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17/08/2021

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17/08/2021

24/04/2021

24/04/2021

24/04/2021

*CBDT directs banks to report taxpayers’ interest income*

The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on how banks and companies will report information related to interest and dividend income of taxpayers.

Section 285BA of the Income Tax Act, 1961, and Rule 114E require “specified reporting person" to furnish a statement of financial transaction. According to the notification issued on Tuesday, banks will have to report the details of all those taxpayers whose interest income across deposits exceeds ₹5,000 in a fiscal year.

For companies there is no minimum limit. They will have to report details of the dividend paid to every shareholder. In March, the tax department issued a circular directing a few entities including banks, companies and brokers to report the interest, dividend, and capital gains earned by investors to the tax department every year.

The purpose of this is to enable the tax department to provide pre-filled information in the tax forms to the taxpayers. In the Union Budget 2021-22, the finance minister announced that taxpayers will get information related to capital gains and dividend pre-filled in their tax forms.

The banks will report the interest income earned by the account holder across the bank accounts, including, savings account, recurring account, and fixed deposits. However, interest earned on Public Provident Fund (PPF), foreign currency non-resident account, resident foreign currency account, and Sukanya Sumriddhi account is not required to be reported.

Banks will have to report the gross amount. They can’t give the deduction of ₹10,000 under Section 80TTA. The taxpayer can claim the deduction by filing the income tax return (ITR).

By,
*Taxbee* Team

09/12/2020

Hi sir,
Gently reminder to e-file income tax returns for income earned in FY 2019-20 (assessment year AY 2020-21).

The due date for submission of tax returns for FY 2019-20 is 31st Dec 2020.

If you want file a income tax return,ping me on wtsup

02/12/2020

Hi sir,
Gently reminder to e-file income tax returns for income earned in FY 2019-20 (assessment year AY 2020-21).

The due date for submission of tax returns for FY 2019-20 is 31st Dec 2020.

If you want file a income tax return,ping me

05/11/2020

Any payroll related working and outsourcing like payroll processing,payslips generation and sending,pf filing,esi filling,pt filing etc.

Kindly contact us at reasonable price

Regards
Janardhana K R

05/11/2020

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29/10/2020

All you need to know about the new Aadhaar PVC Card

Read more at https://facelesscompliance.com/13028/all-you-need-to-know-about-the-new-aadhaar-pvc-card

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An Aadhaar card is a unique number issued to every citizen in India and is a centralised and universal identification number. The Aadhar card is a biometric document that stores an individual's personal details in a government database, and is fast becoming the government's base for public welfare a...

29/10/2020

CBDT extends the due date for filing of Tax Audit Report and ITRs

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, CBDT has extended the due date for filing of Tax Audit Report and ITRs.