Guide to Taxation and Legal Concern |Simplified Laws » Tax Tips http://www.simplifiedlaws.com Simplified Laws is not just about tax Laws. but about ‘Laws of Life’. Sat, 12 Nov 2016 00:58:35 +0000 en-US hourly 1 A Guide to file income tax grievances under e-Nivaran Schemehttp://www.simplifiedlaws.com/e-nivaran-scheme-for-filing-income-tax-grievances/ http://www.simplifiedlaws.com/e-nivaran-scheme-for-filing-income-tax-grievances/#comments Sat, 20 Aug 2016 12:56:39 +0000 http://www.simplifiedlaws.com/?p=6731 What is ‘e-nivaran’ Scheme? e-Nivaran is a Unified Grievance Handling Mechanism for consolidating grievances received across all platforms viz. CPGRAMs, E-filing, CPC-ITR, CPC-TDS, ASK, NSDL, UTIISL and SBI-Refund Banker. Internal channelization of grievances between different department systems and workflow’ based grievance resolution mechanism will help speeding the resolution of tax payer grievances. In the process ...

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Waiver of fee charges under Section 234E of Income Tax Act, 1961http://www.simplifiedlaws.com/waiver-of-fee-charged-under-section-234e-of-income-tax-act-1961/ http://www.simplifiedlaws.com/waiver-of-fee-charged-under-section-234e-of-income-tax-act-1961/#comments Thu, 04 Aug 2016 11:24:22 +0000 http://www.simplifiedlaws.com/?p=6726 Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a late filing fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced to improve filing compliance and to ...

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How to rectify the excess TDS done while buying a propertyhttp://www.simplifiedlaws.com/how-to-rectify-the-excess-tds-done-while-buying-a-property/ http://www.simplifiedlaws.com/how-to-rectify-the-excess-tds-done-while-buying-a-property/#comments Mon, 25 Jul 2016 01:32:13 +0000 http://www.simplifiedlaws.com/?p=6684 The purchase and sale of immovable property in India is subject to Tax Deduction at Source (popularly known as TDS) provisions under Income Tax Act. The buyer of the property is required to deduct tax (TDS) from the consideration payable to the seller. How much TDS is to be done? It depends upon the Residential ...

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How to link large value transactions to a valid PANhttp://www.simplifiedlaws.com/submit-response-to-non-pan-high-value-transactions/ http://www.simplifiedlaws.com/submit-response-to-non-pan-high-value-transactions/#comments Fri, 22 Jul 2016 10:09:26 +0000 http://www.simplifiedlaws.com/?p=6657 The Income Tax Department has been receiving information about large value transactions through Annual Information Return (AIR) without a valid PAN. In order to bring tax evaders under the tax net, the Income Tax department has sent  letters request for linking of large value transactions to a valid PAN. These letters are sent to those ...

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Did you receive notice seeking information on High Value Transactions?http://www.simplifiedlaws.com/income-tax-department-letter-seeking-information-on-high-value-transactions/ http://www.simplifiedlaws.com/income-tax-department-letter-seeking-information-on-high-value-transactions/#comments Thu, 21 Jul 2016 12:33:11 +0000 http://www.simplifiedlaws.com/?p=6644 Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued ...

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IT Department to setup new CMCPC along with Project Insighthttp://www.simplifiedlaws.com/it-department-to-setup-new-cmcpc-along-with-project-insight/ http://www.simplifiedlaws.com/it-department-to-setup-new-cmcpc-along-with-project-insight/#comments Wed, 20 Jul 2016 06:20:51 +0000 http://www.simplifiedlaws.com/?p=6634 Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of data necessitated development of a ...

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Krishi Kalyan Cess not to be levied on service provided before 31-05-2015http://www.simplifiedlaws.com/krishi-kalyan-cess-not-applicable-on-service-provided-before-31-05-2015/ http://www.simplifiedlaws.com/krishi-kalyan-cess-not-applicable-on-service-provided-before-31-05-2015/#comments Fri, 24 Jun 2016 09:34:20 +0000 http://www.simplifiedlaws.com/?p=6595 Central Government has vide Notification No.35/2016-Service Tax dated 23.06.2016, has exempted taxable services from levy of Krishi Kalyan Cess (“KKC”) if the following two conditions are satisfied: Where invoices have been raised prior to 01.06.2016; and Where provision of service has been completed prior to 01.6.2016. Accordingly, the concern of the industry that Krishi Kalyan ...

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Clarification on threshold limit of tax audit under section 44AB and section 44ADhttp://www.simplifiedlaws.com/clarification-on-threshold-limit-of-tax-audit-under-section-44ab-and-section-44ad/ http://www.simplifiedlaws.com/clarification-on-threshold-limit-of-tax-audit-under-section-44ab-and-section-44ad/#comments Tue, 21 Jun 2016 13:21:29 +0000 http://www.simplifiedlaws.com/?p=6590 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to ...

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Tax Changes wef 1st June 2016http://www.simplifiedlaws.com/tax-changes-w-e-f-1st-june-2016/ http://www.simplifiedlaws.com/tax-changes-w-e-f-1st-june-2016/#comments Tue, 31 May 2016 10:28:31 +0000 http://www.simplifiedlaws.com/?p=6557 Amendments in tax laws from 01-June-2016 [Changes proposed by Finance Act 2016] The Finance Act 2016 has proposed certain changes that come into effect from 01-June-2016. The changes are important as they may impact the way in which you transact with your customers / vendors & may require a modification to your billing system Changes in Indirect Taxes ...

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Krishi Kalyan Cess at 0.5% on all taxable services effective from 1st June 2016http://www.simplifiedlaws.com/krishi-kalyan-cess-june-2016/ http://www.simplifiedlaws.com/krishi-kalyan-cess-june-2016/#comments Sat, 21 May 2016 05:30:24 +0000 http://www.simplifiedlaws.com/?p=6553 The Finance Act 2016 had provided provision for levy and collection of Krishi Kalyan Cess (KKC) under section 158 of the Finance Act, 2016 at a rate 0.5% on the value of services. The objective of behind introducing KKC was to financing and promoting initiatives to improve agriculture or for any other purpose relating thereto. Incidentally, it was also ...

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