Income Tax work to do in January 2016

7 January 2016 – Due date for deposit of Tax deducted/collected for the month of December, 2015. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan. 7 January 2016 – … Read more

PAN quoting requirement from 1st January 2016

Press Information Bureau Government of IndiaMinistry of Finance15-December-2015 19:59 IST Rules regarding quoting of PAN for specified transactions amended  The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of … Read more

Last date of payment of December 2015 installment of advance tax in the State of Tamil Nadu and Union territory of Puducherry has been extended to 31.12.2015

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  New Delhi, 15th December, 2015 Subject: Extension of last date for December 2015 installment of advance tax for taxpayers in Tamil Nadu and Puducherry -reg-.  The last date of payment of December 2015 installment of advance tax for both corporate and … Read more

CBDT simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return

Government of India Ministry of Finance Department of Revenue  10th December, 2015   Subject: New facility of pre-filling TDS data while submitting online rectification -reg. Central Board of Direct Taxes has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return. Taxpayers were required to fill in complete details … Read more

Due date for deposit of TDS for the November 2015 has been extended to 20th December, 2015 for the deductors located in the State of Tamil Nadu

Due date for deposit of tax deducted at source and tax collected at source during November 2015 has been extended to 20th December, 2015 for the deductors located in the State of Tamil Nadu Chennai and a large part of Tamil Nadu have received unprecedented rainfall leading to flooding of large areas and disruption of … Read more

CBDT has issued directions to expedite the issue of pending refunds below Rs.50000

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  New Delhi, 7th December, 2015 Subject: Expediting issue of refunds below fifty thousand for A. Y. 2013-14 and A.Y. 2014-15 – regarding  This initiative is expected to significantly reduce taxpayer grievances and enhance the taxpayer satisfaction.  Pr. Commissioner of Income Tax … Read more

Rates of Income Tax as per Finance Act, 2015

As per the Finance Act, 2015, income-tax is required to be pay for financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates:   Income Tax Slab Rates   A.          Normal Rates of tax:    Sl No Total Income Rate of tax 1 Where the total income does not exceed Rs. 2,50,000/-. Nil 2 Where the total income exceeds Rs. … Read more