Amendment in the Budget 2014 relevant to TDS

  

Power of TDS survey u/s 133A

 

In the budget 2014 following  changes has been proposed which are relevant to TDS . 

Proposed amendments 

It is proposed to amend section 133A to provide that an income-tax authority may for the purpose of verifying that tax has been deducted or collected at source in accordance with the provisions of Chapter XVII-B or Chapter XVII-BB, as the case may be, enter any office, or a place where business or profession is carried on, within the limits of the area assigned to him, or any such place in respect of which he is authorised for the purposes of this section by such income-tax authority who is assigned the area within which such place is situated where books of account or documents are kept. The income-tax authority may for this purpose enter an office, or a place where business or profession is carried on after sunrise and before sunset. Further, such income-tax authority may require the deductor or the collector or any other person who may at the time and place of the survey be attending to such work,—

 

(i) To afford him the necessary facility to inspect such books of account or other documents as he may require and which may be available at such place, and

 

(ii) To furnish such information as he may require in relation to such matter.

 

It is also proposed to provide that an income-tax authority may place marks of identification on the books of account or other documents inspected by him and take extracts and copies thereof. He may also record the statement of any person which may be useful for, or relevant to, any proceeding under the Act. However, while acting under sub-section (2A) he shall not impound and retain in his custody any books of account or documents inspected by him or make an inventory of any cash, stock or other valuables.

 These amendments will take effect from 1st October, 2014. [Clause 45]

 

Government  always wants to make TDS provision strict and stricter. The Proposed amendment is one of the stride in that direction.  Provisions of survey   are already on the statute book since long but now the government proposed special provision  for TDS survey.  There is fundamental difference between existing survey provisions are proposed TDS survey provisions.

Existing Survey

Proposed TDS survey provisions

There is no specific purpose has been mentioned in the act for the existing survey provisions, The survey can be conducted for general purpose of checking the tax evasion .

Tds survey  can be conducted for the limited purpose of verifying that tax has been deducted or collected as per the provisions of law or not.

Authorization is required from higher  tax authority

Authorization is required from tax authorities as per law

Team of survey  can check or verify Cash, stock or other valuable article or things which may found there in

No such power verification of cash, stock or valuables are conferred under TDS survey

Tax authority can impound and retain, in there custody , Books of accounts/documents .

No such power of impounding books and documents are conferred under TDS survey

Tax authority can make inventory of any cash, stock, other valuables

No such power of making inventory of cash, stock, are conferred under TDS survey

Can make mark of identification on books of accounts and other documents inspected by him

Can make mark of identification on books of accounts and other documents inspected by him

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amendment in sec 194 LC

The existing provisions of section 194LC of the Act provide for lower withholding tax rate of 5 per cent. on interest paid by an Indian company to non-residents on monies borrowed by it in foreign currency from a source outside India under a loan agreement or through issue of long-term infrastructure bonds at any time on or after the 1st day of July, 2012 but before the 1st day of July, 2015 subject to certain conditions.

In order to further incentivise low cost long-term foreign borrowings by Indian companies, it is proposed to amend section194LC to extend the benefit of this concessional rate of withholding tax to borrowings by way of issue of any long-term bond, and not limited to a long term infrastructure bond. It is further proposed to extend by two years the period of borrowing for which the said benefit shall be available. The concessional rate of withholding tax will now be available in respect of borrowings made before 1st day of July, 2017.

Section 206AA of the Act provides for levy of higher rate of withholding tax in case the recipient of income does not provide permanent account number to the deductor. An exception from applicability of section 206AA in respect of payment of interest on long-term infrastructure bonds eligible for benefit under section 194LC is currently provided in sub-section (7) of this section. Consequential amendment is also proposed in section 206AA to ensure that this benefit of exemption is extended to payment of interest on any long-term bond referred to in section 194LC.

These amendments will take effect from 1st October, 2014.

 

Tax deduction at source from non-exempt payments made under life insurance policy 

Under the existing provisions of section 10(10D) of the Act, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt subject to fulfillment of conditions specified under the said section. Therefore, the sum received under a life insurance policy which does not fulfill the conditions specified under section 10(10D) are taxable under the provisions of the Act. In order to have a mechanism for reporting of transactions and collection of tax in respect of sum paid under life insurance policies which are not exempted under section 10(10D) of the Act, it is proposed to insert a new section in the Act to provide for deduction of tax at the rate of 2 per cent. on sum paid under a life insurance policy, including the sum allocated by way of bonus, which are not exempt under section 10(10D) of the Act. In order to reduce the compliance burden on the small tax payers, it has also been proposed that no deduction under this provision shall be made if the aggregate sum paid in a financial year to an assessee is less than Rs.1,00,000/-.

