& Amendments ( Archive)
|Additional modes of generating EVC to e-verify Income Tax returns are notified....
facility to prevalidate Bank details & Demat Account details will
be provided under profile settings menu. Assessee will be required to
provide details which are registered with bank. For pre validating Bank
details; Bank account number, IFSC, e-mail id & mobile number will
be required and for pre validating D-mat details; D-mat account number,
e-mail id & mobile number will be required.
The generated EVC will be sent on registered mail id and/or registered mobile number.
Dated: 25th January 2016
click here to know- How to e-verify Income Tax Return?
|Process of submission of Form 15G/15H simplified and expected to go online soon....
New Forms 15G & 15H have been issued. Process of filing Form
15G/15H has been simplified and very soon individuals will be able to
submit their Form 15G/ 15H online.
Dated: 29th September 2015
Read in detail about Form 15G & 15H
instructs income tax officers not to put inconvenience to assesses for
non deposit of TDS by deductors....
Dated: 1st June 2015
very common problem faced by many taxpayers was of income tax demand
due to tax credit mismatch. Taking under consideration the grievances
of tax payers, CBDT has directed that in cases of tax credit
mismatch due to default by deductor, assessees shall not be put to
In simple words demand of income tax due to default of deductor shall
not enforced assessees coercively.
the instruction in detail here
Card to be issued in 48 hours....
Source: Press Trust of India
Very soon getting PAN card will be a 48 hours job. The Government is
soon going to launch an online facility for issuing PAN card within 48
Disclosure of PAN is mandatory in many transactions beyond a certain
amount. Quoting PAN is also proposed to be mandatory
by Finance Act 2015 in case of purchase of jewellery of Rs. 1 lac or
Dated: 21st April 2015
apply for PAN?
over of Fixed Maturity Plans shall not be treated as
will not arise any capital gain at the time of roll over of FMPs.
Capital gain will be at the time of final redemption of the FMPs.
circular by CBDT clears taxability issue on extension of term of fixed
maturity plans(FMPs). It clearly states that there will not be any
capital gain at the time of opting for extension or roll over of the
term of FMPs. Capital gain will arise at the time when finally FMP is
redeemed after the extended term.
Dated: 9th April 2015
here to Read more about Fixed Maturity Plans
interest to attract TDS....
on RD ia also proposed to attract TDS. Budget 2015 has proposed to
bring RD interest with in the TDS framework. We may expect deduction of
Tax (TDS) on interest on RDs from the financial year 2015-16.
here to Read more about interest on RD-Recurring Deposits
Dated: 28th February, 2015
& beautiful - The Union Budget 2015
Finance Minister Mr. Arun Jaitely presented Union Budget on 28th
February 2015. He has presented a budget which do not have points which
looks dramatic and woo the public at large. No changes have been made
in favourite areas of individual tax payers i.e. Tax limits, deduction
limit under section 80C or deduction for self occupied House
here to Read the highlights of Budget 2015
Dated: 28th February, 2015
|Income Tax is now on Twitter....
With the start of year 2016, Income Tax Department is extending its
external communication to social media such as Twitter, Facebook and
You Tube. So now department has opened its official twitter account as
Lets welcome our Income Tax Department on Twitter.
Dated: 4th January 2016
|Facility to view the computation of demand raised by AO is now available on e-filing portal....|
Now you can view the computation of Income Tax demand raised on the
e-filing portal itself. Click on the download button next to the demand
on Response to Outsatanding Demand. A pdf file will be downloaded
having detailed computation of demand.
Dated: 9th October 2015
|CBDT plans to initiate Email based assessment proceedings....|
To improve the tax payer services, enhance efficieny and create a
paperless environment for assessment proceedings CBDT has decided to
introduce email based communication with taxpayers on a Pilot Basis. This will eliminate the necessity of visiting the Income Tax Officers.
