Category Archives: Income Tax

Property is acquired when allotment letter is issued for section 54/54F: HC

By | February 10, 2019

  HIGH COURT OF BOMBAY Principal Commissioner of Income-tax v. Vembu Vaidyanathan AKIL KURESHI AND M. S. SANKLECHA, JJ. IT APPEAL NO. 1459 OF 2016 JANUARY  22, 2019  Sham Walve for the Appellant. Dr. K. Shivram, Sr. Counsel and Rahul Hakani for the Respondent. JUDGMENT P.C.- This appeal is filed by the revenue to challenge the judgment of Income Tax Appellate Tribunal. We… Read More »

Link Aadhaar with PAN to file Income Tax Returns from AY 2019-20: Supreme Court

By | February 7, 2019

PAN-Aadhaar Linkage mandatory for filing Income Tax Returns from AY 2019-20: SC  S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS SPECIAL LEAVE PETITION (CIVIL) Diary No(s).34292/2018 Date : 04-02-2019 (Arising out of impugned final judgment and order dated 24-07-2018 in WP(C)… Read More »

Govt approved Abolition of Income-Tax Ombudsman and Indirect Tax Ombudsman

By | February 7, 2019

Cabinet Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman Posted On: 06 FEB 2019 The Union Cabinet chaired by Prime Minister  Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman.  The approval comes in the wake of alternative complaint redressal mechanisms chosen by public and… Read More »

Highlights Of Interim Budget 2019-20

By | February 1, 2019

Ministry of Finance Highlights Of Interim Budget 2019-20 Posted On: 01 FEB 2019 The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows: New Announcements Farmers ·         12 crore small and marginal farmers to be provided with assured… Read More »

Pradhan Mantri Shram Yogi Maandhan Yojana

By | February 1, 2019

Ministry of Finance Government proposes to launch mega pension yojana ‘Pradhan Mantri Shram-Yogi Maandhan’ for unorganised sector workers with monthly income upto rs. 15,000; 10 Crore Labourers and workers in the sector to be benefitted Posted On: 01 FEB 2019 The Government proposes to launch a mega pension yojana namely ‘Pradhan Mantri Shram-Yogi Maandhan’for the… Read More »

Centralised Verification Scheme 2019 notified by CBDT for Issue of Income Tax Notice

By | January 31, 2019

The Central Board of Direct Taxes (CBDT) has notified Centralised Verification Scheme, 2019 for the purpose of issuance of notice and for processing of information or document for the purpose of section 133C. The new scheme is introduced in suppression of its earlier scheme. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the… Read More »

Budget 2019 – 20 : Download

By | January 24, 2019

Budget 2019 – 20 Budget 2019 is presented on 01.02.2019 in India Key to Budget Documents  Budget Speech Budget at a Glance Annual Financial Statement Finance Bill 2019 Memorandum Receipt Budget Expenditure Budget The Macro Economic Framework Statement  Medium Term Fiscal Policy cum Fiscal Policy Strategy Statement  Implementation of Budget Announcements 2018-19 Vote on Account … Read More »

CBDT request non filer of ITR to submit online response within 21 days

By | January 22, 2019

Ministry of Finance CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days Posted On: 22 JAN 2019 The Non-filers Monitoring System (NMS) aims to identify and… Read More »

CBDT clarifies issue of Prosecution Notices for TDS deafult

By | January 21, 2019

Ministry of Finance Central Board of Direct Taxes (CBDT) clarifies regarding issue of Prosecution Notices Posted On: 21 JAN 2019 The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading… Read More »

Income-tax Refund in 1 Day might be a reality

By | January 17, 2019

Filing of Income-tax returns and its processing is going to be hassle-free and much faster with the introduction of Rs. 4,241 crore project for integrated e-filing and centralized processing resulting in ‘One day’ Income-tax refund. The project is to be executed by Infosys Ltd. and is estimated to be completed within 18 months and would… Read More »

CBDT Circular on TDS from salaries during FY 2018-19 u/s 192. : CIRCULAR NO 01 /2019

By | January 3, 2019

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

By | December 31, 2018

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 »

How to Verify TDS Certificate of Income Tax online टीडीएस सर्टिफिकेट घर बैठे कैसे वेरीफाई करें

By | December 28, 2018

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 »

CBDT Circular for Explanatory Notes to Finance Act 2018 : Circular No 08/2018 Download/Print

By | December 27, 2018

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 

By | December 27, 2018

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 »

How to Convert Form 26AS Text File to Excel File

By | December 26, 2018

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

By | December 26, 2018

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 »

Password Format for Registration on TDS CPC Portal – Traces

By | December 26, 2018

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 »

Password for Intimation received through Email from Traces

By | December 25, 2018

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

By | December 25, 2018

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

By | December 25, 2018

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

By | December 25, 2018

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 »