GST and Income Tax Compliance Calendar for January 2019 [ Also Refer Month wise Compliance Calendar under GST and Income Tax ] 7 January 2019 Under Income Tax Act:- Due date for deposit of Tax deducted/collected for the month of December, 2018. However, all the sum deducted/collected by an office of the government shall be… Read More »
CBDT Circular on TDS from salaries during FY 2018-19 u/s 192. : CIRCULAR NO 01 /2019 DEDUCTION OF TAX AT SOURCEINCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2018-19 NEW DELHI, the 1 st January, 2019 Download CIRCULAR NO 01 /2019 Click here Read / Download CIRCULAR NO… Read More »
New Income Tax News 31.12.2018 New Income Tax News GST and Income Tax Compliance Calendar for January 2019 : Due Dates (updated) Why you should file belated Income Tax Return (ITR) before December 31 CBDT Circular for Explanatory Notes to Finance Act 2018 : Circular No 08/2018 Download/Print How to Verify TDS Certificate of Income… Read More »
GST and Income Tax Calendar for December 2018 7 December 2018 – Due date for deposit of Tax deducted/collected for the month of November, 2018 under Income Tax Act . However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where… Read More »
Why you should file belated ITR before 31 st December If you have not filed your income tax return (ITR) for FY2017-18 till now, it is high time you get a move on. According to newly inserted law, i.e., Section 234F of Income Tax Act , if an individual who files the ITR after the… Read More »
How to Verify TDS Certificate of Income Tax Deductee can verify TDS Certificate (16/16A) with the help of “Verify TDS Certificate” option available at TRACES. • Verification of TDS certificate enables Taxpayer to verify whether the deducted tax has actually been received by the Government or not. • TDS Certificates (16/16A) can be verified from… Read More »
Explanatory Notes to the Provisions of Finance Act 2018 CBDT has issued circular on the Explanatory Notes to the Provisions of the Finance Act, 2018. The Finance Act, 2018 as passed by the Parliament, received the assent of the President on the 29th day of March, 2018 and has been enacted as Act No. 13 of 2018. The circular… Read More »
Extension of due date for furnishing report u/s 286 (4) of Income-tax Act 1961 Extension of the due date for furnishing of report u/s 286 (4) of the Income-tax Act 1961 by constituent entity. Circular No. 9/2018 F No 370142/17/2018 -TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New… Read More »
Converting Form 26AS Text File to Excel File •Tax Payer can view/download 26AS from TRACES from A.Y 2009-10 onwards . 26AS is available for download from https://tdscpc.gov.in Zip file will be downloaded Extract the Text file :-Password to open for Form 26AS in PDF/Text Format is “ Date of Birth of Taxpayer“ in DDMMYYYY format. Where… Read More »
Password Formats for Income Tax Related Post Password Format for Registration on TDS CPC Portal – Traces Password to open Conso File download from Traces website Password for Justification Report download from Traces Password for Form 16/16A/27D/TBR download from Traces Password for Intimation received through Email from Traces Password to open Form 16B Password to open… Read More »
How to Download 26AS in Excel Step 1 : To Download 26AS in Excel Visit https://tdscpc.gov.in and login as Taxpayer Step 2 Go to View/ Verify Tax Credit and Select relevant Assessment Year Step 3 : in the view as Select “Excel” and press view/ Download button Step 4 : Go to Download Tab and Click requested… Read More »
Password for Registration on TDS CPC Portal – Traces Following is the password format for registration on https://tdscpc.gov.in Password must contain a minimum of 8 alpha numeric characters with at least one capital letter. It is applicable for all users i.e. Deductor and Taxpayer. Example Special Characters allowed: space, ‘, &, “, comma, ; It… Read More »
How to file Form 13 online : Low /No TDS TCS Certificate under Income Tax Download TaxHeal Mobile App What is Form 13? Form 13: An application submit by a person for a certificate under section 197 and/or 206C (9) of the Income-tax Act, 1961, for no deduction of tax or deduction/collection of tax at… Read More »
Password for Form 16/16A/27D/TBR download from Traces Password Format : First Four Letters of TAN_Date of Filing of Regular Statement ( Date should be in the format of DDMMYYYY) Example : AAAA_01012011 Related Post Password Format for Registration on TDS CPC Portal – Traces Password to open Conso File download from Traces website Password for Justification… Read More »
Password for Form 16/16A/27D/TBR download from Traces Password Format : TAN in capital letters Example :AAAA11111A Related Post Password Format for Registration on TDS CPC Portal – Traces Password to open Conso File download from Traces website Password for Justification Report download from Traces Password to open Form 16B Password to open Form 26AS Password to open… Read More »
