Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | December 25, 2018

New requirement on e-filing of Application for ‘Lower’ or ‘Nil’ TDS Rate Certificate in Form 13 u/s 197/ 206C(9) of Income Tax Act, 1961 has been relaxed by CBDT upto 31 Dec. 2018/ 31 March 2019 for residents/ Non-residents (NRIs), in view of hardships being faced by them. In the meantime manual filing of Form 13 will continue.

Exception from online filing of application under section 197 and 206C(9) in the cases of NRIs and resident applicants 

The Central Board of Direct Taxes has decided to allow exception from online filing of application under section 197 and 206C(9) in the cases of NRIs and resident applicants.

Vide Notification No. 74/2018 dated 25.10.2018, Rule 28 of the Income Tax Rules, 1962 was amended to prescribe electronic f...

Category: Income Tax 

Tags: Updates 

By: Nandhakumar & Sundaran | December 15, 2018

The process of filing tax returns will soon become a lot easier, with the tax department planning to introduce pre-filled fields based on information already available with it, cutting out the tediousness of this annual chore.Data available from entities that deduct tax at source such as employers and banks would be used to offer pre-filled tax return forms to people, Sushil Chandra, chairman of Central Board of Direct Taxes (CBDT), said, adding that work on this project was on. A pre-filled return could be submitted directly or after modification, he said.The new form is aimed at encouraging people, who are daunted by the complexity of the process, to file their taxes. It’s also part of the department’s efforts to present a taxpayer-friend...

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | December 08, 2018

CBDT has clarified/ reiterated that in the case of senior citizens, no tax (TDS) is required to be ‘deducted at source’ under Section 194A, where the amount of such income (credited or paid) during the financial year does not exceed Rs. 50,000/- (Rupees fifty thousand) in aggregate.

CBDT (Systems) Notification No. 06/2018 Income Tax dt. 6 Dec. 2018

1. It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors/ Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees. The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income...

Category: Income Tax 

Tags: Updates