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Tag Archives: Income Tax
Issuance of TDS Certificates in Form No. 16A downloaded from TIN
As per CBDT circular no. 03/2011 dated May 13, 2011, TDSCertificates in Form No. 16A will be generated from Tax Information Network (TIN).It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions … Continue reading
HIGHLIGHTS OF UNION BUDGET – 2011-12
The basic exemption limit in the case of individuals increased from Rs.1.60 lacs to Rs.1.80 lacs. However, there is no increase in basic exemption limit in the case of Resident Women who is below 60 years at any time during … Continue reading
Posted in Income Tax, Service Tax, VAT
Tagged 2011, Amendment, Budget, Income Tax, India, new rate, Service Tax, Tax rate
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Clarification regarding processing of ITR-1 and ITR-2 returns
Section 143 of the Income-tax Act, 1961 – Assessment – General – Clarification regarding processing of ITR-1 and ITR-2 returns – Credit for tax deducted at source for A.Y. 2009-10 INSTRUCTION NO. 9/2010 [F. NO. 225/25/2010/IT (A-II)], DATED 9-12-2010 1. … Continue reading
Posted in Income Tax
Tagged CBDT, Income Tax, INSTRUCTION NO. 9/2010, ITR-1, ITR-2, Refund, TDS
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Online Rectification u/s 154 at IT Website
Income Tax Department introduces new facility for online submission of rectification request in cases where processing was completed by CPC Bangalore. Please review the guide for common errors to first rectify the return submitted and generate the rectification xml using … Continue reading
FORM 15CA & 15CB (REMITTANCES TO NON-RESIDENTS UNDER SECTION 195 OF THE INCOME-TAX ACT)
Section 195 of the Income-tax Act, 1961 mandates deduction of income-tax from payments made or credit given to non-residents at the rates in force. The person making the remittance to a non-resident needs to furnish an undertaking (in Form 15CA) … Continue reading
Posted in Income Tax, Investment in India
Tagged 15CA, 15CB, 195, form 15CA, Form 15CB, Income Tax, TDS
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Due date of filing of returns for audited case extended
F.No. 225/72/2010-ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated : September 27, 2010 Order under Section 119 of the Income Tax Act, 1961 On consideration of the reports of disturbance of general … Continue reading
Posted in Income Tax
Tagged CBDT, due date, extended, F.No. 225/72/2010-ITA.II, Income Tax, ITR, Notification, return
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Joint Housing Loan and Tax Benefit
Q. My Brother and I have decided to buy a flat and we will take a joint housing loan. How can we claim tax benefit for this year? A. You can claim the tax benefit in the ratio in which … Continue reading
Posted in Income Tax
Tagged House Property, Income Tax, Interest, Interest on Housing Loan, Joint Property, Loan, Tax Benefit on Home Loan
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How to Check Income Tax Refund Status
Step 1: Login to E-filing website to check if your return for AY 2009-10 has been processed https://incometaxindiaefiling.gov.in/portal/login.do Step 2: Go to “My Account” -> select “E-Filing Processing Status” Step 3: Enter Assessment Year -> 2009-10 and click on ‘Submit’ … Continue reading
GUIDELINES FOR SELECTION OF CASES FOR SCRUTINY DURING 2010-11
GUIDELINES FOR SELECTION OF CASES FOR SCRUTINY DURING 2010-11 Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few … Continue reading
Posted in Income Tax
Tagged 2010-11, Guideline, Income Tax, Scrutiny, Scrutiny Guideline
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Income Tax refund without matching TDS upto 3 lakh -Fy 2009-10
As per new rule of Income tax ,Tds claimed in the income tax return must be matched with data uploaded by the Deductor and data posted in form 26AS(Pan ledger) .Due to these instruction ,many refund orders are pending without … Continue reading
