31 March 2016
25 March 2016
Government of India
Ministry of Finance
23-March-2016 17:29 IST
Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax
Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by logging in to www.incometaxindiaefiling.gov.in. The information about interest payments without deduction of tax is also filed by the payer with the Department.
Central Board of Direct Taxes(CBDT) hereby informs the persons earning interest income that interest credited/received on deposits is taxable unless exempt under Section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed if the earning is not exempt under Section 10 of the Income-tax Act and the total income of the person exceeds the maximum amount not chargeable to tax.
Tax payers are advised to collect correct details of interest received or credited and
· file their return of income for assessment year 2014-15 (if not filed already) on or before 31.03.2016 in case their total income exceeds the maximum amount not chargeable to tax.
· revise their return of income for assessment year 2014-15/2015-16 if the return already filed does not include taxable interest income.
· file return of income for assessment year 2015-16, if not filed so far by including taxable interest income if any, on or before 31.03.2016 and avoid penalty u/s 271F.
For more details, you may contact your Assessing Officer or Toll free number 1800-180-1961.
22 March 2016
Step-wise Procedures and Guide for e-filing of Form 15G 15H by Deductors
Step-wise Procedures and Guide for e-filing of Form 15G 15H in electronic form by the deductors to the office of the income tax
CBDT vide notification No. 76/2015 dated 29/09/2015 provided for the electronic filing of form 15G and form 15H declarations by person claiming receipt of certain incomes without deduction of tax wef 01/10/2015.
Later Directorate of lncome-tax (Systems) vide Notification No. 04/2015 dated 01/12/2015 further specified the procedure , formats and standards facilitating electronic filing of the Form 15G and 15H.
Electronic formats have since been finalised and have been made live. Income Tax Department has also specified Instructions to e-File "Statement of Form 15G/15H which are reproduced here under together with added visuals to help users.
(A) Registration Process:
To electronically file the "Statement of Form 15G/15H", the user should hold a valid Tax Deduction Account Number (TAN) and should be registered at incometax e-filing website in the category as "Tax Deductor & Collector".
For Registration, go to registration page, select "Tax Deductor & Collector" and complete the registration process.
(B) Filing Process:
(1) Download FORM 15G/15H utility from Downloads page -> Forms (Other than ITR) -> FORM 15G/FORM 15H (Consolidated) in zip format
(2) Extract/un-zip the files into a folder and click on the ".bat" file to activate Form 15G/15H as the case may be
(3) Please note that the Form 15G and 15H utilities require the following pre-requisite platforms to run:
(i) Operating systems – Windows 7 or above, latest Linux or Mac OS 10.10(OS X Yosemite)
(ii) Java Runtime Environment Version 7 update 6 or above
(4) Filling the form:
(i) The electronic utility have the following menu options
For first time filing, use lower menu bar. The top menu bar can be used to open a a saved file, save a draft and generate xml after validation.
(ii) Steps involved:
Step-1: Form 15G/H(Consolidated) -> Fill TAN and select the applicable quarter and financial year for which the declaration is to be given.
Step-2: Basic Details -> Fill 10 alphanumeric Unique Identification No. starting with G (for Form 15G) and starting with H (for Form 15H) followed by 9 digits followed by financial year and TAN, then fill details of the assessee (PAN/name, address etc.). Date on which declaration was received. Number of declarations received. Date when income was paid/credited.
Step-3: Income details ->Fill details of income paid or credited, identification number/account, section under which tax is deductible etc.
(5) File validation and generating XML
After filling the form click on "validate" button on the top menu bar. All validation errors shall be displayed at the right hand side blue box. correct the errors and after validation test is passed, click on "Generate XML" and save the file.
(6) DSC is Mandatory to file FORM 15G/15H. Generate signature for the zip file using DSC Management Utility which is available under Downloads tab at income tax efiling website
(7) Login at incometax efiling website through TAN registered, Go to e-File -> Upload Form 15G/15H
(8) Upload the "Zip" file along with the signature file.
(C) Filing Status:
To view the status of the uploaded form 15G/15H files, Go to My account -> View Form 15G/15H.
