"26 December 2017" Archive

Understand GSTR 1 filing and added features in return utilities with Q & A

Question and answers in GSTR 1 filing in GST portal - how to understand it and what are the added features in return utilities on GST Portal that would bring relief for tax payers :...

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TDS not deductible on Interest paid to a company carrying on Insurance business

I.T.O., Ward-8(1) Vs. M/s. Batram Properties Pvt. Ltd. (ITAT Kolkata)

The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also engaged in business of insurance. ...

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Collection under GST for the month of December 2017

Press Information Bureau Government of India Ministry of Finance Date: 26-December-2017 Total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017 Total Revenue Collection under GST: The total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December...

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No Section 14A disallowance for dividend earned on Strategic Investment in Subsidiary Company

DCIT Vs M/s Development Constultant Pvt. Ltd. (ITAT Kolkata)

This appeal as well as Cross Objection (CO) by the Revenue and assessee is directed against the order of Commissioner of Income Tax (Appeals)-9, Kolkata dated 01.12.2015. Assessment was framed by DCIT, Circle-11, Kolkata u/s 143(3) of the Income Tax Act, 1961...

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How to Respond to Outstanding Income Tax Demand intimation U/s. 143(1)

Outstanding Income Tax demand arises when taxpayer’s tax as per Income Tax Return is less than the tax payable as per Income Tax Department. ITD sends the intimation under Section 143(1) asking for outstanding demand along with the calculations, stating the reason why you need to pay more tax. You can go through the calculations [&h...

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How to view Tax credit statement Form 26AS on Income Tax Website

The following details have been provided in Form 26AS statement: Advance tax, Self-Assessment Tax and Regular Assessment Tax paid by self Tax paid through Tax Deducted at Source (TDS) or TCS on behalf of users own presence Refund issued by the Department to self Information received from various agencies on high value transaction carried ...

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How to Request for Income Tax Refund Re-issue

There can be instances such as Incorrect Bank Account details, Incorrect Address, IFSC Code and so on, and then taxpayer may have to request the ITD to re-issue a Income Tax refund cheque. Income Tax Refunds are issued through two modes: By crediting the Income Tax refund amount in Assesse Bank account if the taxpayer […]...

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How to Request for Intimation Order u/s 143(1)/154/16(1)/35

After the Income Tax Return is processed by CPC, taxpayer receives an Intimation at their registered email ID. If the taxpayers request to resend the Intimation, perform the following steps. Step 1 Logon to ‘e-Filing’ Portal www.incometaxindiaefiling.gov.in Step 2 Go to the ‘My Account’ menu located at upper-left s...

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How to Change Details in e-Filed Income Tax Returns

After upload of the ITR, if any change occurs in taxpayers Bank Account, Address, Mobile number and e-mail id, then taxpayer can update these changes through ‘Change ITR Form Particulars’. Any update can be made only prior to processing of the return. Perform the following steps to change the particulars in the submitted ITR F...

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How to View Income Tax Certificate of Appreciation

From AY 2016-17, ITD have started issuing certificate of appreciation for eligible taxpayers who have cleared their entire liability, have no outstanding tax liabilities and had filed their returns electronically in the prescribed time. Perform the following steps to view the certificate of appreciation Step 1 Logon to ‘e-FilingR...

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