How many times can I furnish a correction TDS/TCS statement? A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once. What are the important points to be kept in mind while preparing correction statement more than once on the same regular statement?
After I prepare my e-TDS/TCS return, is there any way I can check/verify whether it conforms to the prescribed data structure (file format)? Yes, after you have prepared your e-TDS/TCS return you can check/verify the same by using the File Validation Utility (FVU). This utility is freely downloadable from the NSDL-TIN website.
The manner of computing total income has been changed in the budget for the current year by allowing deduction under section 80C. However, the present Form No. 24Q shows a column for rebate under section 88, 88B, 88C and 88D. How should Form No. 24Q be filled up in absence of a column for section 80C?
Where can I file my TDS/TCS return? You can file your TDS/TCS return at any of the TIN-FCs managed by NSDL. TIN-FCs are set-up at specified locations across the country. Details are given in the NSDL-TIN website. These can also be furnished directly at NSDL-TIN web-site.
How do I file my quarterly e-TDS/TCS return, if I don’t have PANs of all deductees? You can file your e-TDS/TCS return for the deductees who have valid PANs and subsequently file correction return for remaining deductees whose PANs were not available with you while furnishing regular return.
Shri Shibu Soren Vs. ACIT and 4 others (ITAT Delhi)- If there is any undisclosed income and there is a search, addition of such undisclosed income is to be made in block.It is observed by the Honourable Jurisdictional High Court in this case that where the department is aware of the existence of an asset, then the department may be fully justified in issuing notice u/s 148 if the department feels that there is any undisclosed income.
Dresser Rand India Pvt. Ltd. Vs ACIT (ITAT Mumbai)- The integral tests for a Cost Contribution Arrangement to be considered at arm’s length are: that the services were availed, the costs have been allocated in a reasonable and an impartial manner and there is documentation to demonstrate the receipt of services.
The Central Bureau of Investigation has arrested a Superintendent working in the Service Tax Commissionerate, Bangalore for demanding and accepting a bribe of Rs.15,000/- from the complainant.A case was registered against Superintendent, Service Tax Commissionerate, Bangalore U/s 7 of Prevention of Corruption Act, 1988 for demanding a bribe of Rs.15,000/- from the complainant for accepting the NIL report filed by him.
The Ministry of Corporate Affairs (MCA) under notifications number S.O. 447(E) and 653(E) dated 28th February, 2011 and 30.03.2011 respectively notified that the annual accounts for the financial year ending 31st March 2012 shall be prepared in accordance with the revised Schedule VI. Hence, the new Schedule VI of the Companies Act, 1956 shall not be applicable to December, 2011 exam ination.
Circular No. 41/ 2011 – Customs, DGFT has issued three notifications on 9.9.2011 which modify the Export policy in respect of Non-Basmati Rice, Wheat and Onion with immediate effect. Notification No.71 (RE-2010)/2009-2014 dated 9.9.2011 makes Free the export of Non-Basmati Rice subject to it being made by private parties from privately held stocks and only through Customs EDI ports.
