After extending due date for filing of ITR for the state of Gujarat, CBDT has extended the due date for filing of ITR for all taxpayers till 7th Sep-15. It has been done after considering the fact that hardships faced by taxpayers in E-filing on 31st Aug-15. Below is the text of order issued under…
A Committee on Direct Tax matters chaired by Justice A.P. Shah was constituted with the initial mandate to examine the matter relating to levy of MAT on FIIs/FPIs for the period prior to 01.04.2015. The Committee has submitted its final report on applicability of MAT on FIIs/FPIs for the period prior to 01.04.2015 to the…
Due 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…
CBDT 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…
Who 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…
7 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…
How 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…
F. 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…
What is Income-tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961. What is the administrative framework of Income-tax? The revenue functions of the Government of India are managed by the Ministry of Finance. The…
Central Government have notified the following districts of the State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD, namely:— 1. Patna 2. Nalanda 3. Bhojpur 4. Rohtas 5. Kaimur 6. Gaya 7. Jehanabad 8. Aurangabad 9. Nawada 10.…