This amendment will take effect from 1st October, 2014.

 

Disallowance of expenditure for non- deduction of tax at source

The existing provisions of section 40(a)(i) of the Act provide that certain payments such as interest, royalty and fee for technical services made to a non-resident shall not be allowed as deduction for computing business income if tax on such payments was not deducted, or after deduction, was not paid within the time prescribed under section 200(1) of the Act. The Act contains similar provisions for disallowance of business expenditure in respect of certain payments made to the residents. Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Act. However, in case of disallowance for non-payment of tax from payments made to non-residents, this extended time limit of payment up to the date of filing of return of income under section 139(1) is not available.

 

In order to provide similar extended time limit for payment of tax deducted from payments made to non-residents, it is

proposed that the deductor shall be allowed to claim deduction for payments made to non-residents in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return under section 139(1) of the Act.

 

As mentioned above, in case of non-deduction or non-payment of tax deducted at source (TDS) from certain payments made to residents, the entire amount of expenditure on which tax was deductible is disallowed under section 40(a)(ia) for the purposes of computing income under the head “Profits and gains of business or profession". The disallowance of whole of the amount of expenditure results into undue hardship. In order to reduce the hardship, it is proposed that in case of non-deduction or non-payment of TDS on payments made to residents as specified in section 40(a)(ia) of the Act, the disallowance shall be restricted to 30% of the amount of expenditure claimed.

Further, existing provisions of section 40(a)(ia) of the Act provides that certain payments such as interest, commission,

brokerage, rent, royalty fee for technical services and contract payment made to a resident shall not be allowed as deduction for computing business income if tax on such payments was not deducted, or after deduction, was not paid within the time specified under the said section. Chapter XVII-B of the Act mandates deduction of tax from certain other payments such as salary, directors fee, which are currently not specified under section 40(a)(ia) of the Act. The payments on which tax is deductible under Chapter XVII-B but not specified under section 40(a)(ia) of the Act may also be claimed as expenditure for the purposes of computation of income under the head “Profits and gains from business or profession”.

Section 40(a)(ia) has proved to be an effective tool for ensuring compliance of TDS provisions by the payers. Therefore, in order to improve the TDS compliance in respect of payments to residents which are currently not specified in section 40(a)(ia), it is proposed that the disallowance under section 40(a)(ia) of the Act shall extend to all expenditure on which tax is deductible under Chapter XVII-B of the Act.

 

These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year

2015-16 and subsequent years.

 

Changes proposed in the  procedural part of TDS.

Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payments at the specified rates if the payment exceeds specified threshold. The person deducting tax (‘the deductor’) is required to file a quarterly statement of tax deduction at source (TDS) containing the prescribed details of deduction of tax made during the quarter by the prescribed due date.

Currently, a deductor is allowed to file correction statement for rectification/updation of the information furnished in the original TDS statement as per the Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013 notified vide Notification No.03/2013 dated 15th January, 2013. However, there does not exist any express provision in the Act for enabling a deductor to file correction statement.

In order to bring clarity in the matter relating to filing of correction statement, it is proposed to amend section 200 of the Act to allow the deductor to file correction statements. Consequently, it is also proposed to amend provisions of section 200A of the Act for enabling processing of correction statement filed.

The existing provisions of section 201(1) of the Act provide for passing of an order deeming a payer as assessee in default if he does not deduct or does not pay or after deduction fails to pay the whole or part of the tax as per the provisions of Chapter XVII-B of the Act. Section 201(3) of the Act provides for time limit for passing of order under section 201(1) of the Act for deeming a payer as assessee in default for failure to deduct tax from payments made to a resident. Clause (i) of section 201(3) of the Act provides that no order under section 201(1) of the Act shall be passed after expiry of two years from the end of the financial year in which the TDS statement has been filed. Currently, the processing of TDS statement is done in the computerized environment and mainly focuses on the transactions reported in the TDS statement filed by the deductor. Therefore, there is no rationale for not treating the deductor as assessee in default in respect of the TDS default after two years only on the basis that the deductor has filed TDS statement as TDS defaults are generally in respect of the transaction not reported in the TDS statement.