Dated: 19th October 2015
|Cost Inflation Index for the
Financial Year 2015-16 Announced by CBDT
Board for Direct Taxes (CBDT) has announced value of Cost Inflation
Index for Financial Year 2015-16. The value is 1081. Last year ie.
financial year 2014*15 it
was 1024. Capital Gain Index helps in calculating long term capital
sale of capital assets.
Dated: 25th July 2015
Check out the list of Cost
inflation index for all financial years
|Good news for bank employees -
Second and Fourth saturday of the month declared as a public holiday
Ministry of Finance declares second and fourth
Saturday of every month as a public holiday for Banks in India. The
notification issued in excercise of powers conferred under the
Negotiable Instruments Act 1988.
This notification is applicable from 1st September 2015. So now from next
month onwards banks will be closed on second and fourth Saturday of the
Dated: 20th August 2015
notifies increase in PPF deposit limit from Rs. 100000 to Rs.
limit of deposit in PPF account is increased from Rs. 100000
Rs. 150000. RBI notified increase in PPF deposit limit on 22nd August
2014. This notification is issued in pursuance to the announcement made
by honorable finance minister Mr. Arun Jaitley in his budget 2014.
about Public Provident Fund
Post launched opening of Sukanya Samriddhi Accounts....|
Accounts for the benefit of minor girl child - Finally Post Offices
have started opening Sukanya Samriddhi Accounts. Opening of the SSA
Account with banks is still awaited.
here to Read more about Sukanya Samriddhi Yojana
upgradation of Income tax e-filing website....|
of "Response to Outstanding Demand" option at e-filing portal....
portal of Income Tax department has come up with further welcoming
changes by introducing the facility of respose to outstanding demand.
Many of us were facing the problem as to how to reply and hom to reply
about the demand showing outstanding on our e-filing account. Now CPC
has come up with an option at our e-filing account "Respose to
Outstanding Demand". With this we can now enter our response for the
outstandind demand of income tax.
here to know the step by step process to Respond to Outstanding Tax
Direct Login & reset Password facility introduced
using net banking account....
facility to reset password & direct login through net banking
account was introduced with only three banks(Corporation Bank, Union
Bank of India & Oriental Bank of Commerce). Now this facility
extended to other banks too namely: Bank of India, Kotak Mahindra Bank,
Punjab National Bank. Other banks are also expected to join sooner.
Dated: 11th December, 2014
withdrawls from ATMs will now be costlier compared to earlier
has reduced the limit of free transactions from other bank's
to only three transaction in a month (earlier this limit was five
transactions in a month) in six metros-New Delhi, Mumbai, Kolkatta,
Chennai, Hyderabad and Bangaluru.
However for the transactions from
own bank's ATM, RBI has directed banks to provide atleast five free
transactions from ATMs in a month in six metros. Transactions
beyond the limit will be chargeable with a fee of Rs. 20 per
transaction(plus service tax if any)
This move is taken
referring to growing cost of ATM deployment and maintenance by banks.
This reduction in limit of free transactions from ATMs will be
applicable from November 1, 2014.
Dated: 14th August 2014
Vikas Patra(KVP) - the earlier popular small saving instrument is
earlier popular small savings instrument Kisan Vikas Patra(KVP) is
relaunched with an intention to attract investors to save more
and stay away from fraudulent schemes.
were withdrawn in the year 2011, now relaunched KVPs will be available
with minimum denomination of Rs. 1000. KVP scheme doubles the invested
money in 100 months ie. 8 years and 4 months.
Dated: 18th November, 2014
Budget presented by Honorable Finance Minister Mr. Arun Jaitely on 10th
July 2014.... |
the budget for FY 2014-15 there is some positive implications
individuals. Increase in limits of deductions has brought tax savings
in taxpayers pocket. Read the impact of this budget on your pocket.
Impact of Budget-2014 on
Inflation Index for the Financial Year 2014-15 notified by CBDT.....|
Notifies the Cost Inflation Index for the Financial Year 2014-15. Cost
Inflation Index for the Financial Year 2014-15 for calculating Long
Term Capital Gains Tax is 1024.
