10.What is the Process flow of IMPS? Step 1: Remitter sends instruction from his/her mobile through his/her bank provided application or SMS. Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI. Step 3: Transaction is passed by NPCI to…
DetailsDue to recent violence in the State of Gujarat and dislocation of general life due to recent disturbances, CBDT has extended the due of filing of ITR from 31st Aug-15 to 7th Sep-15. This order has been passed under Section 119 of the Income-gax Act, 1961. Now the residents of Gujarat can file their ITR…
DetailsCBDT has issued order to its officer to select cases for scrutiny for F.Y. 2015-16. Following are the cases where ITR will be scrutinized manually as well: a) Cases involving addition in an earlier assessment year in excess of Rs. 10 lakhs on a substantial and recurring question of law or fact which is either…
DetailsNEFT and RTGS are two systems to transfer funds from one account to another account. Many people in India use NEFT to transfer funds to another person. NEFT takes some time (max 4 hours) to transfer funds and on holiday and after working hours, this system does not work. RTGS, on the other hand, is…
DetailsWho is an Assessing Officer? He/She is an officer of the Income-tax Department who has been given jurisdiction over a particular geographical area in a city/town or over a class of persons. You can find out from the PRO or from the Departmental website http://www.incometaxindia.gov.inabout the officer administering the law which could be based on…
Details7 September 2015 – Due date for deposit of Tax deducted/collected for the month of August, 2015 15 September 2015 – First instalment (in the case of a non-corporate assessee) or second instalment (in the case of a corporate-assessee) of advance income-tax for the assessment year 2016-17 22 September 2015 – Due date for…
DetailsHow to deposit Self Assessment Tax or Advance tax to the credit of Government? Self – Assessment Tax or Advance Tax is to be deposited to the credit of Government by using the challan prescribed in this behalf, i.e., ITNS 280. The Challan can be downloaded from www.incometaxindia.gov.in Tax can be paid in the designated…
DetailsAll scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to…
DetailsThe Reserve Bank of India has doubled the limit for cash withdrawal at point-of-sale (POS) in Tier III to VI centres from ₹ 1000/- to ₹ 2000/- per day. This facility will be available for debit cards and open system prepaid cards issued only by banks. It is envisaged that the enhanced amount will add…
DetailsF. No. DGIT(S)/DIT(S)-2/ITWG on Financial Sector Reporting/12/2015 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 3/2015 New Delhi, 25th August, 2015 Procedure for registration and submission of report as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with…
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