Income Tax

e-Filing Team of Income Tax Department has started sending email communications to those who have filed income tax return for the assessment Year 2015-16 but not verified the same by sending the signed hard copy of ITR-V to Centralized Processing Centre (CPC), Bangalore or the ITR V has not yet been …

The finally wait is over. New income tax return form ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for the AY 2015-16 has been notified by the income tax department. Income tax department has already notified the ITR-1, ITR-2, ITR-2A, ITR-4S earlier last month E-filing of ITR-3, ITR-4, ITR-5, and ITR-7 will be …

CBDT issued press releases on Timely redressal of tax payer grievances and public service delivery. Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Central Action Plan 2015-16 of the Income Tax Department released during …

National Pension System (NPS) is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account. NPS is designed on Defined contribution basis wherein the subscriber contributes to his own account. The benefit subscribers ultimately receive depends on the …

Mr.Bhushan, an industrialist, is finding it hard to run his business over the last couple of years and has accumulated Rs.57 Lakh as a business loss. Now (in July 2015) he has decided to sell a portion of the industrial land (brought in 1998) of the company to repay the …

  As you may be aware by now that the Centralized Processing Cell (TDS) is informing you of PAN and Challan Errors, through an Intermediate Communication, during processing of Original Quarterly TDS Statements, before Defaults are finally computed and Intimations are generated.   On receipt of the above communication, you are …

Trust me, this government is confused. In that way, UPA government was better. We knew for sure that their approach to taxpayers was close to ‘harassments’. Contrarily, NPA government talks about ease of doing business, trusting the people, transparency, digitization, less human intervention, etc. But when it comes to action, …

Taxpayers filing return of income electronically (without digital signatures) are required to send the signed copy of ITR-V acknowledgement to the CPC, Bengaluru within 120 days of uploading the return. From the Assessment Year 2015-16, an option is given to the taxpayer to file return of income via ‘Electronic Verification …

Income Tax Department has started linking Permanent Account Number (PAN) with the unique identification Number Aadhaar, a step that will eliminate sending ITR – V to CPC. However, Aadhaar Number can be lined only if Name, Date of Birth, Gender as per Aadhaar Card matches with the details as per …

Central Board of Direct Tax (CBDT) Vide Notification No 2/2015 dt 13/07/2015, prescribed detailed procedure for electronic verification ( EVC ) for electronically filed Income tax Return. Department has also released user manual for e-verification of Returns. Here is the detailed step involved in e-Verification of an already uploaded return(Non-Net – NetBanking) 1 Click …