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Archive: 23 February 2012

Posts in 23 February 2012

Corporates and banks mandated to issue Form 16A downloaded from NSDL Website

February 23, 2012 24592 Views 1 comment Print

CBDT has issued a Circular No. 03/2011 dated May 13, 2011 as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12 onwards). Taxpayers are advised to insist on Form 16A (quarterly TDS certificate) that has been downloaded by the Deductors from TIN Central System only.

Trust Registration cannot be cancelled for unexplained expendture incurred on the objects of trust

February 23, 2012 1002 Views 0 comment Print

If it is to be held that the assessee has incurred certain expenditure and the source of expenditure remains unexplained, the amount can be added under section 69C of the Act. However, if on one hand the amount is added as unexplained expenditure, still it retains the character of the expenditure incurred on the object of trust.

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