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Category: Direct Taxation

Jul 19

One time relaxation for verification of IT Returns from AY 2015-16 to AY 2019-20 which were pending due to non-filing of Form ITR-V

Large number of electronically filed ITRs are still pending with the department for want of receipt of valid ITR-V Form. In case of return from AY 2015-16 to AY 2019-20 which were filed electronically by the taxpayer within time allowed under section 139 of the Act and which are remained incomplete due to non-submission of […]
Jul 19

SFT Details now to be shown in Part E of form 26AS

From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories. Part E of the Form 26AS will include following details of SFT transactions, 1. Type of Transaction 2. Name of SFT filer […]
Jul 14

Verification of Applicability u/s 194N

CBDT provides utility for banks and post offices to ascertain the TDS applicability rates on cash withdrawals. Through this utility the banks and post offices will only have to enter PAN of the person who is withdrawing the cash and they will be able to ascertain the TDS applicability rate on cash withdrawals above 20 […]