Home » Archive by category "Income Tax" (Page 3)

ITR filling and TDS in case both deceased parents of minor

CBDT issues guidelines relating to TDS and Filling of ITR in case both the parents are dead of minor as below: F.No. DGIT(S)/CPC(TDS)/NOTIFICATION/2017-18 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi. Notification No.5 /2017            ...

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Statement of Financial Transactions (SFTs)

sft_income tax

STATEMENT OF FINANCIAL TRANSACTIONS(SFTs), replaced AIR. It’s applicable on Professionals & all assesses liable to Tax Audit also 1) Earlier the requirement of filing Annual Information Return(AIR) has now been completely replaced by Statement of  Financial Transactions (SFT). 2) The DUE DATE for filing first...

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Circular No.14 of 2017 – PMGKY

Due date for making deposit under Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 is extended to 30th April, 2017 and the due date for furnishing declaration in Form No.1 under Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) is extended to 10th May, 2017 provided due...

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Analysis of Section 56 (viib) of the IT Act,1961

Section 56 (viib) of Income Tax Act,1961 deals with taxability of capital raised by a company in which public are not substantially interested. As per the said section when such a company issues shares to residents for a value which is more than its fair...

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Mismatch of PAN with Aadhaar – What to do ?

Aadhaar_PAN

Aadhaar mandatory for filing income tax returns and for linking of PAN with Aadhaar to curb tax evasion through use of multiple PAN cards – proposed by Finance Minister in Finance Bill of the Budget for 2017-18, If you do not have Aadhaar Linked to...

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IT Department introducing e-proceeding

All Income Tax department-related proceedings between the taxpayer and the taxman from the new fiscal will be conducted online, the CBDT today declared. This is as part of its initiative to minimize human interface between the assessee and the Assessing Officer (AO) thereby reducing complaints...

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Income from Future & Option Trading

ITR filling and Tax Audit for Income from Future & Option (F & O) Trading As the volume & value of transactions is very high and amount of profit earned on these transactions is fairly small for traders dealing in F&O segment, the manner of...

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Section 269ST – Cash Transactions with Examples

In this article we elaborate section 269ST of IT Act, in respect of Cash Transaction provisions applicable from 01-Apr-2017 on wards with examples. Point No. 1. From which date this section is applicable? This section applies from 01/04/2017 (F.Y.2017-18 onwards) Point No. 2. What are...

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Snippet of Changes in New ITR Forms for AY 2017-18

The CBDT has notified new income-tax return forms (ITR forms) for the assessment year 2017-18. It has prescribed simplified version of ITR-1 with fewer columns. A new column has been inserted in ITR Forms to report cash deposits in banks above 2 lakhs during the...

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The Finance Bill 2017 Cleared in LS

The Finance Bill 2017 with 40 amendments passed in Lok Sabha The Finance Bill 2017 passed in Lok Sabha. Various amendments have been made in the Bill, One of the important amendments was making Aadhaar number mandatory for filing of Income Tax returns. Glimpse of...

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