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Taxpayers are compiling various documents to file an ITR with the correct figures. Most of the businessmen have hired professionals and purchased taxation & accounting software for e-filing ITRs effortlessly. Salaried individuals are also under an obligation to file ITRs by using Form 16. Form 16 is not only a basic document but an ad […]
Recently, the Income Tax department has extended the final date for employers to disperse Form 16 TDS certificate to its employees till 31st July 2021 for FY 2020-21. Along with this, the income tax department has also extended the last date to file the TDS return in Form 24Q by one month till 15th July. […]
A new format for Form 16 has been notified by the CBDT (Central Board of Direct Taxes), which is the ‘salary TDS certificate’. This new format will break down the tax-exempt allowances in detail, which are paid to the employee and apart from this, the entire tax breaks that are claimed by the taxpayers. Salary […]
Form 16 is a TDS certificate, which is given by employers to employees certifying that TDS has been deducted from their salary. According to the tax rules of India, every employer must deduct a certain amount of salary as TDS at an average rate of income tax. The basic funda is if your net earnings are […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) validated the deletion of an addition of ₹2,16,27,822 made u/s 69A of the Income Tax Act, 1961, due to a mismatch between the commission and other income reported in the books and the figures specified in Form 26AS. The taxpayer, Samarth Lifestyle Retailing Pvt. Ltd., […]
The MCA has announced the Companies (Registration Offices and Fees) Amendment Rules, 2025, introducing several modifications to the GNL-1 form. With effect from 14th July 2025, the new amendments, issued through G.S.R. 360(E), will come into force and must be certified by a whole-time tax professional such as a Chartered Accountant (CA), Company Secretary (CS), […]
The decision of the Commissioner of Income Tax(Appeals)[CIT(A)] has been carried by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) permitting the tax deducted at Source (TDS) credit of ₹168.61 crore, noting discrepancies in 26AS form due to late payment of TDS and revised filings, and asked the AO to verify the credit. On […]
To address the condonation of delay in submitting required income tax forms, Circular No. 16/2024 dated November 18, 2024, has been issued by The Central Board of Direct Taxes (CBDT). These required income tax forms are- Form No. 9A, 10, 10B and 10BB for the Assessment Year (AY) 2018-19 and the following assessment years. The […]
You are within particular financial transactions this past September, November 14, 2024, is a crucial due date that is near. Various forms by this date pertinent to the tax deductions required to be provided such as forms 16B, 16C, 16D, and 16E. Below is a guide to Forms 16B, 16C, 16D, and 16E what each […]
