Points to be in mind while Filing Income Tax Return 1. Due date of Filing of Income Tax Return has been extended till 31 August 2015 for the Assessment Year 2015-2016. 2. Maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000 includes payment for LIP,PF, PPF, NSC,New Pension […]
Tag Archives: Income Tax updates
e-Verification of Income Tax Returns CBDT vide Notification No. 2/2015 prescribes Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the person furnishing the return of income.The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 […]
Interest on refund even if law is silent I am sharing here are important judgement of the Hon’ble High Court of Gujarat in the case of State of Gujarat Vs. Indian Petro Chemicals Ltd. [2015 (6) TMI 541 – Gujarat High Court] on following issues:
Section 269SS and 269T – increase limits and widen coverage to achieve purpose Section 269SS and 269T concern about acceptance of loan or deposit of money and repayment of the same. In view of proposed amendments, after passing of Finance Bill 2015 specified payments for property deals will also be covered. Provisions provide for receipt […]
Calling unnecessary documents in Scrutiny assessments During Scrutiny assessment the A.O waste not only his assessee time but also other parties with whom his assessee had entered into transactions. For verification purpose , notices are issued calling for information, documents, and evidences and sometimes for personal appearance as well.