Key Features – File Validation Utility (FVU) version 5.9 & 2.155

  • Integration of new Encryption certificate into File Validation Utility (FVU)
  1. Renewed Encryption certificate with extended validity has been integrated in
    FVUs.
  • This version of FVU 5.9 & 2.155 are applicable with effect from October 02, 2018.
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CBDT Extends due date for filing of Income Tax Returns

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F.No. 225/358/2018/ITA.II
Government of India Ministry of
Finance Department of Revenue
Central Board of Direct Taxes

North-Block, IT    II Division
New Delhi, the 24th of September 2018

Order under Section 119 of the Income-tax Act. 1961

On due consideration of representations from various stakeholders for extending the due date, being 30th September, 2018, for filing of income-tax returns and various reports of audit pertaining to assessment-year 2018-19 for assessees’ covered under clause (a) of Explanation 2 to section 139(1) of the Income-tax Act, 1961 (Act) read with relevant provisions of the Act & Income-tax Rules, the CBDT, hereby  extends  the  due date  for  filing  of  income-tax  returns  as well as all reports of audit (which were required to be filed by the said specified date ), from 30th September, 2018 to 15th October, 2018. However, there shall be no extension of the due date for purpose of Explanation 1 to section 234A (Interest for defaults in furnishing return) of the Act and the assessee shall remain liable for payment of interest as per provisions of section 234A of the Act.

(Rajarajeswari R.)
Under Secretary to the Government of India

 

Copy to:-

      1. PS to F.MYOSD to FM/PS to MoS(R)/OSD to MoS(R)
      2. PPS to Secretary (Finance)/(Revenue)
      3. Chairperson (CBDT), All Members, Central Board of Direct Taxes
      4. All Pr.CC8lT/CCsIT/Pr.DsGfT/DaGIT
      5. All Joint Secretaries/CsIT, CBDT
      6. Director/Deputy Secretaries/Under Secretaries of Central Board of Direct Taxes
      7. ADG(Systems)-4 with request to place the order on official website
      8. Addl. CIT, Data base Cell for piecing the order on irsofficers website
      9. The Institute of Chartered Accountants of India. TP Estate, New Delhi-110003
      10. CIT (M&TP), CBDT with request to issue appropriate Press-Release and for placing on Twitter handle of the department

(Rajarajeswari R.)
Under Secretary to the Government of India

Source: Income Tax

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Where TDS is applicable and how relief is availed

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Salary income: Employer deducts TDS on total income, including income other than salary after taking into account all deductions and exemptions. This saves the individual the hassle of paying the tax himself.

TDS rate: As applicable to an individual based on his income and deductions.

Interest income: TDS is deducted by banks on FDs and RDs if the interest exceeds Rs 10,000 a year. TDS does not end tax liability. Someone in a higher tax slab will need to pay additional tax. Those in lower income bracket can seek a tax refund.

: If PAN has been provided, TDS is 10% of income. Otherwise, it is 20% of income.

EPF withdrawals: Withdrawals from Employee Provident Fund are subject to TDS if you withdraw before five years of service. However, no TDS is deducted on withdrawals of less than Rs 30,000.

TDS rate: If PAN has been provided, TDS is 10% of the withdrawal. Otherwise, it is 20% of the amount.

Property sale: TDS is applicable if the value of the property exceeds Rs 50 lakh. If instalments are being paid TDS is deducted on each instalment. The buyer must obtain a Tax Deduction Account Number to deduct TDS. TDS has to be deposited along with Form 26QB within a week from the end of the month in which TDS was deducted. Buyer must give TDS certificate to the seller.

TDS rate: If PAN has been provided, TDS is 1% of sale value. Otherwise, it is 20% of the sale value.

On NRIs: NRIs are not permitted to submit Form 15G/H for NRO deposits and TDS is mandatory on all incomes. In case of resident Indians, TDS kicks in only if interest exceeds Rs 10,000 a year. But there are no such threshold for NRO deposits. Easwar committee has recommended easing of TDS rules for NRIs.

TDS rate: 30% on interest income from bank deposits, 20% from corporate deposits, 15% on short-term capital gains if securities transaction tax (STT) has been paid and 10% on long-term capital gains. If no STT is paid on short-term gains, TDS is 30%. Flat rate of 20% on the sale of property.

How to avoid it

TDS can be avoided by submitting Form 15G or 15H. Form 15H is for senior citizens. It can be submitted if there is no tax on total income. Form 15G is for everybody else, except NRIs. It can be filed if the tax on total income is nil and total interest income is less than the basic exemption limit.

Source: The Economic Times

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How to view your Form 26AS?

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Form 26AS can be downloaded from TRACES using the following steps:

  • First, go to www.incometaxindiaefiling.gov.in
  • Enter your Login Id (PAN), Password, Date of Birth (or year of incorporation) and the captcha code
  • Once logged in go to ‘My Account’. Click on ‘View Form 26AS’ in the drop-down menu
  • Click on ‘Confirm’ button and you will be redirected to the TRACES website
  • Select the available checkbox on the screen and proceed
  • Click on the link at the bottom of the page that says ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’. Here you have to choose the assessment year and choose either of the formats i.e. .html or .pdf
  • The password is asked for when opening the document which generally is your date of birth in DDMMYYYY format

What is Form 26AS?

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