Posted On:  2 weeks 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:  3 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:  4 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  5 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:  6 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:  6 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:  7 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:  7 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:  8 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


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


Clarifications for implementation of FATCA and CRS-reg : CBDT Circular no.12/2016

An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of FATCA and CRS, A Guidance Note was released on 31st August 2015 which was subsequently updated on 31.

article author CA Chirag Chauhan

Posted On:  1 year ago


Forget to sign and send ITR V for last 6 years ? You have time to Verify till August 31 2016 - CBDT

CBDT has declared August 31 as deadline for the taxpayers whose ITRs for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-based collection centre.

article author One Roof Consultant

Posted On:  1 year ago


Process to Protect your Income Tax Department e-Filing account through E filing Vault option

In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the "E-filing Vault". In order to use this facility, you can log in to your E-filing Account and to protect your e-filing vault follow the steps provided below Restricting the methods/options for Login and locking the reset password options will secure account from possible mis-use. This is for additional security or secured access.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to do Registration of New Taxpayer on e-Filing website

Are you filing first time online? Individuals and corporates who want to file Income Tax Return online have to register them self online in Income Tax Website. Once they are register as per the process below the can start filing return and track online all activity in relation to Income Tax

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Request for Resending Intimation Order u/s 143(1)/154

The Income Tax Return are processed once we get copy of order under section 143(1) or copy of rectification order undersection 154. The same is received by Email and most of time we missed out saving the email or accidently delete it. If you require copy of the order you can follow steps as mention and get copy for all Assessment year for which you have filed return online.

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Submit Request for Rectification

There are many time when there are errors in filing the Income Tax Return, may it is tax credit mismatch or any data other than tax needs to be changed. Following are the steps to be followed at the time of rectification

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Upload Income Tax Return Online

Filing of income Tax Return is very easy and convenient as all you need is internet connection and create an online account. Following are the steps to follow for filing Income Tax Return Online. You can visit link http://incometaxindiaefiling.gov.in/

article author CA Chirag Chauhan

Posted On:  1 year ago


How to Request for Refund Re-issue (in case of refund failure)

Many times refund issue is not encased because of bank account number mismatch or refund cheque getting stale. You can always apply for refund again from your online account and get it within few days. The article gives you step wise instruction on how to request for refund re issue.

article author CA Chirag Chauhan

Posted On:  1 year ago


Online PAN Verification – How to verify PAN card online ?

By using the Online PAN Verification facility, one can know/verify the Permanent Account Number (PAN). This facility is referred to as "PAN Verification" or "Know Your PAN". Any user can check the validity of pan card and cross check with department records.

article author CA Chirag Chauhan