News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
News Headlines »
 Income-tax (13th Amendment) Rules, 2019
 How you can e-verify your Income Tax Return and get a refund
 GSTR-9, GSTR-9C forms simplified deadline extended
 Income-tax (12th Amendment) Rules, 2019
 Individuals with more than one house cannot use ITR-1 form to file taxes
 Income tax department admits error in charging late ITR filing fee
 How to pre-validate your bank account to get income tax refund Income Tax Return 2019
 Notification NO. 86/2019 Income-Tax
 Didn't receive income tax refund? Here's how you can raise a re-issue request step by step
 Notification No. 80/2019- The Central Board of Indirect Taxes and Customs
 CBDT Extends Income Tax Return Filing Deadline in J&K, Ladakh Union Territories to November 30

Three changes that will impact the tax filing ITR filing
June, 25th 2019

Delayed Form 16

You will not be getting your Form 16 on time this season. “When employers deduct TDS they have to deposit it to the government and submit Form 24Q for the same. The format of Form 24Q and Form 16 recently changed," said Archit Gupta, founder, Cleartax. The government has hence revised the due date of submission of Form 24Q from May 31, 2019 to June 30, 2019 and the deadline for employers to issue Form 16 has also been extended by 25 days, from June 15 to July 10. “This would leave salaried taxpayers with a time-frame of just 20 days to file their returns," said Rajat Mohan, senior partner, AMRG and Associates.

New tab for Section 80GGA

This year in the online form of ITR-1, a new tab for section 80GGA has been added. If you wish to claim deduction for donations to scientific research or rural development, you will now have to furnish additional details. “You are required to enter the complete details in respect of name and address of the donee, and PAN of the donee, amount of donation and amount eligible for deduction thereof," said Mohan. Earlier, there was a general tendency among taxpayers to claim ineligible tax deductions, he added. This will aid the tax department to rule out false claims.

Tax refunds only in PAN linked A/Cs

The I-T department has decided to issue only e-refunds from March 1, 2019. So far, the I-T department used to refund in cheque as well. “E-refunds will be issued to only those bank accounts which have been verified on the e-filing portal and are also linked with the PAN of the taxpayer," said Mohan. “Digital refunds would reduce the time lag for you when you receive the money. This step would also bring transparency in the working of tax officers eliminating the interplay of kickbacks," he added. If you haven’t linked your PAN with your account, you need to do it. It can be savings, current, cash or overdraft.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions