In a recent notification, Income Tax Department has extended the due date for filing of Income Tax Returns from 31st July 2016 to 5th August 2016. Now assessees can file their Income Tax Returns for Assessment Year 2016-17 (Financial Year 2015-16) till 5th of August 2016.
Income Tax department opened Income Declaration Scheme 2016, from 01-06-2016, to disclose the undisclosed income to the department. Our Honourable Prime Minister Narendra Modiji in Mann Ki baat emphasised on same by addressing as follows: “There was a time when taxes were so many that tax evasion become habit of people. There was a time when there were many… Continue reading Income Tax department opened Income Declaration Scheme 2016, from 01-06-2016, to disclose the undisclosed income to the department.
The Income Tax Department has widened the ATM-based validation system for filing e-ITR’s by taxpayers with the inclusion of AXIS Bank, after State Bank of India, as part of its measure to enhance the paperless regime of filing the I-T returns. Now, Electronic Verification Code (EVC) can also be generated by pre-validating Automated Teller Machine… Continue reading Electronic Verification Code
An Income Tax Department probe has indicated to undisclosed income around Rs. 2300 crores under Charitable Trusts controlled by Asaram Bapu since 2008-09. It has therefore suggested cancellation of tax breaks given to trusts controlled by the ‘godman’. The report also found that Asaram may have been running cash lending schemes through his followers.
In the inaugural session of the Annual Conference of Tax Administrators 2016, PM Narendra Modi has set the bar high for the tax officials by asking them to double the current tax base of 5.43 crores to 10 crores tax payers. In the interaction, he also outlined that the tax officials must build a… Continue reading PM Modi to Tax Officials: Double the taxpayer base to 10Crores !
The government had proposed 1% TCS on the purchase of Gold Jewellery worth Rs 2 lakh or more in the 2016 Union Budget as compared to the previous limit of Rs 5 lakh. It met with strong opposition from the jewellers. Taking into consideration the strong opposition, government has now finally rolled back the above… Continue reading Government rolls back 1% TCS on the Purchase of Gold Jewellery worth Rs 2 lakh or more!
Income Tax Department has come up with a new grievance redressal system called Unified Grievance Management System, also called as “e-nivaran” This “e-nivaran” facility aims at superfast resolutions of the complaints of taxpayers.The complaints will be internally escalated to the concerned department in a paperless way and will be tracked by this system until its… Continue reading ‘e-nivaran’ : Super fast process to solve your tax complaints!
The Central Government has announced the Cost Inflation Index (CII) for the Financial Year 2016-17. It will be 1125 as compared to last year’s 1081. CII is notified by the Central Government every year by notification in the Official Gazette.From the view point of Income Tax, the aim of CII is to give the benefit of… Continue reading COST INFLATION INDEX
Now Electronic Verification Code (EVC) can be generated through ATM’S also. This option will be available on your ATM screens. State Bank of India is the first bank to launch this facility. Other banks are expected to follow suit.
The due date to pay the first installment of advance tax for the Financial Year 2016-17 (Assessment Year 2017-18) is just 9 days away, i.e. 15th June for individuals and companies. 15% of your estimated annual tax for the Financial Year 2016-17 if your annual tax liability exceeds Rs. 10,000. So hurry up, and… Continue reading Advance Tax!!