CBDT issues Draft Notification for Amendment of Form No 10B of the Income-tax Rules, 1962 Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Section … [Read more...]
Certificate for tax deducted at source in Part B of Form No. 16 – CBDT
Certificate for tax deducted at source in Part B of Form No. 16 - CBDT Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi Notification No. 09/2019 New Delhi, 06th, May, 2019 Subject: Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in … [Read more...]
E-filing of Income Tax Returns registers an increase of 19%
E-filing of Income Tax Returns registers an increase of 19% There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns(ITR) e-filed during Financial Year(F.Y.) 2018-19 as compared to F.Y. 2017-18. This is factually untrue, because the figures for F.Y. 2017-18 and F.Y. 2018-19 are not directly comparable. It is stated that during … [Read more...]
TDS deduction under section 194A of the Income Tax Act, 1961 in case of Senior Citizens
TDS deduction under section 194A of the Income Tax Act, 1961 in case of Senior Citizens F.No.Pr.DGIT(S)/CPC(TDS)/Notification/2018-19 Notification No. 06/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi Notification No. 06/2018 New Delhi, 06th December, 2018 Subject :- TDS deduction under section … [Read more...]
Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018
Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018 There has been a marked improvement in the number of Income Tax Returns(ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto … [Read more...]