Daily Archives: April 11, 2016

Glimpse of Real Estate (Regulation and Development) Act 2016

Real Estate (Regulation and Development) Act, 2016 received the assent of the President on 25th March 2016, which substantially amends the original Real Estate Bill, 2013. This act will apply from a date to be notified in official gazette. The Act largely seeks to protect the interest of the allottees/purchasers by promoting transparency, accountability and… Read More »

Aadhaar card printed on ordinary paper is Valid

UIDAI cautions public against sharing of their Personal Information with unauthorized Agencies for Printing PVC (Plastic) Aadhaar Card The Unique Identification Authority of India (UIDAI) cautions people not to fall to ploys of some unscrupulous entities who are charging anywhere between Rs.50 to Rs.200 for printing Aadhaar on a plastic card in the name of… Read More »

EVC for electronically filed Form of Appeal to CIT (Appeals)

Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 5/2016 New Delhi, 6th of April, 2016 Subject: Electronic Verification Code (EVC) for electronically filed Form of Appeal  to Commissioner (Appeals) In exercise of the powers conferred by sub-section (1) of section 249 read with section 295… Read More »

Show Cause Notice under Income Tax Act 1961

Show Cause Notice under Income Tax Act 1961 Purpose of Show Cause Notice  To provides for a pre-dispute consultation with the taxpayer through issue of specific show cause notices and a limited number of hearings before before issuing a tax demand notice. In all cases under scrutiny, where the Assessing Officer proposes to make additions or… Read More »

26QB online correction enabled by CPC TDS

SECTION 194-IA OF THE INCOME-TAX ACT, 1961 – PAYMENT ON TRANSFER OF CERTAIN IMMOVABLE PROPERTY OTHER THAN AGRICULTURAL LAND – CORRECTION AND STATEMENT CUM CHALLAN RELATING TO TDS ON SALE OF PROPERTY UNDER SECTION 194-IA – WITHDRAWAL OF STANDARD OPERATING PROCEDURE (SOP) LETTER F.NO.DIT(S)-2/FORM 26QB/100/2015, DATED 22-3-2016 Kindly refer to the above. 2. Section 194-IA… Read More »

FAQS ON 26QB FORM CORRECTION

26QB FORM CORRECTION Q1: What are the various types of defaults that may get generated on 26QB processing? Ans: Following are the types of Defaults that may get generated on 26QB processing:— 1) Short Deduction: Short deduction is computed when the rate at which TDS Deducted is less than 1%. Short Deduction Computation u/s 200A… Read More »