It is, therefore, proposed to omit clause (i) of sub-section (3) of section 201of the Act which provides time limit of two years for passing order under section 201(1) of the Act for cases in which TDS statement have been filed.

Currently, clause (ii) of section 201(3) of the Act provides a time limit of six years from the end of the financial year in which payment/credit is made for passing of order under section 201(1) of the Act for cases in which TDS statement has not been filed.

However, notice under section 148 of the Act may be issued for reassessment up to 6 years from the end of the assessment year for which the income has escaped assessment. Therefore, section 148 of the Act allows reopening of cases of one more preceding previous year than specified under section 201(3)(ii) of the Act. Due to this, order under section 201(1) of the Act cannot be passed in respect of defaults relating to TDS which comes to the notice during search/reassessment proceeding in respect of previous year which is not covered under section 201(3)(ii) of the Act but covered under section 148 of the Act. In order to align the time limit provided under section 201(3)(ii) and section 148 of the Act, it is proposed that time limit provided under section 201(3)(ii) of the Act for passing order under section 201(1) of the Act shall be extended by one more year.

The existing provisions of section 271H of the Act provides for levy of penalty for failure to furnish TDS/TCS statements in certain cases or furnishing of incorrect information in TDS/TCS statements. The existing provisions of section 271H of the Act do not specify the authority which would be competent to levy the penalty under the said section. Therefore, provisions of section 271H are proposed to be amended to provide that the penalty under section 271H of the Act shall be levied by the Assessing officer.

These amendments will take effect from 1st October, 2014.

 

Inquiry by prescribed income-tax authority new section 133C is been introduced.

With a view to enable prescribed income-tax authority to verify the information in its possession relating to any person, it is proposed to insert a new section 133C in the Act so as to provide that for the purposes of verification of information in its possession relating to any person, prescribed income-tax authority, may, issue a notice to such person requiring him, on or before a date to be therein specified, to furnish information or documents, verified in the manner specified therein which may be useful for, or relevant to, any enquiry or proceeding under this Act.

This amendment will take effect from 1st October, 2014.

Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch

Though Form 26AS (r/w r.31AB and ss. 203AA and 206C(5)) represents a part of a wholesome procedure designed by the Revenue for accounting of TDS (and TCS), the burden of proving as to why the said Form (Statement) does not reflect the details of the entire tax deducted at source for and on behalf of a deductee cannot be placed on an assessee-deductee. The assessee, by furnishing the TDS certificate/s bearing the full details of the tax deducted at source, credit for which is being claimed, has discharged the primary onus on it toward claiming credit in its respect. He, accordingly, cannot be burdened any further in the matter. The Revenue is fully entitled to conduct proper verification in the matter and satisfy itself with regard to the veracity of the assessee’s claim/s, but cannot deny the assessee credit in respect of TDS without specifying any infirmity in its claim/s. Form 26AS is a statement generated at the end of the Revenue, and the assessee cannot be in any manner held responsible for any discrepancy therein or for the non-matching of TDS reflected therein with the assessee’s claim/s. Where so, no doubt a matter of concern, is one which is to be investigated and pursued by the Revenue, which is suitably armed by law there for. The plea that the deductor may have specified a wrong TAN, so that the TDS may stand reflected in the account of another deductee, is no reason or ground for not allowing credit for the TDS in the hands of the proper deductee. The onus for the purpose lies squarely at the door of the Revenue

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TDS on transfer of certain immovable property other than agricultural land

 

Authors: CA. Dr. RajendraKumar Jain & CA. Dhansukh Jain

 

Tax Deducted at Source (TDS) is the easiest and biggest source of tax collection for the government.  Government keeps on finding new avenues to bring more and more transactions under TDS net. “TDS on immovable properties “is new invention in the series.

This section is applicable from 1st June 2013 for the property transactions of Rs. Fifty Lacs & above.

This section has raised so many practical and legal issues, which are discussed here.

 

The section 194 IA reads as under,

  1. “Any persons, being a transferee responsible for paying (other than the person referred to in sec 194-LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or any other mode, which ever is earlier, deduct an amount equal to one per cent of such sum as income tax thereon  ”
  2. no deduction under subsection (1) shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees.
  3. Provisions of section 203 A shall not apply to a person required to deduct tax in accordance with the provisions of this section.

