tax

The Income-tax Department is required to give credit for TDS based on the annual information in NSDL site. The assessee can register his PAN and view the status of TDS, advance tax and self-assessment tax (annual tax statement AS 26). Credit for TDS is given to deductees based on the returns submitted by the deductor. In the event of the returns being rejected for mismatch of challans or non- quoting of PAN numbers of some of the deductees, assessees have no remedy to ge.. Full Article

The Government has come to the rescue of high net worth individuals on the borderline from an additional tax liability that goes beyond the income in excess of Rs 10 lakh. By way of a rule of thumb, the financial world condescends to grant the hallowed status of high net worth (HNW) individuals on those with assets of Rs 5 crore and more. The income-tax law on this touchstone ought to have imposed surcharge of 10 per cent on those having income of Rs 1 crore or more assu.. Full Article

the Court direct the department to accept the return Forms which are submitted by the taxpayers, sub­ject to a genuine difficulty. After acceptance of those return Forms, on scrutiny if it is found by the concerned officer that there is no genuine difficulty on the part of the taxpayer in giving the details required in various columns, those Forms may finally be treated as not filed as required, and they will be subject to final decision taken by the concerned officer. .. Full Article

YOU are liable to deduct TDS. By a mistaken understanding, you deduct less TDS than what was required to be deducted. However the deductee pays the correct Income Tax. Can the Department demand the TDS again from you? Logic would say, NO, but logic and tax don't always go together and you need the Supreme Court to tell you that on the same income, you cannot levy tax twice. Full Article

Tax can be recovered only when it becomes debt due from assessee and it becomes a debt due when notice of demand is served - tax recovery officer cannot file claim against property attached by court : SC Full Article

An act which a court orders to be done, or money which a court orders to be paid, by a person whose acts or omissions have caused loss or injury to another in order that thereby the person damnified may receive equal value for his loss, or be made whole in respect of his injury; the consideration or price of a privilege purchased; some thing given or obtained as an equivalent; the rendering of an equivalent in value or amount; an equivalent given for property taken or fo.. Full Article