Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...
Income Tax : For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of gene...
Corporate Law : Introduction: Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is a kind of advance tax that needs to be deposited wi...
Income Tax : What Is TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the for...
Income Tax : Deduct Tax at Correct Rate and deposit in Government Account, Electronic payment of taxes, Issue a TDS certificate, File Return/Qu...
Income Tax : The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These incl...
Income Tax : The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with ...
Income Tax : On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpa...
Income Tax : Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed an...
Income Tax : Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the t...
Income Tax : TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being...
Income Tax : CIT Vs Dewan Chand (Delhi High Court)- Payments made by the assessee to the employees employed by it on daily wage basis cannot be...
Income Tax : For the foregoing reasons, the petition succeeds. The three orders namely; (1) the order dated October 6, 1992 passed by the Comm...
Income Tax : Applicants can now apply for lower/nil deduction certificate from 28th February of the immediately preceding Financial Year. For i...
Income Tax : INSTRUCTION NO. 9/2010 Reference may be made to Board’s Instruction No. 7, dated 16-8-2010 in which it has been stated, inter al...
Income Tax : Notification No.31/2009 - Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishin...
Income Tax : Notification No. 28/2009 - Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inser...
Income Tax : CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund ...
T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is given on the basis of the information given by the deductor to the Income Tax Department by way of filing his T.D.S statements, wherein the full detail about the tax deducted, the PAN No of deductee etc are given, so that the right credit of T.D.S can be given to the deductee.
Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore.
Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to them by the banks did not mention there permanent account number (PAN). Depositors of banks and post offices — especially pensioners — are put to a lot of trouble at the time of filing tax returns and claiming refunds, as these organisations often issue incomplete or incorrect certificates.
Direct tax collections in the country are likely to double after the proposed Direct Tax Code (DTC) and the Goods and Service Tax (GST) regime come into effect, a top government official has said. “We are moving towards a scenario where I think there will be a substantial increase in collection of taxes when DTC and GST will be in place. GST will help us in direct tax collection,” Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy said.
In a fresh move, the Finance Ministry today said income tax payers will have to mention receipt number of tax deducted at source (TDS) forms in the returns to claim refunds, from this fiscal. Tax payers will have to mention this number along with his permanent account number (PAN) and Tax-deduction Account Number (TAN) of the deductor, otherwise refunds may not be considered.
Last year’s budget had introduced an investment linked tax incentive for specified business including the business of laying and operating a cross country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network. One condition for availing this benefit was that not less than one–third of the total pipeline capacity is available for use on common carrier basis.
The Income Tax (IT) department’s decision to collect IT from the land losers getting compensation above Rs one lakh from Essar Steel for the company’s pelletisation project at Paradeep has paralyzed the land acquisition process. Land losers have threatened not to concede even an inch of land if the collection of IT is not stopped.
In a rare instance, a group of four—led by a chartered accountant (CA)—succeeded in extracting from the income tax (I-T) department fraudulent tax refunds, amounting to over Rs 3 crore, in the names of 30 people.The I-T officials on Tuesday managed to locate one of the four, Nitin Dalvi, and recorded his statement. The other three, CA Dilip Vyas and his accomplices Sandeep Roy and Mohan Gadge, are still at large.
Employees will now have to pay taxes on perquisites given to them by their employers as the Central Board of Direct Taxes has notified the much-awaited rules for valuation of the benefits. With these rules, the fringe benefit tax (FBT) being paid by employers for giving non-cash benefits, including cars and employee stock options (ESOPs), to employees will be abolished and replaced with a regime that will tax the perquisites in the hands of the employees. It could mean less take-home pay for employees.
An in-depth appraisal of the Income-tax Ombudsman in Mumbai: How effective is it and what can be done to improve its functioning?
