Income Tax department revises the (Form 16) TDS certificate format issued by employers The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources. Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid June and is used in filing I-T returns. The revised Form, which has been notified by the Income Tax department, will come into effect from May 12, 2019. This means the income tax returns for financial year 2018-19 will have to be filed on the basis of revised Form 16. Among other things, the revised Form 16 will also include details o...

CBDT – extension in due date for non-tax audit cases is fake and there are no such plans to extend this deadline beyond 31st July, 2018 CIRCULAR No.4/2018 F.No.370889/25/2018 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 21st July, 2018 This Circular is issued in pursuant to 139(1) of the Tax Act, 1961 is to clarify that rumors spreading across in media regarding extension in due date for non-tax audit is fake and no such plans to extend this deadline beyond 31st July, 2018. The department already received over 1 crore returns filed electronically. As per Section 234F of the Income Tax Act, from 1st April 2018, the penalty for late filing income tax return would be as (a) five thousand rupees, if the return is furnished on or the 31st day of December of the assessment year; (b) ten thousand rupees in any other case: Provided further that if the total income of the person not exceed five lakh rupees, the fee...