INCOME TAX NEWS
Supreme Court ruling lets I-T department open closed cases
Deadline for linking Aadhaar and PAN extended to December 31
10 commandments of tax
July 1 Not Last Date For Linking Your Aadhaar With PAN, Here’s All You Need To Know
Aadhaar must for ITR filing, new PAN from July 1: CBDT
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Oct 31, 2017
MUMBAI: Many individuals and small businesses could now find the tax office raking up old wounds and chasing tax demands they believed had been long forgiven. To minimise feuds between the income-tax (I-T) department and small taxpayers, the revenue authorities had in the past decided that for tax demands below certain limits, the department would not wage legal battles to recover dues. These limits were fixed in February 2011 and were raised in December 2015. …
Aug 31, 2017
NEW DELHI: There is good news for taxpayers as the income tax department has extended the deadline to link PAN with Aadhaar by 4 months to December 31. The department had earlier said that tax returns filed without linking of Aadhaar and PAN would not be taken up for processing unless the two were linked by August 31, 2017.
This is a huge relief to those who had filed their income tax returns (ITR) by the due date of August 5, 2017 but were not able to link their PAN with Aadhaar by August 31, 2017. …
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Jul 3, 2017,
Many make mistakes while filing tax returns. Follow these rules so that your return is flawless.
We all believe we are paying a lot of tax. The time has come to record it as well.
By filing your tax return, you declare how much income you earned during the year, the deductions you claimed and the tax you paid. The equation is simple, yet many taxpayers mess up their tax returns – either out of greed, ignorance of rules, or just lack of time. Some mistakes are not very serious offences and the taxpayer will get away with an additional tax demand. But some errors, such as not mentioning cash deposits after demonetisation or foreign assets and income, can land the taxpayer in serious trouble. …
There are reports that if you don’t link your Aadhar with your PAN before July 1, your PAN will become invalid.
June 29, 2017
All PAN card holders will have to link the income tax permanent account number with their 12- digit biometric identifier Aadhaar from July 1, according to a government notification.
Aadhaar number or Aadhaar enrolment ID will have to be mandatorily quoted while applying for PAN as well as for filing of income tax returns. …
Tax dept says SC has given ‘only a partial relief’ to those who do not have Aadhaar.
June 11, 2017
A day after the Supreme Court upheld the Centre’s amendment to the Income Tax Act making it compulsory for assessees to link their PAN and Aadhaar numbers, the Central Board of Direct Taxes (CBDT) stated that it would be mandatory for those who have Aadhaar to quote it for filing tax returns or for obtaining a new PAN from July 1. The CBDT said that the apex court has given “only a partial relief” to those who do not have an Aadhaar or those who do not wish to obtain Aadhaar for the time being, and therefore, tax authorities will not invalidate their Permanent Account Number (PAN). …
Supreme Court upholds law making Aadhaar mandatory for PAN, ITR but exempts those without it for now
Jun 9, 2017
NEW DELHI: The Supreme Court on Friday upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided.
In effect, those who possess an Aadhaar card must link it to their Permanent Account Number(PAN) card and those who have enrolled and not yet got their Aadhaar card are also exempted from mandatory linkage and the penalising invalidation of their PANs if they don’t link it. …
Apr 11, 2017
Mumbai: From now on, claiming tax benefits on rent paid under House Rent Allowance rules of Income Tax Act will no longer be that easier. This especially when you are staying at your parent’s or relative’s place.
Given the substantial rise in number of fake rent receipts that are being submitted with employers, the income tax department has decided to change some rule, and make them tough too. …
April 11, 2017
Now salaried class taxpayers cannot claim house rent allowance or HRA exemption on the basis of fake rent receipts in name of their mother, father, wife or any other close relative. The Income Tax Department may disallow fake HRA exemptions on basis of guidelines recently issued by the Mumbai ITAT (Income Tax Appellate Tribunal). Now onwards, such taxpayers may have to keep other documents to substantiate payment of rent to claim HRA exemption.
Apr 05, 2017
Mar 31, 2017
NEW DELHI: The government on Friday notified a simplified income tax return form for individuals which will be available for filing ITR for assessment year 2017-18 from Saturday.
Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.
The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets). …
Jul 04, 2016
Prime Minister Narendra Modi believes that “Indians are inherently honest”, but a recent survey indicates that if given a chance, 58% of taxpayers will under-report their income to save tax. The online survey conducted last week by ET Wealth got 953 respondents across age groups and income levels. On the face of it, the results of the survey validate Modi’s words. Over 82% of taxpayers have never knowingly given incorrect information in their tax returns and 13.6% have done it just “once or twice.
A mere 4.4% are the bad apples who have under-reported their income many times in their returns. …
24 June 2016
Following repeated directions from the Central Information Commission (CIC), the Central Board of Direct Taxes (CBDT) had asked the Income Tax (I-T) Department to place in the public domain names of all organisation and entities that enjoyed tax exemption. However, the I-T department has not yet complied with the directions. …
Apr 26, 2016
NEW DELHI: The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said. …
Apr 26, 2016
Every year the government notifies the tax return forms applicable for the current assessment year. This year the tax return forms have been notified well in time just before the close of the financial year on March 3oth. The newly notified forms for the financial year 2015-16 do carry some changes over the previous year’s forms. …
December 16, 2015
The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. …
Sep 20, 2015
NEW DELHI: In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. …
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