Tag Archives: Income Tax


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 »

Demonetization and Section 68 unexplained cash Deposits & Section 69C unexplained expenditure

On 8th Nov 2016, our Honorable PM Mr. Narendra Modi announced the demonetization i.e. Rs. 500/Rs.1000 notes will no longer be accepted as legal tender. When that news came everyone was panicking and depositing the available cash in their bank accounts or bank accounts to dear and near ones. But I guess it very important… 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 »

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 »

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 »

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 »

Clubbing of Income Section 60 to 64 – Some Facts & FAQ’s

‘Diversified Income’ the word itself defines what it means. Its normal human tendency to diversified its income sources to manage the income as well as saves some taxes on it. Generally the individual does this by investing his savings in the name of his spouse or children’s. It may seem ordinary to invest money for… Read More »

Apex Court Decision on Section 43B of Income Tax Act –Employee Welfare Expenses

Section 43B of Income Tax Act defines the disallowances of certain payments/expenses while calculating the business income under the head Profits and gains from business or profession. The very important condition for section 43B is that the expenses will be allowed as deduction under the provision of income only if the payment is actually done… 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 »

Depreciation rates as per Income Tax Act

Depreciation rates as per Income Tax Act (For F.Y 2014-15 & 2015-16) Depreciation rates as per I.T Act for most commonly used assets S No. Asset Class Asset Type Rate of Depreciation   1. Building Residential buildings except hotels and boarding houses 5% 2. Building Hotels and boarding houses 10% 3. Building Purely temporary erections… 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 »