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E-Tutorial on Request for 26QB Refund

Taxpayer can apply for 26QB refund from Assessment Year 2014-15 onwards. It is mandatory to validate the details by digital signature on TRACES to submit the Refund Request. Maximum refund amount will be the available challan balance. Article explains  Important Information of 26QB Refund Request,  Brief Steps of 26QB Refund Request and...

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Posted Under: Income Tax |

TDS applicability on provision made at the year end

TDS APPLICABILITY ON PROVISIONS MADE YEAR END WHERE PAYEE NOT KNOWN AND AMOUNT INDETERMINATE The Issue is relating to TDS on provisions for Exps. at the year end. The TDS Provisions are very clear that if any amount of Expense is charged to Trading and Profit & Loss account which attracts TDS deduction, TDS has […]...

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Posted Under: Income Tax |

Password Format for TDS / TCS Deductor/Collectors & Taxpayers

Article explains Passwords for TDS / TCS Deductor/Collectors and Taxpayers related to Registration, Conso File, Justification Report, Form 16/16A/27D/TBR, Intimation received through Email, Form 26AS and Form 16B. Passwords for Deductor Functionality Password Example Registration Password must contain a minimum of 8 alpha numeric characte...

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Posted Under: Income Tax |

Tax deducted is income received U/s 198 of the IT Act

Sri Y. Rathiesh V. CIT (Andhra Pradesh High Court)

Whenever an amount deducted as tax at source becomes incapable of being being adjusted or counted towards tax payable, it acquired the character of an  income. In such an event, it partake the character of any other income and is liable to be dealt with accordingly....

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How to Clear Browser cache memory in Internet Explorer, Chrome & Mozilla

Important Information : Step to Clear Browser cache memory While trying to login to TRACES, user gets error message: Request resource could not be found Or Site is down due to planned maintenance While doing KYC , site is not proceeding further to next step and no Error message is displayed . User logs-Out successfully […]...

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Posted Under: Income Tax |

TRACES Tutorial for PAO on Registration, Login, Password, View AIN, TAN Mapping

Article contains Tutorial for PAO on Registration and Login on TRAQCES portal,  How to retrieve Password if you forget the same on TRACES Portal, How to view Dashboard & Profile, PAO – Statement Status for a TAN and View AIN – TAN Mapping. A. E -Tutorial PAO Registration and LoginPage ContentsA. E -Tutorial PAO Registration [...

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Posted Under: Income Tax |

‘ITR form’ asking for information equivalent to ‘Income Tax Scrutiny’

It appears that the CBDT has envisaged turning the ITR forms into Scrutiny forms. By making the changes in current year ITR forms, the Dept. has increased the scope of disclosure and the scope to uncover the under-reporting or wrong-reporting of income. Key Changes have been discussed as follows:...

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Posted Under: Income Tax |

New Pension Scheme- Deduction under Section 80CCD

NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee. 2-It is applicable to Individual assessee employed with Central Government or employed by any other pers...

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Posted Under: Income Tax |

Section 44AB vs 44ADA of Income Tax Act, 1961

As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. […]...

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Posted Under: Income Tax |

Cabinet approves ratification of MLI, What is significance of ratification of MLI?

Cabinet approves ratification of MLI. What is the significance of ratification of MLI?  Government of India through a press release on 12th June, 2019  has brought out the information of ‘Ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting‘. In this...

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Posted Under: Income Tax |