INDIAN TAX SOURCE

Indian Tax Source Wishes You a Happy Diwali.

SMS alert service for TDS deductions s many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. tax payers will benefit if they receive information through use of technology. So they can match the office salary slip and the SMS and at the end of the fiscal he will be clear about any possible tax dues “The frequency of SMS alerts will be increased, once the process for filing TDS returns is stremlined to receive such information on a real time basis,” the CBDT said. CBDT Chairperson Rani Singh Nair said the tax department is encouraging people to register their mobile number on the e-filing website. She said tax payer will initially receive a welcome message from the CBDT informing him about the facility and after that each assessee would be sent messages informing them about their respective TDS deductions. The new step is an effort by the IT department to directly communicate...

Tax Department To Appreciate Honest Tax Payers Central Board of Direct Taxes (CBDT) will be sending certificates of appreciation to individual tax payers by e-mail on the basis of the level of taxes paid by them for the current Assessment Year 2016-17.  Recently, Finance Minister, Shri Arun Jaitley handed over certificates of appreciation issued by CBDT honoring select tax payers for such contribution.  This step marks the first effort by the Government to directly communicate to the tax payer its appreciation for that contribution.  Individuals who have paid in full tax and have no outstanding tax liabilities and where the return is e-filed within the prescribed due date, will receive such certificates. The tax payers may display these certificates in their homes or offices. The categories for individual taxpayers and the number of certificates being issued in the first round are:  Platinum: Tax contributed Rs. 1 Crore and above  ...

Last Day For  Filing In Income Declaration Scheme The government has ruled out any extension Till Now to the September 30 deadline for filing income disclosure under the black money compliance window. Under the IDS, people can disclose their undeclared income and escape prosecution. The scheme, which was launched on June 1 to uncover black money, closes on September 30. Those disclosing assets under the IDS will have to pay 45% tax plus penalty. Also the payments can be made in three instalments till November 2017.

Due date of Income Tax return filing was extended CBDT has extended the due date of return filing From 30th September 2016 to 17th October 2016. Due date of filing income tax returns and Submission of audit Reports for FY 2015-16(AY 2016-17) is 17th October 2016.

Indian Tax Source Wishes a Happy 70th Independence Day.

Govt extends last date for filing I.T. returns to  5th August The last date for filing income-tax returns has been extended to 5 August. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by 31 July. But in view of the day-long strike at public sector banks, the deadline has been extended to 5 August. For assessees across India liable to file I-T returns by 31 July, the deadline is extended up to 5 August,  “For assessees in Jammu & Kashmir, this date has been extended to 31 August,”