TDS | Corporate Law Reporter

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 Court, Commonwealth Law Reports, Delhi High Court, Income tax, India, Order of Australia, Tax, Tax Deducted at Source, TDS

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 Laws, Caselaws, CBDT, Commonwealth Law Reports, High Court, Income tax, Order of Australia, Taxation in India, TDS, The 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: Bangalore, Business, Commissioner of IT, Commonwealth Law Reports, Income tax, IT Act, Leave Travel Allowance, LTC, Payment, Salary, Section 192 of the IT Act, Tax Deducted at Source, TDS

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: Delhi, Delhi High Court, Hon, Income tax, Income Tax Department, Taxation in India, TDS, The 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 authority, Due date, Income tax, Income Tax Act, Income Tax Act 1961, Tax, Taxation in India, TDS

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 payable, Income tax, Income Tax Act 1961, Kandivali, Labour law, Mumbai, Oriental Bank of Commerce, Section 194C, section 194i, section 194j, section 40, Tax, Tax Deduction at Source, TDS, Vendor 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: Bank, Finance Act, Fiscal year, Immovable property, Income tax, Income Tax Act, Income Tax Act 1961, Login, Permanent account number, Tax, TDS

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 year, Income tax, Permanent account number, Rupee, Tax, Tax deduction, Taxation, TDS

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 Benefits, Employee tax, FBT, Fringe Benefit Tax, Gratuity, House Rent Allowance, HRA, Income tax, Leave Travel Allowance, LTA, Payroll Procesing, Perquisite Tax, Perquisites Tax, Remuneration Planning, Salary Processing, Section 17, Section 192, Tax Deduction at Source, Tax on Salary, TDS

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 Benefits, Employee tax, FBT, Fringe Benefit Tax, Gratuity, House Rent Allowance, HRA, Income tax, Leave Travel Allowance, LTA, Payroll Procesing, Perquisite Tax, Perquisites Tax, Remuneration Planning, Salary Processing, Section 17, Section 192, Tax Deduction at Source, Tax on Salary, TDS

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 India, Director-general, Income tax, Income Tax Act 1961, New Delhi, Tax Deducted at Source, Taxation in India, TDS

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: CIT, Cuttack, Filing (legal), Government, Income tax, NSDL, Tax, Tax Deducted at Source, TDS

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 Court, Appeal, Income tax, Income Tax Case Law, India, ITAT, Kolkata, Supreme Court, TDS, West Bengal