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Income Tax Update

How to check whether a person is filing ITR or not for TDS or TCS deduction

  How to check whether a person is filing ITR or not ? Background Via Finance Act 2021, Section 206AB and 206CCA are inserted in the Income-tax Act, 1961 (effective from 1st July 2021). These sections impose a higher TDS/TCS rate on the “Specified Persons”, as defined in the new sections. In view of the

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Now Income Tax Refund Tracking becomes very easy

Direct link to track ITR refund : https://tin.tin.nsdl.com/oltas/refund-status-pan.html Refund Banker scheme he ‘Refund Banker scheme’ facilitates transmission of refunds generated on processing of Income tax Returns by CPC-Bangalore/AO to State Bank of India, CMP branch (Refund Banker) for further distribution to taxpayers. Refunds are being sent in following two modes: RTGS / NECS: To enable credit

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Memorandum of Understanding(MoU) between CBDT and MoMSME signed today

The MoU will facilitate the seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified on 26/06/2020 of MoMSME. The MoU comes into force from the date it

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PAN Card पर लिखे नंबर और अल्फाबेट में छिपी होती हैं कई जानकारियां, यहां जानें उनका मतलब

PAN Card का 10वां डिजिट भी अंग्रेजी का एक अक्षर होता है। इनकम टैक्स डिपार्टमेंट के मुताबिक यह एक अल्फाबेट चेक डिजिट हो सकता है। यह A से Z के बीच का कोई भी अक्षर हो सकता है। नई दिल्ली, बिजनेस डेस्क। आज के इस समय में पैन कार्ड का इस्तेमाल वित्तीय लेनदेन के काम में

PAN Card पर लिखे नंबर और अल्फाबेट में छिपी होती हैं कई जानकारियां, यहां जानें उनका मतलब Read More »

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PAN से जुड़ा ये काम 7 दिन में निपटा लें, वरना 10 हजार का जुर्माना देने के लिए तैयार रहें

बहुत से लोग हैं, जिन्होंने अभी तक अपने पैन कार्ड (PAN Card) को आधार (Aadhaar Card) से लिंक नहीं किया है। ऐसे लोगों को बता दें कि अगर अगले 7 दिनों में उन्होंने ऐसा नहीं किया तो उन्हें 10 हजार रुपए तक जुर्माना देना पड़ सकता है। नई दिल्ली अगर आपको पैन (PAN Card) अभी

PAN से जुड़ा ये काम 7 दिन में निपटा लें, वरना 10 हजार का जुर्माना देने के लिए तैयार रहें Read More »

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List of Direct-tax measures announced by the Finance Minister

The Finance Minister, Smt. Nirmala Sitharaman has addressed a press conference on May 13, 2020 to share the details of Rs 20 lakh crore economic package announced by the Prime Minister, Sh.Narendra Modi. The Finance Minister has announced several package for the Micro, Small and Medium Enterprises (MSME) sector to provide them some sort of

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Clarification in respect of residency under section 6 of the Income-tax Act,1961

Residence in India. 6. For the purposes of this Act,— (1) An individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period or periods amounting in all to one hundred and eighty-two days or more ; or (b) [***] Deleted (c) having

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Trust for Ayodhya temple gets special I-T exemption

The exemption under Section 80G is not available to all religious trusts. A charitable or religious trust has to first apply for registration for income tax exemption under section 11 and 12, following which the exemption under Section 80G is granted to the donors. The income of the Trust would already be exempt under Sections

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CBDT orders tax officials to not issue scrutiny notices to taxpayers

After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According to it, any such notice would have an “adverse effect” on the assessees amid the coronavirus

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