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Is Standard Deduction eligible from Pension Income?

  Earlier, there was a confusion among the pensioners whose source of income is pension that whether a taxpayer, who receives pension from his former employer, shall be eligible to claim Standard deduction. That confusion has been removed by the Central Board of Direct Taxes...

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New ITR Form 1 to 7 for Assessment year 2018-19 notifies by CBDT

For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19,The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms). For...

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Guidelines for adjustment under section 143(1)(a)(vi) of IT Act

Central Board of Direct Taxes (CBDT), issues guidelines for communication under section 143(1)(a)(vi) of the Act while considering returns for processing pertaining to ITR Forms 2, 3, 4, 5 & 6. Subject: Processing of income-tax returns filed in Forms ITR-2, 3, 4, 5 & 6...

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Letter of Undertaking facility extended to all exporters

Central Board of Direct Taxes issues Notification No. 37/2017-Central Tax on extension of LUT ( Letter of Undertaking ) facility to All Exporters in India Notification No. 37 /2017 – Central Tax New Delhi, the 4th October, 2017 G.S.R….(E).- In exercise of the powers conferred...

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Excerpt of New Development in CGST : September,17

New Development in CGST

Excerpt of New Development in CGST during September, 2017. After Implementation of GST from 1st July, 2017, so many Circulars & Notifications published by CBEC, GST Council, GSTIN as well Central and State Government also. Today, we will have a bird eye view of such...

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Should TDS under Income Tax be deducted on GST ?


Some one has raised a query regarding the Income Tax deduction (TDS) as per Income Tax Act, 1961 is to be deducted on GST or not at the time of making a payment. This  confusion of the people has been removed by the CBDT  vide...

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Clarifications in respect of section 269ST

In a bid to promote Mr. PM Modi’s dreams ‘ Digital India ‘, & ‘ Cash-Less Economy’, Tax Policy and Legislation division of Central Board of Direct Taxes issues Circular No. 22/2017 regarding clarifications in respect of section 269ST of the Income Tax Act, 1961...

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No TDs on Passenger Services Fees (PSF)


Central Board of Direct Taxes notifies vide Circular No. 21/2017 dated 12th June 2017, that section 194-1 of the Act, will not  apply on  Passenger  Services Fees (PFS) by an Airlines to an Air Operators. Circular No. 21/2017 F.No. 279/Misc./140/2015/ITJ Government of India Ministry of Finance...

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New Form 16C for payment of TDS on Rent u/s 194-IB

Central Board of Direct Taxes issues Notification No. 48/2017 dated 08th June, 2017 related to New Form 16C for TDS certificates and Form No. 26QC for payment of TDS on Rent under section 194-IB of Income Tax Act, 1961, MINISTRY OF FINANCE (Department of Revenue)...

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Relief in capital gains tax even if without STT

The CBDT has issued a rule giving relief in capital gains tax, vide notification no. 43/2017 dated 05-06-2017 to FDI,ESOP,Off-Market Transactions recognised by RBI,SEBI,NCLAT,Courts, even if no STT has been paid on them. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION...

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