Notification published on 11th June 2014
See All Cost
|Income Tax Deparment introduced facility of direct login to incometax e-filing website from your internet banking account....|
welcome and relaxing move has been taken by Income Tax deparment. It
has introduced direct login facility to your e-filing account
using your net banking account. This facility presently been launched
with Corporation Bank, Union Bank of India and Oriental Bank of
Commerce. Later this facility is expected to be launched with all banks.
Dated: 13th August 2014
Forgot password to e-filing website of Income Tax Deparment?
makes a welcome amendment in PAN application-Now an option is available
to choose mother's name to be printed on your PAN card.....|
with its latest notification makes a welcome amendment in PAN
application 49A. Now one can choose his/her mother's name to be printed
on PAN card. Earlier only father's name was possible to be printed on
PAN card. With this change now a choice is given to choose between
father's and mother's name to be printed on your PAN card.
Online application of PAN is not yet updated with the above change but
physical application has been updated.
apply for PAN online?
Notes issued prior to 2005 to be withdrawn- RBI Advisory....
22nd January 2014
RBI has advised that after 31st March 2014, it will withdraw all bank
notes issued prior to 2005. So from 1st April 2014 all will be required
to approach their bank for change of old currency notes. Banks will
provide exchange of old currency notes to their customers.
also stated that it is easy to identify the notes issued prior to the
year 2005 as these do not have year of printing on them at the reverse
side of the note. RBI also requested to the public not to panic. RBI
has requested all to cooperate in this withdrawal process.
Source: RBI press release 2013-14/1472 dated 22/01/2014
News for salaried people as Interest rate on Provident Fund increased
Monday 13th January 2014, the Retirement Fund body (Employee's
Provident Fund Organisation-EPFO) increased the interest rate on
provident fund from 8.50% to 8.75% for the financial year
now watchful on HRA claims and making HRA rules more stringent.....
a latest circular on deductions and exemptions from salary income, for
the financial year 2013-14, CBDT is tightening its hands on tax
evaders. Now for HRA claims it is made compulsory to declare the PAN of
land lord to the employer; if total rent paid for the year is more than
Rs. 100000. In cases where PAN of landlord is not available, we need to
submit a declaration to this effect from the landlord along with his
name and address to the employer. Earlier this limit to declare Pan was
Rs. 180000, which is now substantially reduced to Rs. 100000.
Source: Circular No. 08/2013, by CBDT
dated 10th October 2013
that exemption from filing of return for salaried having total income
upto Rs. 500000/- is not applicable now & special counters are
for filing paper returns upto Rs. 500000/-...........
CBDT vide its earlier notifications had exempted salaried employees
having total income upto Rs. 5 lakhs including income from other
sources upto Rs. 10,000/- from the requirement of filing return of
income for assessment year 2011-12 and 2012-13 respectively. The
exemption was available only for the assessment year 2011-12 and
2012-13. This exemption is not available from Assessment Year 2013-14
(financial year 2012-13) onwards.
From 25 th July to 31 st July 2013 (Except 27 th and 28 th July being
holidays), Special Return Receipt
Counters (FOR SALARIED TAX PAYERS)will operate at Pratayakshar Bhawan,
Civic Centre, Minto Road,
New Delhi this year. (Instead of Pragati Maidan and Mayur Bhavan as
were done in the past).
Source: Press release dated 22/07/2013
a house property costing Rs. 50 lacs or more will be tedious now....
Purchasing a house costing Rs. 50 lacs or more will be tedious
now. By virtue of Section 194 IA buyer need to deduct TDS @1% from
total consideration and deposit the same electonically with government
with in 7 days of the end of the month of deduction. He shall also
furnish a challan cum statement in Form 26QB electronically with in 7
days from the end of the month of deduction. 26QB is updated on TIN
Good part. No need to
obtain a TAN. A certificate of tax deduction in Form 16B will be
required to be issued with 15 days of the due date of submission of
Form 26QB. Form 16B the certificate of tax deduction will be generated
and downloaded from the web portal.
Source: Income Tax Notification issued on 31st May 2013 at New Delhi