Amendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)

A new rule 26C is being inserted wherein the assessee shall furnish to the employer the evidence or the particulars of the claims such as HRA, Deduction u/c VI-A, in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.   For different claims, following evidences shall be required: … Continue reading Amendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)

CBDT Circular 09/2016 Reg Commencement of limitation for Penalty Proceedings U/s 271D and 271E of the Income tax Act, 1961

Background   Section 271D and 271E of the Act provides for penalty for failure to comply with the provisions of Section 269SS and 269T (i.e. Acceptance or repayment of loans and deposits by modes otherwise than account payee cheque or account payee bank draft). Sub section (2) of both these provisions provides that any penalty … Continue reading CBDT Circular 09/2016 Reg Commencement of limitation for Penalty Proceedings U/s 271D and 271E of the Income tax Act, 1961

Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.

Under the heading Deduction under chapter VI A, New columns inserted for 80CCD (1), (1B) and (2). 80CCD(1B) was inserted vide Finance Act, 2015. Before such insertion, deduction was available u/s 80CCD(1) in respect of employees contribution and u/s 80CCD(2) in respect of employers contribution.The position that stood as of now after Finance act, 2015 … Continue reading Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.