Deductors / collectors are required to furnish a quarterly TDS / TCS statement as per guidelines of the Income Tax Department (ITD). For any update in the quarterly TDS / TCS statement, a correction statement is furnished by the deductor / collector. Correction statement is prepared on the latest statement details (accepted) at TIN central system. To facilitate the deductor to ensure that the deductor uses the latest statement, request for TDS/TCS statement can be made online at TIN website. TDS/TCS statement (consolidated) provided by TIN will include all the updates done vide correction statements (accepted at TIN central system) filed by deductor/collector. Consolidated TDS/TCS statement will be available for:
Correction Returns of TDS statements filed may in certain cases be rejected by the department. There are a number of common reasons of rejection of Correction returns. In some cases persons are unable to find the exact cause of rejection even after having tried all possible methods. Below is a list of most common errors or rejection of ETDS revised return given as under for your ready reference along with remedial action. We hope that after implementing the suggestions given below you may not have to file any more correction statements in respect of TDS returns file by you.
Download Form 3CD with annexures, 3CA, 3CB and Caro Report in Excel Format (Updated) – 3CA, 3CB, 3CD, Caro
Article covers provisions related to taxation of Salary Under Income Tax , Available deductions from Salary Income , Valuation of Perquisites available to Salaried Employees and How to calculate Tax on the same and TDS provisions
The essential conditions for availing higher deduction of interest of Rs.1,50,000/- in respect of a self-occupied residential house are that the amount of capital must have been borrowed on or after 01.4.1999 and the acquisition or construction of residential house must have been completed within three years from the end of the financial year in which capital was borrowed. There is no stipulation regarding the date of commencement of construction.
Income Tax Rates/ Slabs for the financial year 2011-2012 (A.Y. 2012-2013) for Individual, HUF, woman, senior citizen and senior citizen of 80 Years and more-Normal Rates of tax: Applicable to Individual Male below the Age of 60 Years and HUF
ICAI would soon bring out a Quick Insight on CA profession to be circulated to all CA firms/ practitioners for ready reference, which has been designed to include matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, websites, contact e-mail ids of Committees of the Institute and that pertaining to the Companies Act, 1956 and LLP. I am sure that the members will find this initiative very useful and looking forward to your feedback on the same.
Punjab Government has promulgated an Ordinance dated 17-08-2011 vide Notification No. 33-Leg/2011 whereby proviso to section 8(1) and section 62(5) of Punjab VAT Act, 2005 have been amended. Proviso to Section 8(1) deals with rate of tax on declared goods whereas section 62(5) deals with pre-deposit of 25% before entertaining of any appeal under PVAT Act, 2005.
Some Chief Commissioners are of the view that whereas the manufactures of pan masala /gutkha shall be required to give an undertaking to comply with the provisions of the Plastic Waste (Management and Handling) Rules, 2011 under no circumstance should export of the goods in question be stopped or disallowed. Other Chief Commissioners had a contrary view that allowing the export of pan masala / gutkha packed in plastic sachets would be a contravention of the said Rules of 2011. The Board has examined the matter in the background of the Plastic Waste (Management and Handling) Rules, 2011 as well as the conflicting views of Chief Commissioners.
RBI is of the view that the PD has attempted to manipulate the market, involved in market abuse, made an incorrect representation or certification, failed to provide information required under the extant guidelines, or provided information that was incorrect, inaccurate, or incomplete.