Password for Justification Report download from Traces Format: JR_TAN_FormType_Quarter_FY for a statement processed by TRACES. Example : JR_AAAA11111A_24Q_Q3_2010-11 For the Statements processed prior to Oct’12 , password will be Regular Statement ‘s Token Number. Example : 123456789123564 Related Post Password Format for Registration on TDS CPC Portal – Traces Password to open Conso File download from Traces… Read More »
Password to open Conso File download from Traces website Password Format : TAN_ Download Request number Example : AAAA11111A_23456 Related Post Password Format for Registration on TDS CPC Portal – Traces Password to open Form 16B Password to open Form 26AS Password to open Income Tax Refund Payment Advice Password to open intimation letter/ justification report… Read More »
Password to open Form 26AS Enter your Date of Birth to open Form 26AS of Income Tax downloaded from traces website tdscpc.gov.in Date of Birth (In DDMMYYYY format) Example 01012011 Related Post Password Format for Registration on TDS CPC Portal – Traces Password to open Form 16B Password to open Income Tax Refund Payment Advice Password to… Read More »
Ministry of Finance Exception from Online Filing of Application under Section 197 and 206C (9) in the cases of NRIs and Resident Applicants Posted On: 24 DEC 2018 The Central Board of Direct Taxes (CBDT) has decided to allow exception from online filing of application under Section 197 and 206C (9) in the cases of… Read More »
Tax on Income of Minor Child If your Minor Child have some income say Interest from Fixed Deposit than you may be worried as to who will pay the Income Tax on Income of Minor Child and who will file the income tax return ?. We have explained through Inforgraphics , examples and commentary given below… Read More »
Income Tax on Family Pension Is Family pension taxed as salary income? No, it is taxable as income from other sources. As per Section 57 of Income Tax Act :-The income chargeable under the head “Income from other sources” shall be computed after making the following deductions, namely : —– (ii)(a) In the case of… Read More »
Who can rectify if tax Paid / tax Deducted not reflecting in 26AS Statement ? To rectify these errors you may request the deductor: to file a TDS/TCS statement if it has not been filed; to rectify the PAN using a PAN correction statement in the TDS/TCS statement that has been already uploaded if… Read More »
Held Kelvinator of India Ltd. It has held that, after April 1, 1989 the assessing officer invoking the provisions of Section 147 of the Act of 1961 must have tangible material to come to the conclusion that, there was escapement of income from assessment. Reasons must have a live link with the formation of the belief.… Read More »
Everything Wives Should Know About Alimony No matter how hard we may try, we often find ourselves facing the reality that there is no one size fits all for successful marriages. Currently in America, about 40% to 50% of marriages end in divorce. With divorce comes plenty of paperwork, emotional hardship, and financial discord. If… Read More »
CBI Arrests Three Officials of Income Tax for demanding bribe The Central Bureau of Investigation has arrested an Inspector, Income Tax, Ward No. 42 (3), New Delhi for demanding and accepting a bribe of Rs. 60,000/- from the complainant. A case was registered on a complaint. It has been alleged that the complainant received Notices… Read More »
CBDT authorizes CIT u/s 119(2)(b) to admit belated applications in Form No. 9A and Form No.10 in respect of AY 2016-17-Circular 7/2018 Circular No. 7 / 2018 F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 20th December , 2018 Sub: Condonation of delay under… Read More »
No Deduction for Delayed Payment of employees contribution of EPF & ESI It is true that Section 43B was amended and consequently the deduction is to be allowed based only on the actual date of payment. But the facts of the present case is otherwise. The belated payment made by the assessee in this case… Read More »
APPELLATE TRIBUNAL FOR PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, NEW DELHI T. Raja v. K. Visakh JUSTICE MANMOHAN SINGH, CHAIRMAN FPA/PBPT/30, 31, 53, 55, 59, 60, 63 (CHN) OF 2018 OCTOBER 31, 2018 Anirudh Bakhru and Sudhir Chandra, Advs. for the Appellant. Anish Dhingra, SPP for the Respondent. JUDGMENT 1. By this Order, I propose to decide the above-mentioned seven appeals… Read More »
Section 43B disallowance under Income Tax Act Section 43B of Income Tax Act : Certain deductions to be only on actual payment. Judgments on Section 43B of Income Tax Act No reassessment to disallow employee’s PF contribution since disclosure was made in Tax Audit report : HC No Deduction for Delayed Payment of employees contribution of… Read More »
LATE FILING FEES AND PENALTY FOR FAILURE TO FURNISH/DELAY IN FURNISHING THE TDS/TCS STATEMENTS [As amended by Finance Act, 2018] Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known a TDS/TCS return) we shall first have a look at… Read More »