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Tax
TDS rule applicable 1st June onwards-Immovable
  TDS rule applicable 1st June onwards-Immovable 1. Starting 1 June 2013, the 1% tax deducted at source (TDS) has been applicable on the value of transfer of immovable property worth Rs 50 lakh and above. 2. The immovable property includes assets such as a house, commercial property and land purchased for commercial or residential purposes. 3. It is the responsibility of the property buyer to deduct the TDS and deposit it with the government. However, he need not procu...
Custom Duty on Gold & Silver Raised to 10%
  Custom Duty on Gold & Silver Raised to 10% As a part of measures towards containing the current account deficit, the customs duty on gold and platinumhas been increased from 8% to 10% and on silver from 6% to 10%. Consequential adjustments in customs duties are being made on gold ore / concentrate, gold dore bar and silver dore bar. Thus, additional duty of customs (CVD) on gold dore bars and on gold ore/concentrate is being increased from 6% to 8% and on silver dore...
Cyber criminals try to steal fin data using fake tax ads: McAfee
  Cyber criminals try to steal fin data using fake tax ads: McAfee   As Income Tax e-filing picks up pace due to last minute rush, cyber criminals are busy using phishing e-mails and fake ads to steal confidential financial data of users, cyber security firm McAfee said today. Cyber criminals try to take advantage of the rush during the last days of e-filing as tax payers try to meet the deadline set by the I-T department. Central Board of Direct Taxes (CBDT), the administrative authority of the ...
Additional info to be furnished by Non Resident with TRC to claim treaty benefits
  Additional info to be furnished by Non Resident with TRC to claim treaty benefits   NOTIFICATION NO 57/2013, Dated: August 1, 2013 In exercise of the powers conferred by section 90 and section 90A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called theIncome-tax (11th Amendment) Rules, 2013. (2) They shall be deemed to have come into ...
Foreign citizens/NRIs can now pay PAN application fee in any currency using Credit /Debit Card
  Foreign citizens/NRIs can now pay PAN application fee in any currency using Credit /Debit Card As per information uploaded on NSDL website Facility for payment of PAN application fee in Indian Rupees & foreign currency by foreign citizens/NRIs using ‘Credit Card/Debit Card’ is now available for those applicants who apply PAN online. Foreign Citizen /NRI if If communication Address is within India can pay by any of the following methods :-    - Demand Draft  - Cheque&nb...
Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers
  Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers   Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers again urged to disclose their true Income and Pay Due Taxes As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around 12 lakh non-filers identified as a result of data matching exercise. With this latest batch, the ...
Income tax department extends due date of filing the return to 31 October 2013
  Income tax department extends due date of filing the return to 31 October 2013 Income tax department has extended due date for filing return of income from 31 July 2013 to 31 October 2013 for the resident or assessee assessed in state of Uttrakhand. Income tax department issued an order  regarding extension of due date.    Considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct Tax...
Salaried with total income upto Rs. 5 lakh also to FIle IT return for A.Y. 2013-14
  Salaried with total income upto Rs. 5 lakh also to FIle IT return for A.Y. 2013-14 CBDT has vide its press release dated 22/07/2013 clarified that exemption for filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively.  The exemption was given considering ‘paper filing of returns’ and their ‘processing throu...
Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh
  Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh   The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.               The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs including in...
CBDT instruction on TDS mismatch (Form 26AS) if deductor has deposited Tax amount
  CBDT instruction on TDS mismatch (Form 26AS) if deductor has deposited Tax  amount   SECTION 139, READ WITH SECTION 199 OF THE INCOME-TAX ACT, 1961 - RETURNOF INCOME - CREDIT OF TDS U/S 199 TO AN ASSESSEE WHEN THE TAX DEDUCTED HAS BEEN DEPOSITED WITH REVENUE BY DEDUCTOR - DIRECTION OF HON'BLE DELHI HC IN THE CASE 'COURT ON ITS OWN MOTION VS. UNION OF INDIA &ORS. IN WP(C) 2659/2012 & WP(C) 5443/2012' INSTRUCTION NO. 5/2013 [F.NO.275/03/2013-IT(B)], DATED 8-7-2013 1. The ...

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