Category Archives: Assessment Procedures

EVERYTHING ABOUT “I HAVE OUTSTANDING TAX DEMAND”

Very occasionally, one may face a situation wherein there would be a demand notice issued to an income taxpayer by the Income Tax Department. Although this is not something that needs to be acted upon immediately, people take such actions personally. Feelings of anger towards the Government are common because people religiously pay their taxes… Read More »

New Due Date to File ITR for AY 2016-2017

Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961, wide their order no. 225/195/2016/ITA. II, extends the due date of filing of from 31st July 2016 to 5th Aug. 2016 for the assessee who are required to file return of income as per section 139(1) on… Read More »

Amplifications on the Income Declaration Scheme, 2016

Circular No. 27of 2016 F.No.142/8/2016 TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated14th day of July, 2016 Income Declaration Scheme, 2016 – Amplifications The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and… Read More »

Revised Hassle-free Procedure for online submission of TDS/TCS statement

No. DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 11/2016 New Delhi, Dated: 22nd June, 2016 Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3)… Read More »

Clarification regarding cancellation of registration u/s 12AA of the Income-tax Act, 1961 in certain circumstances

Circular No. 21/2016 F No. 197/17/2016-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 27th May, 2016 Subject- Clarification regarding cancellation of registration u/s 12AA of the Income-tax Act, 1961 in certain circumstances – regarding Sections 11 and 12 of the Income-tax Act, 1961 (‘Act’) exempt… Read More »

Verification of ITR From AY 2009-10 to 2014-15 through EVC pending due to non-filing of ITR-V

CIRCULAR NO 13/2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES New Delhi, 9th May, 2016 Subject:- Verification of tax-returns from Assessment Years 2009-2010 to 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns-regd. Under the earlier system of e-filing, in… Read More »

8 mistakes that one should avoid doing in new financial year

It’s now beginning of new financial year as well as beginning of financial planning for the year. Taxpayers should complete some of activities at initial stage itself. The March year closing hangover must have been over till now, but if you take up the following tasks at start of new financial year itself, it can… Read More »

CBDT appeals taxpayer to make a use of online rectification facility

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st April, 2016 Sub: Request to taxpayers to avail facility for online rectification – regarding Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act.… Read More »

ITR forms for AY 2016-17 – Paper Filing Format

ITR forms for AY 2016-17 – paper filing format has been notified by the income tax department. As speculated, the Income Tax Department has notified the ITR Forms for Assessment Year 2016-17 much earlier, though the schema for electronic filing is yet to be made available hope to get it soon as well. Below we… Read More »

What can you do before year end? – Check list for the year end.

It’s a time to gear up and get ready for the year end necessities with respect to finalization of accounts and income tax related requirements. As we all know March ending is approaching very fast and this is the best time to get your accounts in order and plan for processing of year end. This… Read More »

Rules regarding quoting of PAN for specified transactions

PAN (Permanent Account Number) is a ten digit unique alphanumeric number issued by the Income Tax Department. PAN gives identity to each tax payer thru which the income tax department code and co relate the income and taxes. There are certain transactions which require mandatory action of quoting of PAN. Thru which your transactions are… Read More »

Different types of Income Tax Penalties

An assessee has been made liable to penalties for the defaults or non-compliance committed by him under the various provisions of income tax act. As against various exemptions, reliefs & deductions income tax act also levy/charge various types of penalties on its tax payers who does not comply with provisions of the income tax act.… Read More »