The Central Board of Direct Taxes (CBDT) announced extension of the date of filing for Statement of financial transaction (SFT) under Section 285BA of the Income-tax Act, 1961, which requires furnishing under Rule 114E of the Income-tax Rules, 1962. In view of these representations and in order to remove inconvenience and to facilitate ease of…
Read moreDue Date Statement of Financial Transaction (SFT) -Form 61A 31st May 2017
As per Section 285BA every person who is responsible for registering or maintaining books of account or other document as regards any specified financial transaction or reportable account, to furnish a Statement of Financial Transaction (SFT-Form 61A) to the income-tax authority on or before 31st May 2017. Following are the some of the specified Financial…
Read moreQuoting of Aadhar in return of income isn’t mandatory for non-resident and super senior citizen
The Finance Act, 2017 had inserted a new Section 139AA under the Income-tax Act, 1961 requiring every person to quote Aadhaar number in the return of income with effect from 1st day of July, 2017. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can…
Read moreDT Dispute Resolution Scheme 2016-Extended to 31-01-2017
CBDT has extended the last date for filing declaration under Direct Tax Dispute Resolution Scheme, 2016 to 31-01-2017. The Scheme provides an opportunity for taxpayers who are under litigation before the Commissioner of Income Tax (Appeals) and other judicial fora to come forward and settle their disputes in accordance with the provisions of the Scheme….
Read moreKey Features – File Validation Utility (FVU) version 5.2 wef 17-09-2016
Addition of new fields for Form 24Q-Q4 under Annexure ll (i.e. salary details) as below: Aggregate rent payment exceeds rupees one lakh during the previous year: – The above is applicable for regular as well as correction statements pertaining to FY 2016-17 onwards. – If the rent payment exceeds rupees one lakh, in such case,…
Read moree-TDS/TCS Return Preparation Utility Ver. 1.5 for Regular & Correction
New e-TDS/TCS Return preparation Utility Utility Version 1.5 is released by NSDL with effect from 13th April 2016.
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