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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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All you wanted to know about Form 16 and Form 16A

Form 16 is basically a certificate issued by an employer that Tax Deducted at Source (TDS) has been deducted from the salary. Income Tax Act says that it is the duty of an employer to issue Form 16 once in a year on or before...

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No TDs on Passenger Services Fees (PSF)

194-I

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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Furnish Form 15G/15H to deductor Every Financial Year

CBDT declared that New Form 15G/15H to be furnished to the Deductor or  Payer for each Financial Year via Notification No. 6/2017, Read below: F.No. Pr. 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....

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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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