CBDT has revised rule 37CA of Income tax Rules as per [Notification No.30/2016, F.No.142/29/2015-TPL Dated 29.04.2016] w.e.f 01.06.2016 CBDT has inserted sub-rule Rule 3A and 3B and amended Sub Rule- 3 & 4 of Income Tax Rule-37CA. Revised Rule 37CA w.e.f 01.06.2016 is as follow :- Time and mode of payment to Government account of tax collected at… Read More »
CHANGES TO IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS’ REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002 CIRCULAR NO.IRDA/F&A/CIR/CPM/056/03/2016, DATED 4-4-2016 The provisions of sections 10 and 11 have been modified vide the Insurance Laws (Amendment) Act, 2015. These amendments have necessitated changes to the IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations… Read More »
MASTER DIRECTION – INSURANCE FED MASTER DIRECTION NO.9 (2015-16), DATED 1-1-2016 Issuance of insurance is regulated under sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999, (42 of 1999), read with Notification No.FEMA.12/2000- RB, dated May 3, 2000. These Regulations are amended from time to time to incorporate the changes in the… Read More »
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 29/2016 New Delhi, the 28th April, 2016 INCOME-TAX S.O. ___(E).- In exercise of the powers conferred by section 35, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes… Read More »
Revised due date as per Rule-31A, Income-tax Rules to file TDS Statement in Form No 24Q, 27Q, and 26Q w.e.f 01.06.2016 as per [Notification No.30/2016, F.No.142/29/2015-TPL Dated 29.04.2016] Earlier Time Limit as per Rule-31A, Income-tax Rules to file TDS Statement in Form No 24Q, 27Q, and 26Q i) the due date specified in the corresponding entry in… Read More »
Govt revised timeline to Deposit TDS on Property Section 194IA requires buyer of the Property to deduct 1% TDS while making payment to seller if consideration of the Property exceeds 50 Lakh Rupees. Such TDS was required to be paid within 7 days from the end of the month in which payment been made but… Read More »
Error Code 1:”Tax computed but GTI(Gross Total Income) is nil or 0?”Description:No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to this communication. Error Code… Read More »
1. Whom should I approach to rectify the demand amount? The return has been processed at CPC: File online Rectification to CPC by logging into https://incometaxindiaefiling.gov.inwith your user ID and password. Select “Rectification request” under My Account tab and enter the necessary details. The return has been processed by Assessing Officer: Kindly file… Read More »
Notice u/s 245 of Income tax Act 1. Why am I receiving Notice u/s 245? Your return has been processed at CPC and the same has resulted in refund. The refund so determined is liable to be adjusted against the outstanding demand. Notice u/s 245 informs you of such demands against which your refund… Read More »
Registration on Income Tax India efiling portal Aslo Read How to Register on Income Tax Efiling Website Individual Q: I’m not able to register, as I get an error message “Invalid PAN details”. What should I do? A: It is possible that you’re typing in the Name details differently from what you have mentioned while applying… Read More »