 

Explanation – for the purpose of this section –

  1. “agricultural land” means agricultural land in India, not being a land situated in any area referred to in items (a) and (b) of sub-clause (iii) of  clause (14 ) of section 2
  2. “immovable property “ means any land (other than agricultural land) or any building or part of a building.

on the analysis of section we will find that, section clearly states that when seller is a “Resident” then  this section will be applicable, this raises  few questions

 

Q. What will happen if seller is non-resident?

The seller is a resident but the property is situated out of India then how will this section be executed on foreign resident?

Further in case if India has tax treaty with the country where property is situated in such situation whether treaty will supersede to sec 194 IA?

A.  If the seller is non-resident then sec 195 of the income tax act will be in operation and accordingly tax will be deducted.

In case where buyer is foreign national and property is also situated at abroad then how provisions of this section will be imposed on them , but  in my humble opinion in case the property and buyer both are of foreign soil then this section will not be operative since the preamble of income tax sec 1 says that The Indian Income Tax act will be applicable to whole of India .

Where as in case the buyer is Indian and property is located out of India then this section can be entrusted on buyer (and of course being a seller is also an Indian resident)

In case when property is situated out of India and the buyer and seller both are Indian resident and India has DTAA with the country where land will be situated yet the buyer cant take the benefit of treaty since this section has casted duty on buyer to deduct the tax when seller is Indian resident. The buyer needs not to look into the taxability of the transaction.

 

Q. Whether transfer of immovable property includes any right like developmental right /exchange /relinquishment ……….. in immovable property ??

A. On plane reading it seems that it covers every type of transfer. Further sec 2 (47) income tax act   define what is transfer. It says “transfer in relation to   capital assets   includes (i) sale, exchange or relinquishment of the assets or

(ii) extinguishment of any rights there in ……  this definition is inclusive definition and covers exchange and relinquishment, considering this analogy  for this section “transfer” will include  any exchange, relinquishment of rights in immovable property.

 

Q. What is meant by payment of any sum for transfer of immovable property? 

What will be position of transaction like exchange of assets, family arrangement, and gift of property where actual cash or cheque is not exchanged?

A. Since the section clearly says that “cash, draft or any other mode…..     ….” That means in addition to transactions made though cash/ cheque transactions made through book entries will be also covered under this section.

As far as exchange of assets are concerned since one asset is transferred in lieu of assets, that being mode of payment it will be subject to TDS. In such transactions at a same time both parties are playing the role of buyer and sellers as well. In my opinion both seller and purchaser will need to deduct tax of each other.

In case of family arrangement there is no sale neither any consideration is been given the assets are transferred for “peace in family” hence in my opinion in that case this section will be not applicable

Since gift is transfer without consideration and this section speak about “any sum by way of consideration.” Hence gifts of the property will be not covered under this section.

 

Section 194IA has excluded “agricultural land” what does mean by agricultural land?

A. There are two conditions to make land an agricultural land

i. in government records the use of lad must be for agricultural purpose

ii. and  criteria of  distance from a town as per the sec 2 (14) iii (a) and (b) the land in question must be must be situated away from certain distance from any municipality or cantonment board the distance is depend on population of the town.

 

Interestingly if the land is situated within periphery of gram panchayat having population above the limit of population prescribed in sec 2 (14) iii (a) and (b) yet it will treated as agricultural land. Section 2 (14) refers to distance from “municipal town and not from panchayat “though both municipality and panchayat are human habitant but The difference between panchayat and municipality is panchayat is governed by panchayt act and municipality is governed by different act, considering this  land situated in proximity of any panchayat irrespective of population will be treated as “agricultural land”

Refer the cases reported in 2 ITD 371 (Mad)

 

Q. After the sale transaction if there is no tax liability on seller can he apply for lower deduction certificate?

 

A. in view to save citizens from unwarranted exercise of deduction of tax then claiming refund from the Government Sec 197 was introduced. This section empowers assessee for obtaining lower deduction certificate from the assessing officer.  When assessee produces this certificate to the deductor then deductor has to deduct the tax at the rates specified in the certificate.  However in section 197 payments made under section 194 IA is not covered, so the seller cannot apply for lower deduction certificate.

 

Q. What will be situation in case of lump sum sale of business where it is difficult to find out exact price of immovable property?

A. For this no guidance is available in the law ,  However as per  section 2(42C) “slump sale means transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to individual assets & liabilities in such sales”

So in case of slump sale there is transfer of undertaking which includes sale of immovable property but there is not transfer of immovable property directly. Hence in my opinion provision of Section 194IA will not be applicable in case of slump sale.

