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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 the tax-exempt allowances in detail which are paid to the employee and apart from this, the entire tax breaks which are claimed by the taxpayers. Salary TDS […]
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 […]
During remanding the case back for re-adjudication, the Mumbai ITAT stated that the prima facie onus shall be on the taxpayer to verify its claim of non-granting of TDS credit, by furnishing pertinent documents, like an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of […]
Recently, the Central Board of Direct Taxes (CBDT) released a significant notification, identified as Notification No. 16/2024 on January 24, 2024. This notification introduces the revised Income Tax Return (ITR) Form ITR-6 tailored for companies (excluding those eligible for exemption under section 11) for the Assessment Year (A.Y.) 2024-25. The modifications in the form are […]
Let’s discuss more the form 16C and challan 26QC for deducting the TDS on rent. So as to draw a higher rental income group under the tax, the government in budget 2017 has incorporated a new section 194IB. Provision, the person and HUFs who file the rent of INR 50k or more shall need to […]
Taxpayers must have to submit their certain Income tax Returns under the specified time span to escape fines. However, there are majorly two documents that one should require for filing their annual returns namely form 16 and form 26AS. These two documents are equivalent and should match in all ways to ensure that your Income […]
The Central Board of Direct Taxes ( CBDT ) has revised the last date for the electronic filing of several income tax forms beneath the income tax act. The board, acknowledging hardships reported through the assessee as well as other shareholders in the electronic filing of specific Forms beneath the provisions of the income tax […]
A taxpayer that had earlier registered for the Goods and Services Tax (GST) and now wishes to cancel his registration can do so by filing the GST registration cancellation application in Form GST REG-16. In this article, you can read about the procedure to file an application for the cancellation of GST registration Get to […]
