Posted On:  3 months ago


Over 11.44 lakh PAN cards deactivated How to check if your is active and process to activate

The government has deleted or de-activated over 11.44 lakh permanent account numbers (PANs). This was informed by minister of state for finance Santosh Kumar Gangwar in a written reply to the RajyaSabha.11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person. 

article author CA Chirag Chauhan

Posted On:  6 months ago


CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

article author CA Chirag Chauhan

Posted On:  7 months ago


Your PAN number will be Invalid and you will not able to file tax return, if not linked to Aadhaar card by 1 July 2017

How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which the subsidy on LPG cylinders will be credited directly to consumers' Aadhaar-linked bank accounts, KYC verification process to recently launching “Aadhaar Pay” on 14th April 2017, a payment system which will enable people to carry out bank transactions just by using their thumb impressions. While the law had empowered the Centre to mandate use of Aadhaar in most of the center funded schemes, since then the corruption level has significantly reduce. In recent Finance Act 2017 government has mandated use of Aadhaar for filing returns and linking of all existing PAN Number with Aadhaar Number.

article author CA Chirag Chauhan

Posted On:  8 months ago


New Trade mark rules 2017

The Trade Mark Rules, 2017 have been notified and have come into effect from 06th March, 2017. These Rules, which replace the erstwhile Trade Mark Rules 2002, will streamline and simplify the processing of Trade Mark applications.

article author One Roof Consultant

Posted On:  9 months ago


Failed to reply cash deposit verification of income tax ? Be ready for legal notice

Vide Instruction No. 3/2017 dated 21.02.2017, in file of even number, CBDT has issued a SOP to be followed by the Assessing Officer(s) for Online Verification of Cash Transactions pertaining to the demonetisation period. In continuation thereof, the Board hereby prescribes a Template, to be used for issue of notices under section 133(6) of the Income-tax Act, 1961 (`Act’) in

article author CA Chirag Chauhan

Posted On:  9 months ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  9 months ago


Deposited Cash from 9 Nov to 31 Dec 2016 and received Notice ? Read FAQ

The basic information required is: PAN, Full Name, Date of birth/incorporation, communication address, valid e-mail id, mobile number and digital signature certificate (if applicable). For persons other than individuals, in addition to the above mentioned information, PAN details and contact details of the principal contact are required.

article author One Roof Consultant

Posted On:  9 months ago


CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building

In continuation of the initiative of the Government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates to nearly 3.74 Lakh tax payers. With this, the total number of certificates issued by CBDT now stands at approximately 23 Lakh.

article author One Roof Consultant

Posted On:  10 months ago


How to submit online response to Income Tax for Cash Deposit in Bank Account

Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation data i.e. transactions related to cash deposits during 9th Nov to 30th Dec 2016.

article author CA Chirag Chauhan

Posted On:  10 months ago


Income Tax Department (ITD) launches Operation Clean Money [स्वच्छ धन अभियान]

Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose

article author One Roof Consultant

Posted On:  11 months ago


Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred as the Rules) specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.

article author One Roof Consultant

Posted On:  1 year ago


Peak Filing Preparation 2016-MCA 21

As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act. To avoid last minute rush and system congestion on the MCA 21 portal on account of annual filings during October / November 2016, we are quite sure that you might have already taken steps in advising corporates to file balance sheet and annual return of the companies early without postponing it to the last few days permitted for the same.

article author One Roof Consultant

Posted On:  1 year ago


ITR-7 data related to exemptions approved u/s 35 and 80G for AY 2014-15 and AY 2015-16

We have received requests from O/o CIT(Exemption), Mumbai and O/0 JCIT(Exemption),Range-2, Delhi for supply of ITR-7 data related to Approvals u/s 35 and 80G for AY 2014-15 and AY 2015-16 for the purpose of Manual Scrutiny under the Central Action Plan 2016-17. 2. Based on requests received we have extracted data from all latest ITR-7 of AY 2014-15 and AY 2015-16 submitted online upto 14-Sep-2016 where the assessee has mentioned details of approvals u/s 35 or 80G.

article author One Roof Consultant

Posted On:  1 year ago


E- Nivaran- hassle free solution for your tax related grievances

E- Nivaran is a special grievances redressal system launched by the income tax department in order to track the taxpayer complaints and resolve them as early as possible. This system is enabled on each assessee’s ID who is registered on the Income tax e-filing portal. The assessee can file his complaint relating to his/ her income tax return online and can resolve their problem from different departments like NSDL, UTISL or CPC. The assessee doesn’t have to visit the IT office for submission of documents as he can upload the documents through e- Nivaran. The following are the various categories and sub category of departments with whom we can lodge our complaint and resolve the same

article author CA Chirag Chauhan

Posted On:  1 year ago


Extension of due date for quarterly furnishing of 15G/15H declarations

The Pr. DGIT (Systems) vide Notification No. 10/2016 dated 31/08/2016 has further extended the due dates for quarterly uploading of Form 15G/15H declarations by payers on e-Filing portal for the periods 01/10/2015 to 31/03/2016 and 01/04/2016 to 30/06/2016 up to 31/10/2016

article author One Roof Consultant

Posted On:  1 year ago


Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Non PAN 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 at Rs. 30,00,000 or more, etc. Many of these transactions do not have PAN linked to it. The Department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17

article author One Roof Consultant

Posted On:  1 year ago


Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45% of such undisclosed income declared.

article author AMBUJ JAIN

Posted On:  1 year ago


How to know PAN Number of the Company/Business – Know your PAN from Basic Details

Know your PAN from Basic Details- This article will help you to know the basic details of a PAN no just follow the link and steps provided in article

article author Pankaj Goenka

Posted On:  1 year ago


Separate date for furnishing 15G/15H announced by CBDT vide Notification No 09 2016

TDS return for June was required to be filed by 31st July, for Sep by 31st October, for December by 31st January, for March by 31st May as per N/N 30/2012 dtd. 29-04-2016. No separate date was prescribed for 15G/15H.However now, separate dates for uploading 15G/15H have been provided vide Notification dated 09-06-2016. Due Date for QE 30

article author One Roof Consultant

Posted On:  1 year ago


How to get back income tax refund in your account if wrongly credited in someone else's account?

Few steps you can follow to get your refund back in your account only

article author DARSHAN GANDHI