TDS

TDS Credit has to be given despite TDS Certificate entry is not displayed in Form 26AS

CLR Editorial Note: In this case or TDS credit, the assessee claimed credit for TDS which was denied by the Assessing Officer on the ground that the claim did not match the entries shown in Form No. 26AS and that there was a discrepancy. On appeal by the assessee, the CIT(A) held that the assessee… Read More

Tags: Bombay High CourtCommonwealth Law ReportsDelhi High CourtIncome taxIndiaOrder of AustraliaTaxTax Deducted at SourceTDS

HC issues strict guidelines in order to end CBDT™s TDS credit & refund adjustment harassments

CLR Editorial Note: A letter dated 30th April 2012 was addressed to the High Court, by Anand Parkash, FCA, in which numerous problems were highlighted which mentioned about the hassles being faced by assesses across the Country owing to the faulty processing of the Income Tax Returns and non-grant of TDS credit & refunds. It was claimed… Read More

Tags: Case LawsCaselawsCBDTCommonwealth Law ReportsHigh CourtIncome taxOrder of AustraliaTaxation in IndiaTDSThe Honourable

Case Laws :: Sec 192 explains TDS obligation on Medical Reimbursement & LTC components of a CTC of an employee

CLR Editorial Notes: In this case related to TDS and LTC of an employee, it was noticed that the assessee (in this case - Infosys BPO, Bangalore) had recruited employees under a contract of employment which provided the salary as a ˜cost to company™ or ˜CTC™. Once the employee had determined the CTC, he/she was permitted… Read More

Tags: BangaloreBusinessCommissioner of ITCommonwealth Law ReportsIncome taxIT ActLeave Travel AllowanceLTCPaymentSalarySection 192 of the IT ActTax Deducted at SourceTDS

CBDT Action on Unmatched Challans reflected in Form 26AS – direction of the Hon’ble Delhi HC

INSTRUCTION NO 11/2013 Dated: 27 August, 2013 Subject: - Action on Unmatched Challans reflected in Form 26AS - direction of the Hon'ble Delhi HC in the case 'Court on Its Own Motion vs. UOI & Ors in WP(C) 2659/2012 & WP(C) 5443/2012'- regarding 1. The. Hon'ble Delhi High Court vide its judgement in the case 'Court… Read More

Tags: DelhiDelhi High CourtHonIncome taxIncome Tax DepartmentTaxation in IndiaTDSThe Honourable

Tax Deductors Who Default In Depositing TDS by Due Date Shall be Liable for Prosecution: CBDT

It has come to the notice of Income Tax Department that many times the tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the… Read More

Tags: Competent authorityDue dateIncome taxIncome Tax ActIncome Tax Act 1961TaxTaxation in IndiaTDS

Mumbai – Program on Practical Issues in Tax Deduction at Source (TDS) with latest amendments – July 9

Program on Practical Issues in Tax Deduction at Source (TDS) with latest amendments Date & Time : Tuesday, July 9, 2013 - 09.30 a.m. to 5.30 p.m. (Registration & breakfast: 9.00 to 9.30 am) Venue : VITS Hotels, Andheri-Kurla Road, Beside Trade Star Building, Kondivita Lane, Mumbai - 400059 Benefits/ learning objectives: Over the years… Read More

Tags: Accounts payableIncome taxIncome Tax Act 1961KandivaliLabour lawMumbaiOriental Bank of CommerceSection 194Csection 194isection 194jsection 40TaxTax Deduction at SourceTDSVendor payment

How to Pay TDS on Sale of immovable property

Introduction As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be… Read More

Tags: BankFinance ActFiscal yearImmovable propertyIncome taxIncome Tax ActIncome Tax Act 1961TaxTDS

List of Penalties under IT Act 1961

The following are the various penalties under the Income Tax Act 1961 along with the corresponding nature of defaults. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty NON PAYMENT 221(1) Tax payments including  SelfAssessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) Rs. 10,000 of… Read More

Tags: Fiscal yearIncome taxRupeeTaxTax deductionTaxationTDS

Bangalore – Two days Intensive Annual Program on Taxation aspects of Salary Components, Perquisites & Remuneration planning – May 21 & 22

Two days Intensive Annual Program on Taxation aspects of Salary Components, Perquisites & Remuneration planning Date & Time : Tuesday & Wednesday, May 21 & 22, 2013 (Registration & breakfast: 9.00 to 9.30 am) Venue : Atria Hotel, No.1, Palace Road, Bangalore 560 001(Near Vidhan Soudha) Benefits/ learning objectives of the Seminar Rightly said -… Read More

Tags: Employee BenefitsEmployee taxFBTFringe Benefit TaxGratuityHouse Rent AllowanceHRAIncome taxLeave Travel AllowanceLTAPayroll ProcesingPerquisite TaxPerquisites TaxRemuneration PlanningSalary ProcessingSection 17Section 192Tax Deduction at SourceTax on SalaryTDS

Mumbai – Two days Intensive Annual Program on Taxation aspects of Salary Components, Perquisites & Remuneration planning – May 17 & 18

Two days Intensive Annual Training Program on Taxation aspects of Salary Components, Perquisites & Remuneration planning Date & Time : Friday & Saturday, May 17 & 18, 2013 (Registration & breakfast: 9.00 to 9.30 am) Venue : VITS Hotels, Andheri-Kurla Road, Beside Trade Star Building, Kondivita Lane, Mumbai - 400059 Benefits/ learning objectives of the… Read More

Tags: Employee BenefitsEmployee taxFBTFringe Benefit TaxGratuityHouse Rent AllowanceHRAIncome taxLeave Travel AllowanceLTAPayroll ProcesingPerquisite TaxPerquisites TaxRemuneration PlanningSalary ProcessingSection 17Section 192Tax Deduction at SourceTax on SalaryTDS

Issuance of certificate for tax deducted at source in Form No. 16 as per provisions u/s 203

CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule… Read More

Tags: Comptroller and Auditor General of IndiaDirector-generalIncome taxIncome Tax Act 1961New DelhiTax Deducted at SourceTaxation in IndiaTDS

Delay in filing TDS return through NSDL is a technical breach

CLR Editorial Notes: The Assessing Officer, in this case, had imposed a penalty u/s 272A(2)(k) for delay in filing the TDS return u/s 200(3) by the assessee. In the appeal argument given by the assessee, the delay was due to a shortage of staff. This was rejected on the ground of being an reasonable cause.… Read More

Tags: CITCuttackFiling (legal)GovernmentIncome taxNSDLTaxTax Deducted at SourceTDS

Special Bench verdict on TDS deduction u/s 40(a)(ia) binding despite suspension by High Court

CLR Editorial Note: This case refers to the non-acceptance of a TDS deduction claim U/s 40(a)(ia) made by an assessee on hiring charges paid to a dumper and subsequent appeal made by the assessee to the Kolkata Bench of the ITAT. The assessing had officer disallowed the claim on the ground that the assessee had not… Read More

Tags: Andhra Pradesh High CourtAppealIncome taxIncome Tax Case LawIndiaITATKolkataSupreme CourtTDSWest Bengal

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