One may take practical approach  by  restoring  to stamp duty value and deduct tax on that amount considering it as actual value of the property in my opinion it will irrelevant in view of explanation 2 of sec.2 (42 C) which says that “for removal of doubt it is here by declared that, the determination of the value of an asset or liability for the sole purpose of payment of stamp duty, registration fees or other similar taxes or fees shall not be regarded as assignment of values to individual assets or liabilities”

 

Q. What are the consequences for non deduction of tax? Will answer will be different if seller has no tax liability?

A. In case of failure to deduct the tax the buyer will have to pay interest and penalty as per the provisions of the act.

If the seller has fail to pay tax then to the extent of TDS amount can be recovered from the buyer, but if the seller has paid his tax liability then the buyer is liable to pay only interest and penalty for the delayed period.

But very interesting situation will arise when the seller will have no tax liability

Refer a case of “Thomas Muthoot versus Deputy Commissioner of Income-tax”

In the said case the tribunal has decided that when there is no tax is payable by the deductee assessee then there can not be any interest or penalty to be charged to the deductor, but this is very far fetched decision, which may  lead to unwarranted litigation.

 

Q. What will be consequences of cancellation of deal? Who will claim the refund? 

A. In case of cancellation of deal there are two situations are possible, either seller will forfeit the advance or he will return the money to the buyer

If he forfeits the amount then it become “ capital receipt “ in the hands of seller,  so it will be not offered to tax   as per sec 199 rwt  rule 37BA(3)(i) of Income Tax Act  which specify the procedure of giving credit of  TDS  states   “Credit for tax deducted at source and paid to central government, shall given for the assessment year for which such income is assessable” since amount forfeited by the seller is capital receipt, which being  not taxable in hands of seller, will be not offered for tax , in such  situation how the seller will get  credit of TDS will be big question .

 

In case the seller decides to return the advance he has to return entire  advance money including TDS , since while paying advance  the buyer has  paid tax on  behalf to the seller to the  exchequer , and issued the TDS certificate to the seller , so only seller can claim the refund of the TDS .

 

Q. If seller does not have PAN can sec 206AA will be applicable? And buyer needs to deduct tax at @ 20%?

A. Theoretically we can say   provisions  od sec 206AA will apply but the form of payment of TDS is 27QB  makes it mandatory to write both deductor’s and deductees PAN no. without that  Number  the assessee will be unable to upload the challan so by default deductee has to obtain the PAN then only the deal can get through.

 

Q. In case of multiple buyers, the limit of Rs.50 lakh will be considered qua buyer or qua agreement?

In my opinion the limit of 50 lacs will be qua agreement, even multiple buyers are there.    

 

Q. In case of multiple sellers, the limit of 50 lakh will be qua seller or will be qua agreement? And on what basis the consideration will be split amongst the seller?

 A. As stated in above question in my opinion  transaction  should be considered qua agreement , out of total consideration  how much amount to be allocated to a particular seller ,this choice has to be left to the seller and preferably to have mention in the agreement 

 

Q. In challan how the consideration of property will be shown? Does total consideration as per agreement or part payment relevant to each buyer and seller?

A. In the challan there is column for total consideration, in which total consideration is to be mentioned and in payment column payment relevant to that particular challan has to be mentioned.

 

Q. Does it make any difference if property is purchase through builder? 

A.  It does not make any difference from whom you are purchasing the property; the buyer has to make TDS.

 

Q. Does the buyer need to give any certificate to the seller?

A. Yes buyer has to give tax deduction certificate to the seller with in 15days in form 16B.

Authors may be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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Whats New

The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised


The CPC TDS has issued a circular to all banking companies to incorporate all payments of interest

TDS FROM SALARIES DURING THE F.Y. 2013-14 U/S 192 OF THE IT ACT, 1961.


CBDT Instruction Regarding Unmatched TDS Challans In Form 26AS

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 11 of 2013 dated 27.08.2013


Non-resident referred to in Section 194LC will not be penalised for not having a PAN

By virtue of Section 206AA, if PAN of the recipient is not available, tax is deductible either at the normal rate or at the rate of 20%, whichever is higher.


While filing TDS return if you have made any error in challan details or in PAN details then,

While filing TDS return if you have made any error in challan details or in PAN details then,


CBDT has issued a circular on applicability of TDS on service tax component comprised

CBDT has issued a circular on applicability of TDS on service tax component comprised