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Archive: 08 June 2014

Posts in 08 June 2014

Interest Us/ 234B & 234C payable on failure to pay advance tax in respect of tax payable u/s 115JA/115JB

June 8, 2014 5673 Views 0 comment Print

Section 115JB, with which we are concerned, is a self-contained code pertaining to MAT, which imposed liability for payment of advance tax on MAT companies and, therefore, where such companies defaulted in payment of advance tax in respect of tax payable under Section 115JB

Assessee must be allowed TDS credit based on TDS certificate even if same is not reflected in 26AS

June 8, 2014 7110 Views 0 comment Print

In our view, though Form 26AS (r/w r.3 1AB 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.

Transfer of loan through journal entry is not violation of sec 269

June 8, 2014 3456 Views 0 comment Print

Hon’ble Delhi High court in the case of Dinesh Jain has held that Penalty u/s. 271E is leviable if a person repays any loan, otherwise, than in accordance with provisions of section 269T. As per section 269T no person shall repay the loan otherwise, than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan.

Why Sale of Flats in Jharkhand is not Works Contract !

June 8, 2014 6717 Views 4 comments Print

Recently, there were some reports in newspapers in the State that the sales tax department is trying to impose VAT on sale of flats (which is an immovable property) by builders considering it to be Works contract.

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