Once uploaded the status of the statement shall normally be "Uploaded". The uploaded file shall be processed and validated. Upon validation the status shall be either "Accepted" or "Rejected" which will reflect within 24 hours from the time of upload.
Accepted statements shall be sent to CPC-TDS for further processing. In case if "Rejected", the rejection reason shall be available and the corrected statement can be uploaded.
(D) List of validations:
List of various validations carried out on the uploaded statements before they are accepted or rejected are as under:
- Schema validations – uploaded xml should comply with the published schema
- Other Business Validations –
- Only one original will be accepted for combination of TAN, Financial Year, Form and quarter.
- TAN, Filing Type, Quarter and Financial Year entered in XML should match with the TAN, Quarter, Financial Year and Filing Type in upload screen.
- UIN should be unique for the TAN and financial year
21 March 2016
Real Estate (Regulation and Development) Act, 2016-Role of Chartered Accountants
Real Estate (Regulation and Development) Act, 2016 Key Highlights
- to obtain the information relating to sanctioned plans layout plans along with the specifications
- to know stage-wise time schedule of completion of the project
09 March 2016
With effect from
the FY 2016-17
‘80-IBA. (1) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent. of the profits and gains derived from such business.
(2) For the purposes of sub-section (1), a housing project shall be a project which fulfils the following conditions, namely:—
(a) the project is approved by the competent authority after the 1st day of June, 2016, but on or before the 31st day of March, 2019, in accordance with such guidelines as may be prescribed;
(b) the project is completed within a period of three years from the date of approval by the competent authority:
(i) where the approval in respect of a housing project is obtained more than once, the project shall be deemed to have been approved on the date on which the project was first approved by the competent authority; and
(ii) the project shall be deemed to have been completed when a certificate of completion of project as a whole is obtained in writing from the competent authority;
(c) the built-up area of the shops and other commercial establishments included in the housing project does not exceed three per cent. of the aggregate built-up area;
(d) the project is on a plot of land measuring not less than one thousand square meters where such project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the area of twenty-five kilometers from the municipal limits of these cities, or two thousand square meters
within the jurisdiction of any other municipality or cantonment board;
(e) the residential units comprised in the housing project does not exceed thirty square meters where such project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the area of twenty-five kilometers from the municipal limits of these cities, or sixty square meters, where such project is located within the jurisdiction of any other municipality or cantonment board;
(f) where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing project shall be allotted to the individual or the spouse or the minor children of such individual;
(g) the project utilises—
(i) not less than ninety per cent. of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the area of twenty-five kilometers from the municipal limits of these cities, or
(ii) not less than eighty per cent. of such floor area ratio where such project is located in any area other than the areas referred to in sub-clause (i); and
(h) the assessee maintains separate books of account in respect of the housing project.
(3) Nothing contained in this section shall apply to any undertaking which executes the housing project as a works-contract awarded by any person (including the Central Government or the State Government).
(4) Where the housing project is not completed within the period specified under clause (b) of sub-section (2) and in respect of which a deduction has been claimed and allowed under this section, the total amount of deduction so claimed and allowed in one or more previous years, shall be deemed to be the income of the assessee chargeable under the head “Profits and gains of business
or profession” of the previous year in which the period for completion so expires.
(5) Where any amount of profits and gains derived from the business of developing and building housing projects under any scheme for the housing is claimed and allowed under this section for any assessment year, deduction to the extent of such profit and gains shall not be allowed under any other provisions of this Act.
(6) For the purposes of this section,—
(a) “built-up area” means the inner measurements of the residential unit at the floor level, including projections and balconies, as increased by the thickness of the walls, but does not include the common areas shared with other residential units, including any open terrace so shared;
(b) “competent authority” means the authority empowered by the Central Government;
(c) “floor area ratio” means the quotient obtained by dividing the total covered area of plinth area on all the floors by the area of the plot of land;
(d) “housing project” means a project consisting predominantly of dwelling units with such other facilities and amenities as the competent authority may specify subject to the provisions of this section;
(e) “residential unit” means an independent housing unit with separate facilities for living, cooking and sanitary requirements, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through and interior door in a shared hallway and not by walking through the living space of another household.
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