234E of Income Tax Act. Period Due Date for Government Deductors/Collectors Due Date for Other Deductors/Collectors Quarter 2… Read More »
Usually salary income is chargeable to tax either on due basis or on receipt basis. For the purpose of changeability salary consist of; Any salary due from an employer including former employer in the previous year, whether or not actually received. Any salary paid or allowed in the previous year by or on behalf of… Read More »
Now days the practice of taking voluntary retirement is very common. At the time of VRS or retirement, an employee usually receives significantly huge sum of money as retirement benefits. Such benefits are taxable under the head ‘Salaries’ as ‘profits in lieu of Salaries’ as provided in section 17(3), thus it attracts more tax liability.… Read More »
F.No.225J154J2015JITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes For Assessment Year 2015-2016, vide even number order dated 10th June, 2015, the Central Board of Direct Taxes (‘CBDT’) had extended the ‘due-date’ for filing Income-tax returns till 31st August, 2015 in cases of those taxpayers who were required to… Read More »
CBDT vide order F.No. 225/154/2015/ITA.II u/s 119 dated 31/08/2015 has extended the ‘due date’ for submission of Returns of Income from 31/08/2015 to 07/09/2015 in the case of income tax assessees in the State of “Gujarat” who are liable to file their Income tax returns by 31/08/2015.