Category Archives: Income Tax Press Release

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 »

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 »

Manual Filing of application for Low TDS Certificate u/s 197 & 206C for NRI and Resident Applicants allowed

By | December 25, 2018

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 »

Income Tax refunds of Rs.70,000 crore issued with special drive : CBDT

By | July 4, 2018

Ministry of Finance Special drive for expeditious clearance of pending appeal effect and rectification matters and issue of refunds Posted On: 04 JUL 2018 3:36PM by PIB Delhi The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters… Read More »

TDS on Rent of Property : Section 194IB: FAQs : Form 26QC & Form 16C

By | May 18, 2018

TDS on Rent Section 194IB of Income Tax Act What is TDS on Rent? The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding Rs 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord. Who… Read More »

CBDT invites suggestions on new Rule 11UAB of IT Rules 1962

By | May 4, 2018

Ministry of Finance CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962 Posted On: 03 MAY 2018 8:39PM by PIB Delhi Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion… Read More »

Claiming Exemption u/s 10 & 11 in ITR-7 is Pre-requisites for accurate processing of ITR

By | April 29, 2018

Guidelines issued by CPC for claiming Exemption u/s 10 & 11 As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following… Read More »

Income Tax Department advisory for salaried taxpayers

By | April 19, 2018

Centralized Processing Center, Bengaluru Income Tax Department Advisory Bengaluru, 16th April, 2018 Sub: Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns. In this connection, the… Read More »