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2016
  • Electronic Verification Code (EVC) has been enabled for online filing of appeal before Commissioner (Appeal) in Form 35 for taxpayers not required to file using DSC.
  • Here is the procedure for e-filing /Online Filing of of CIT Appeal in form No. 35 by Individuals and other than Individuals using Digital Signature or by Electronic Verification Code (EVC).

e-Verify Form 35 (Individuals)

  • Login to e-Filing Portal.
  • Click “e-File” – Select “Prepare and Submit Online Form (Other than ITR)”.
  • Select the Form Name as 35 from the drop down and click “Continue”.

2016
  • As you are aware, currently online upload of e-TDS/TCS statement(s) and Annual Information return (AIR) facility is provided by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) on behalf of Income Tax Department (ITD).
  • We hereby inform that from May 1, 2016, the functionality of Online Upload of e-TDS/TCS statement(s) will be available on e-filing portal of Income Tax Department.
  • The Deductor must have registered the TAN at Income Tax Department’s e-Filing Portal using a valid Digital Signature Certificate. To know detailed procedure on how to register as ‘Tax Deductor and Collector’ please check the attached manual.

2016

Step-wise Procedures and Guide for e-filing of Form 15G, 15H in electronic form by the deductors to the office of the income tax

  • CBDT vide notification No. 76/2015 dated 29/09/2015 provided for the electronic filing of form 15G and form 15H declarations by person claiming receipt of certain incomes without deduction of tax wef 01/10/2015.
  • Later Directorate of income-tax (Systems) vide Notification No. 04/2015 dated 01/12/2015 further specified the procedure , formats and standards facilitating electronic filing of the Form 15G and 15H.
  • Electronic formats have since been finalized and have been made live. Income Tax Department has also specified Instructions to e-File “Statement of Form 15G/15H which are reproduced here under together with added visuals to help users.

2016
  • Let’s start with understanding ‘Rental Income’. When you rent out your house or a commercial property or a land appurtenant and the income earned is known as rental income. This rental income which is not used for business or profession is added under the ‘Income from House Property’ is subject to Income tax.
  • Income tax act requires an assessee to disclose all house properties owned by him in his Income tax return. In case of multiple house properties, only one property can be claimed as self-occupied (if not rented out) and others are to be compulsorily considered as let out (i.e. deemed let out). The deemed let out declaration is a rule even if the said house property is vacant or self/family occupied and no rental income is earned on it.
  • Are you looking for saving tax on such a rental income generated from house property owned in India? This blog shares some insight about rental income, its components and various ways to reduce the tax with the deductions available on such rent received.
  • Let us discuss how to plan and reduce your tax burden on rental income.
    1. Higher rental income consideration : Based on Income tax act, taxpayers can declare a higher rental value property as his self-occupied property if he owns multiple ones in the same city. One can compute notional or deemed rental value on the other properties on declaration and pay the income tax.

2016
  • During the tax-filing period of 2015, the Income Tax Department inched a step closer to taking the entire e-filing procedure paperless and thoroughly online. This was achieved by launching a facility of electronic verification of returns electronically filed through the Income Tax e-filing portal.
  • Multiple sources helped a tax filer generate the 10-digit alpha numeric e-verification code (EVC) in July 2015. One could generate it through net banking, using Aadhar card or even through the bank’s ATM channel. So far, 52.72 lakh returns have been e-verified of which 40.53 lakh returns were e-verified using Aadhar card during the year as per data provided by the www.incometaxefiling.gov.in website.
  • This month the Central Board of Direct Taxes has added two more ways of e-verifying the returns filed electronically.

2016
  • All tax arrears below Rs 5,000 will be written off, sparing almost two-thirds of the over 1.9 crore taxpayers who have been slapped demands, in a move that would allow tax officers to focus on bigger cases that would yield revenue.
  • The tax collection machinery is getting more focused. All tax arrears below Rs 5,000 will be written off, sparing almost two-thirds of the over 1.9 crore taxpayers who have been slapped demands, in a move that would allow tax officers to focus on bigger cases that would yield revenue.
  • The futility of going after persons/entities who have little to pay up as arrears is evident from the fact that the total tax demand placed on over 1.2 crore taxpayers facing demands for Rs 5,000 or less is just Rs 1,445 crore. This is just 0.19% of the estimated total arrears of Rs 7.5 lakh crore from all taxpayers.

Financial Management