The Ministry of Finance vide its order dated 29th July, 2016 has extended the due date of filing of Income tax return from 31st July, 2016 to 31st August, 2016 for Jammu & Kashmir and to 5th August, 2016 for rest of India. The reasons sited behind the extension are strike by bank employees on 29th July, 2016 and Sunday on 31st July, 2016, so to avoid hardship in depositing tax due the date is extended. further for Jammu & Kashmir the reason is recent unrest in the valley. The Copy of both the orders is given below.
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A clarification has been issued by CBDT on TCS on Cash Sale exceeding Rs. 2 lakhs. CBDT vide Circular No. 23/2016 dt. 24 June 2016 has clarified on FAQs of stakeholders reg. scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Income Tax Act, as under:
Advance Tax provisions have been amended by the Finance Act 2016 (No. 28 of 2016) which are effective for Assessment Year 2017-18 relevant to Financial Year 20016-17. The amendments are given here under:
In the Finance Act-2015 a new sub-section 1B to section 80CCD in the Income Tax Act-1961 was inserted whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS). This deduction is over and above the deduction of Rs. 1.50 Lac available u/s 80C for contribution in LIC/PPF/NSC etc. Deduction of Rs 50,000/- under 80CCD (1B) is exclusively for investments in NPS and cannot be availed against any other investment. NPS is a voluntary pension scheme regulated by Pension Fund Regulatory and Development Authority (PFRDA).
The Finance Ministry on Tuesday 1st March, 2016, issued an 11-point clarification on the changes made in the Budget 2016-17 on tax treatment for provident fund and NPS (National Pension Scheme). "There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS," the Finance Ministry said in a statement. The detailed press release is given below.
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Government of India vide its press release date 1st October, 2015 extended the date for filing of Income tax returns and tax audit reports to 31st October 2015. The copy of press release is given below.
CBDT vide its Notification No. 61 dated 29th July, 2015 has notified the ITR forms ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 for the Assessment Year 2015-16 related to Financial Year 2014-15. The new forms will be available for efiling shortly. The copy of the Notification is given below.
Income Tax: CBDT notifies return form ITR-1, ITR-2, ITR-2A & ITR-4S to be filed for AY 2015-166/28/2015
Central Board of Direct Taxes vide its notification No. 49/2015-INCOME TAX, Dated: June 22, 2015 has notified the income tax return forms ITR-1, ITR-2, ITR-2A & ITR-4S for filing return of income for the Assessment year 2015-16. The text of the said notification is given below. You can also download the copy of the said notification and copy of ITR forms notified from the links given below.
CBDT in its earlier press release mentioned that as the software for ITR forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015. Accordingly, the time limit for filing these returns for AY 2015-16 is proposed to be extended up to 31st August, 2015. A separate notification will be issued in this regard. Now CBDT has released this ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015 regarding extension of due date of filing Income Tax return for assessment year 2015-16. The said order is given below.
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