Self Assessment Tax

Today, the fraud at Satyam Computer Services is one of  the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone’s mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the [...] Full Article

Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution. The stipulated dates in respect of tax deducted to be remitted to central government were – “if deduction is by or on behalf of government, [...] Full Article

During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion). Full Article

(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures; (ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be received by giving a Return Receipt Number, as if it were a return. These ITR-V verification forms are to be received in separate counte.. Full Article