INCOME TAX NEWS
You Can be Fined Rs 10,000 for Giving Incorrect Aadhaar Details while Filing I-T Return
What to do if you receive a notice from the Income Tax Dept
CBDT directs I-T dept to share assets, accounts info of loan defaulters with banks
I-T dept revises format of TDS certificate issued by employers
Income Tax return forms for AY 2019-20 out; last date of filing July 31
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November 12, 2019
The interchangeability between Permanent Account Number (PAN) and Aadhaar, which was allowed with effect from 1 September 2019, has proven to be beneficial for Indian taxpayers in more than one way.
The biggest convenience has been in terms of filing income-tax returns as the taxpayer is now allowed to use his/her 12-digit Aadhaar card number instead of PAN to file returns. But not many know that furnishing incorrect Aadhaar details attract a hefty fine of Rs 10,000. …
August 24, 2019
A notice from the Income Tax Department can make most taxpayers jittery. There could be several reasons for the I-T Department to send you a notice, and you must act carefully in such a situation. If you ever receive an I-T notice, it’s very important that you clearly understand the reason behind it before you act. And to help you make informed decisions, we discuss some common reasons that can result in you getting an I-T notice, and also what you should do. …
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Jun 26, 2019
NEW DELHI: The CBDT has directed the Income Tax (I-T) department to share in “public interest” details of assets and accounts of all such loan defaulters against whom a public sector bank has made a plea to it.
The move is aimed to tighten the noose on such entities and extract recovery of public money. …
Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid June and is used in filing I-T returns.
Apr 16, 2019
The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources. …
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal
April 5, 2019
The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20.
While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised. …
How to file income tax return online for salaried employee: A brief, step by step income tax return (ITR) filing guide
With the tax season heating up and the filing of income tax returns (ITR) time for employees looming, the question on most people’s minds is – How to file income tax return online for salaried employees.
Apr 04, 2019
With the tax season heating up and the filing of income tax returns (ITR) time for employees looming, the question on most people’s minds is – How to file income tax return online for salaried employees. Even as the government has given relief by extending the deadline for linking PAN with biometric ID Aadhaar by six months till September 30, income tax has to be filed as per the scheduled date by salaried employees. …
April 1, 2019
Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which are now effective from 1st April 2019.
The Finance Minister presented the Interim Budget in February 2019. The Interim Budget 2019 offered benefits to small farmers and the workers in the unorganised sector through interest subventions and pension coverage. It also introduced changes in income tax rules to offer relief to small taxpayers and to the owners of residential properties. …
31 Mar 2019
• In June last year, the government had said that PAN has to be linked with the biometric ID by 31 March
• Quoting of Aadhaar will be mandatory while filing income tax returns (ITRs) with effect from 1 April, 2019
NEW DELHI: The Central Board of Direct Taxes (CBDT) on Sunday extended the last date for intimating the Aadhaar number and linking it with Permanent Account Number (PAN) by six months to September 30. …
March 01, 2019
Can’t buy health insurance for parents and don’t have money to invest under section 80C for tax saving? You can still save tax under section 80D by claiming deduction for medical expenditure for your parents. Here’s how. …
February 1, 2019
Some media reports recently indicated that the Income Tax Department is issuing tax notices to thousands of taxpayers for minor defaults. This included prosecution notices for TDS defaults. However, the same day the Central Board of Direct Taxes (CBDT) clarified that the news items “regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies.” CBDT said that the Mumbai Income Tax TDS office had issued prosecution show cause notices only in a limited number of big cases where more than Rs 5 lakh of tax was collected from employees etc as TDS and the same was not deposited with the I-T Department in time. …
Skorydov Tax Team
Updated 6 months ago
When one retires, he deserves to live a peaceful life but sometimes the complex Tax laws can be troublesome for Senior Citizens. In order to reduce the hardships, various income tax benefits are now available to senior citizens. This article summarizes certain beneficial provisions of Income tax, applicable to senior citizens. …
May 26, 2018
NEW DELHI: The Income Tax Department on Saturday launched and activated all the seven ITR forms for e-filing by taxpayers, after more than a month of them being notified.
The Central Board of Direct Taxes had notified the new Income Tax Return forms for the assessment year 2018-19 on April 5. …
May 15, 2018
The Income Tax Department today launched the ITR-2, the third income return form for assessment year 2018-19, on the official e-filing portal. The ITR-2 is used by individuals and Hindu Undivided families (HUFs) who have income from any sources except income from profits and gains of business or profession, including NRIs. …
Apr 19, 2018
NEW DELHI: The income tax (I-T) department has cautioned salaried taxpayers against claiming incorrect deductions or under-reporting income after it stumbled upon evidence of such malpractices in Bengaluru, Mumbai and Ludhiana. …
April 5, 2018
The new Income Tax Return (ITR) forms for the assessment year 2018-19 were notified today by the Central Board of Direct Taxes that mandated salaried class assessees to provide their salary breakup and businessmen their GST number and turnover.
The policy-making body of the tax department said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing the ITRs as compared to last year. …
I-T officials can now get defaulter’s address from banking, municipal authorities as govt amends rules
24 December 2017
The government has amended rules and empowered the taxman to use banking, insurance and municipal corporation’s database to obtain address of a ‘hiding’ or an ‘untraceable’ income tax defaulter for issuance of notices or summonses to them and extract due taxes.
Till now, tax authorities could only issue notice to a defaulting or erring taxpayer as per the address provided by them in their PAN (Permanent Account Number), the ITR (income tax return) or any tax-related communication. …
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. …
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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