Taxpayer who are registered on E-filing portal of Income Tax department i.e. https://incometaxindiaefiling.gov.in/portal/index.do may sometime forget the password which is required to login on to website. In that case one of the option to retrieve password is that taxpayer opt for send of new password on his Registered Email ID which he specified when he first registered on E-Filing portal.
Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but later the builder has not completed the possession of the apartment within 3 years and the apartment remained under construction even after 3 years. The period of 3 years is lapsed without any mistake of Mr. Sanghai Now?
The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise the tax paid/deposited under each PAN and identify and resolve discrepancies, if any, at an early stage. Discrepancies could arise due to reasons like incorrectly quoted PAN/non-filing of TDS returns/non-deposit/lower deposit of taxes by the deductor, and can be identified and resolved at an early stage.Income tax department has put in place a facility to enable taxpayers to view their tax credits online or through the internet.
What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not able to activate its user id, what is to be done by taxpayer to activate the account ? Can a LEGAL HEIR file the return of the deceased assessee for compulsory DSC cases ? y Challan of payment of Advance Tax or Self Assessment Tax does not contain correct PAN or Assessment Year. Will the claim be allowed? The last date of filing falls on Saturday or Sunday. Can I file my e-return on subsequent Monday?
Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital gains from equity shares, there would be no TDS. Another important thing to remember is that you should be an NRI at the time of receiving the income. For instance, you may have purchased a long term debenture of a company while you were a resident Indian. But any interest that you receive during the period after becoming an NRI will be subject to TDS.
It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly exempt. Many cases are wandering the corridors of various courts of law on this ground. This is also reflected in the decided cases. It seems that the issue gets complicated with the increase of TDS coverage. It will be interesting to go through the law and the judge-made law on the issue.
Chartered Accountant Examinations initially scheduled from 2nd May 2020 to 18th May 2020 stand rescheduled and the said examinations shall now be held from 19th June 2020 to 4th July, 2020 as per details given below.
Pension received from a former employer is taxable as ‘Salary’. Hence, the various deductions available on salary income, including relief u/s 89(1) for the arrears of pension received would be granted to pensioners who received their pension from, a nationalised bank and in other cases their present Drawing & Disbursing Officers. Similarly, deductions from the amount of pension of standard deduction and adjustment of tax rebate u/s 88 and 88B shall be done by the concerned bank
Interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing capital gains from sale of such house property].
How can I update a deductee record? You can update deductee details viz; PAN of deductee, name, amount etc. Steps to update a deductee record are as under: Identify the challan corresponding the deductee record to be updated by its sequence no as per regular statement , CIN, deposit amount as per regular statement Identify the underlying deductee record to be updated by its sequence number as per regular statement under the challan identified as above.
