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Showing posts from February, 2017

Cash Deposit Verification Guidelines

Cash Deposit Verification Guidelines given by CBDT to Assessing Officers[Instruction No. 3/2017 dated 21-02-2017]:1. In case of an individual (other than minors) not having any business income, no further verification is required to be made if total cash deposit is up to Rs. 2.5 lakh.2.  In case of taxpayers above 70 years of age, the limit is Rs. 5.0 lakh per person.3. In non business cases,  where the person under verification has filed return of Income, a reasonable quantum can be considered as explained while quantifying the undisclosed amount, if any4. In case of persons engaged in business or requirement to maintain books of accounts, no additional information is required to be submitted by the person under verification if total cash out of earlier income or savings (sum of responses for all cash transactions) is not more than the closing cash balance as on 31st March 2016 in the return for AY 2016-175. However, if the AO has reason to believe that the closing cash balance as on…

CBDT guidelines for TDS on Salary A Y 2017-18

CBDT vide its Circular No : 01/2017 dated 02-01-2017 (F.No. 275/192/2016-IT(B)) issued complete guidelines for TDS on Salary A Y 2017-18 During the Financial Year 2016-17 Under Section 192 of The Income-Tax Act 1961.This present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962.