"02 April 2020" Archive

Exemption on Tax paid by Govt or Indian concern on certain income of a foreign company

Tax paid by the Government or Indian concern on certain income of a foreign company – Section 10(6A), 10(6B), 10(6BB) and 10(6C) Provisions of section 10(6A), section 10(6B), section 10(6BB) and section 10(6C) of the Income Tax Act provides various exemption towards tax paid by the Government / Indian concern on certain types of income...

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Posted Under: Income Tax |

How to Enable Macros in Microsoft Excel For Income Tax Return (ITR)

It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :...

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Posted Under: Income Tax |

Whom should Assessee contact for Income Tax refund related queries

Whom do I contact for queries related to payment of refund which has been processed by ITD? My refund details are showing wrong in Form 26AS. How can I correct it? I have received refund in my bank A/C through ECS, but Form 26AS reflects mode of payment as ‘Paper’. How do I know whether my refund is in process at ITD in Form 26AS? The...

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Posted Under: Income Tax | ,

Rules for valuation of perquisite forming part of Salary Income

The rules for valuation of perquisite given by employer to employees are as under : - I. Accommodation :- For purpose of valuation of the perquisite of unfurnished accommodation, all employees are divided into two categories: (i)Central Govt. & State Govt. employees; and (ii)Others. For employees of the Central and State governments the...

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Posted Under: Income Tax | ,

How to apply for Changes or Correction in TAN Data

a. Mention 10 digit TAN correctly in the space provided.b. Left hand thumb impression, if used, should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp. c. For changes or correction in TAN data, fill all columns of the form and tick box on left margin of appropriate row where change/corre...

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Posted Under: Income Tax | ,

Document Required for PAN Application for Foreign Citizen, NRI

Citizen of India located outside India at the time of application for PAN. Foreign Citizen located in/ outside India at the time of application for PAN . Other than Individual having no office of their own in India. Passport or, Bank account statement in country of residence or NRE bank account statement** ...

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Posted Under: Income Tax |

How to rectify, calculate & avoid interest on TDS defaults

In this article we are discussing what is the rate of interest which Assessee may have to pay for delayed payment of TDS, when this interest becomes payable, what is the due date of tds payment, when tds needs to be deducted, how to calculate interest on TDS, Example of Interest Calculation, how to avoid and rectify interest default. ...

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Posted Under: Income Tax |

Unlocking Provisions of Public Provident Fund (PPF)

Where to Open a PPF account?: A PPF account can be opened at any SBI Branch or at any Branch of its subsidiary bank. You can also visit any nationalised bank in your neighbourhood or head post office or selection grade sub-post offices to open a PP...

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Posted Under: Income Tax | ,

How to convert Form 16/16A text file (zip file) to Form 16/16A PDF File

1) Extract Zip file containing TDS certificate data in text form by using WinZip version 9.0 and above, WinRaR version 3.90 and above and 7-Zip version 4.65 and above. 2) Extract zip file by providing the TAN registration number. 3) Open the PDF converter utility by double clicking the file PDF Converter Utility.bat ...

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Posted Under: Income Tax | ,

Clarification on GST Refund Related Issues

1. CBEC vide circular No. 135/05/2020- GST dated 31.03.2020 clarified following issues related to Refunds :- (a) Refund of accumulated Input Tax Credit (ITC ) on account of reduction in GST Rate (b) Guideline for Refund of Input Tax Credit under Sec 54(3) (c) New Requirement to mention HSN/SAC in Annexure ‘B’ (d) Change in […]...

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Posted Under: Income Tax |