Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) There is a statutory requirement under section 1 39A of the Income-tax Act read with rule 11 4B of the Income-tax Rules, 1962 to quote Permanent Account Number (PAN) in documents pertaining to purchase or sale of immovable property for [...]

The existing provisions of section 194LC provide that if an Indian company borrows money in foreign currency from a source outside India either under a loan agreement or by way of issue of long-term infrastructure bonds, as approved by the Central Government, then the interest payment to a non-resident person would be subject to a [...]

I.  Suggestions to Improve Tax Collection 1.Information to be furnished in the Annual Information Return In respect of the transactions (mentioned in detailed memorandum), where the PAN is not provided by the payer, the provisions like TCS may be made applicable to the payee. Accordingly, the payee should be allowed to collect tax at an [...]

FM to Dedicate Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) Tomorrow The Union Finance Minister Shri P. Chidambaram, will dedicate the Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) to the nation tomorrow. The CPC (TDS) will be situated at Aayakar Bhawan, Sector-3, Vaishali, Ghaziabad (UP). It will provide the [...]

A judgment is an authority for what it decides. It applies only to those cases in which the requisite amount of tax has been deducted at source out of payments made to the payee and thereafter deposited on or before the due date stipulated by law.

(1) These rules may be called the Income-tax (2nd Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette.

Deductor related reasons : • Non filing of quarterly TDS statements • Omission to include details of challan in TDS statement • Quoting wrong CIN in challan details in the TDS statement • Entering wrong amount in challan details • Quoting of wrong TAN in the challan while remitting the TDS in the bank • Quoting of wrong minor head in the challan while remitting the TDS

If a deductor has deposited excess amount of TDS , the procedure for getting refund was given in Board Circular 285 dated 21-1-1980. Now CBDT has issued new circular in this respect.

In this case there is nothing in the reasons to indicate that there is an escapement of income, but, at the most, need to verify that the reasons of discrepancy between income from profession as per return of income vis-à-vis as per the certificates of tax deduction at source. A variation in these two figures does not necessarily lead to escapement of income,

Seconded personal continue to be the employees on the roll of the member oil companies even during the period of secondment. These seconded employees continue to receive their salaries and emoluments from the member oil company of which they are employees. Therefore, not being employees of the respondent-assessee, the overseas allowances cannot be subject to deduction of tax at source.