Category Archives: Online Tax Payments

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 »

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 »

E-Sahyog the pilot Project; Aims at Minimize Compliance Cost, Especially for Small Taxpayers

The Finance Ministry thru CBDT has launched new feature ‘e-Sahyog’ on a beta basis. The aim of the feature is to minimize compliance cost, targeting to all small and medium taxpayers. This initiative is in line with the government‟s commitment under Digital India to enable public services for the benefit of the citizens. The objective… Read More »

CBDT extends Due date for Payment of TDS/TCS for state of Tamil Nadu

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 7th December, 2015 Subject: Extension of due date for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu – regarding Chennai and a large part of Tamil Nadu have… Read More »

Tax Audit u/s 44AB – Due Date Extended to 31st Oct. 2015

CBDT Extends the due Date for E-Filing of Returns of Income Tax and Audit Reports U/S 44AB of Income Tax Act from 30th September, 2015 to 31st October 2015  The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30thSeptember, 2015 has been the subject matter… Read More »

Fake Order for extension of Tax Audit due date for AY2015-16

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 »

Filing of Quarterly TDS/TCS Statements

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 »

Extension of due date for ITR for AY 2015-16 for all the taxpayers

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 »

IT Returns ITR3, ITR4 & ITR7

Income tax department has finally released e-filing utility for ITR 3, ITR-4 and ITR-7 for Assessment Year 2015-16.  The department has released Excel and Java Utility for ITR-3 and only Java Utility for ITR-4 and ITR-7. Income tax department has already released ITR e-filing utility for ITR 1 (SAHAJ), ITR 2, ITR 2A and ITR… Read More »

Few Minor Deductions

Few deductions related to specified illnesses to certain donations, that taxpayers unknowingly miss while filing the income tax return. Most taxpayers are familiar with the tax deductions under Section 80C and 80D. But there are several other deductions that a taxpayer can avail. Home loan processing fee and other charges, Home loan customers are aware… Read More »

Extension of time limit to submit ITR-V

In exercise the power under clause (ii) of para 14 read with clause 7 of para 4 of Centralize Processing of Returns Scheme 2011, the CBDT thru Directorate of Income Tax (Systems) issued Notification no. 1/2015 under the CPC Scheme 2011 for extension of time limit for submitting the ITRV related to income tax returns… Read More »