Budget 2016: Eight takeaways for individual taxpayers
Although FM Jaitley did not make any changes to the tax slabs in this year’s budget, he had a suitcase full of small changes that will make a significant impact… Read more »
Tag: Tax
Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted
If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax… Read more »
Statutory provisions attracted on failure to deposit tax in government account after deduction
Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest… Read more »
Expedite Tax Refunds Below Rs. 50,000: CBDT
In an effort to reduce taxpayers grievances, the Central Board of Direct Taxes on Monday directed the Income Tax department to expedite issuance of pending refunds which are below Rs…. Read more »
Key Features of File Validation Utility (FVU) version 2.143
Remark T (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable… Read more »
Strong action against big tax evaders acts as deterrent: CBDT
The CBDT dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and maintained that stringent action in big cases of evasion… Read more »