Category Archives: TDS/TCS

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 »

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 on EPF withdrawals – Some Important Facts

The Employees’ Provident Fund (EPF) is an investment by salaried individual for retirement or for long term requirements. But with now a days people don’t continue with same organization for longer period. They keep on switching the employment for either good hike or for batter career opportunity. So at this point they withdraw the EPF… 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 »

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 »