The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are:
In its latest move to penalise late payers of TDS, the CPC TDS has started issuing intimation u/s 200A of the Income Tax Act’1961 to the deductors u/s 194IA i.e the buyers of property who have paid TDS U/s 194IA late. The CPC TDS is not only charging interest u/s 201 but also late fee u/s 234E of the Act.
These days people are getting different types of notices/intimations from the Income Tax department by different modes such as delivery by post or by an e-mail. This article aims to highlight the different situations in which income tax notices can be received and how to respond to those notices if anyone receives the same.
Recently I was asked a question by someone that at what rate TDS is to be deducted at the time of purchasing a property in India from a non-resident. The answer to the question lies in the simple reading of the Income Tax Act’1961. Let us examine the relevant Sections of the Income Tax Act’1961. […]
Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client.
Ques: What is online challan correction? Ans: Online challan correction is a utility introduced by the CPC(TDS) wherein any mismatch in the challans in the statements filed by the deductors can be corrected through the online mechanism on the CPC (TDS) Website itself.
Trusts and other charitable institutions generally receive money from Voluntary Contributions from members and from the general public, let us look at the taxation aspects of these voluntary contributions.
PC (TDS) Website has made a communication dated 10th Sept’ 2014 in which it has issued advisory for deductors using multiple challans in a month, for payment of Tax Deducted. In this advisory it has discussed the following three key areas- Payment of Tax Deducted under different sections of the Income Tax Act, 1961 Payment of Tax Deducted for different Assessment Years: Different challans used for the purpose of reporting multiple Deductees associated with different branches with same TAN:
The last date for filing the TDS Statements for the Forth Quarter of FY 2019-20 is coming closer. There will be many deductors who did not deduct any tax during the relevant quarter and therefore they will not file any statement for deduction of tax at source u/s 200(3) of the Income Tax Act’1961. But […]
Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns.
