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Archive: January, 2014

Posts in January, 2014

TDS/ TCS cheques tendered in bank – Date of Deposit will be date of clearing

January 10, 2014 33624 Views 6 comments Print

Government dues tendered in the form of a cheque or draft which is accepted under the provisions of rule 19 and is honoured on presentation, shall be deemed to have been paid- i. where the cheque or draft is tendered to the bank, on the date on which it was cleared and entered in the receipt scroll;

CBDT withdraws tax-exemption of four cricket associations

January 10, 2014 1355 Views 0 comment Print

The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act, 1961.

TAN Information Required for PANs filing ITR 6 for FY 2011-12

January 10, 2014 2429 Views 0 comment Print

It has been gathered that you have filed Income Tax return for Financial Year 2011-12 . However, as per our information, you have not been allotted with any TAN (Tax deduction and collection Account Number) for the relevant PAN (Permanent Account Number). The Circular, inter alia, provides guidelines on the following: You are advised to […]

Consequance for Non – Filing of TDS Statements

January 10, 2014 5730 Views 0 comment Print

For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them.

CBDT advises AOs to file Form 24G with in the prescribed time

January 10, 2014 8182 Views 0 comment Print

As you are aware, it is mandatory for AOs to file Form No. 24G on monthly basis with in the prescribed time. Based on the particulars reported in Form No. 24G, Book Identification Number (BIN) is generated and intimated to the respective AOs by TIN Central System. AOs can download BIN from TIN Portal. AOs […]

Verify contents of TDS Certificates before issue

January 10, 2014 1818 Views 0 comment Print

Report correctly the PAN and TDS amount in the Statement, which helps the taxpayer in claiming correct TDS Credits besides generating correct TDS Certificates. Verify the contents of TDS Certificates as downloaded from TRACES before issuing the same to the taxpayers

Levy of Service Tax on services provided by Resident Welfare Association (RWA)

January 10, 2014 14046 Views 6 comments Print

Notification No. 25/2012- ST dated 20.06.2012 clause no. 28(c ) provides for exemption to service by a RWA to its own members by way of reimbursement of charges or share of contribution up to five thousand rupees per month per member for sourcing of goods or services from a third person for the common use […]

Section 80CCG: Deduction on investment under Equity Savings Scheme

January 10, 2014 5718 Views 0 comment Print

Eligibility for 80CCG – (1) the gross total income of the assessee for the relevant assessment year shall not exceed twelve lacs rupees. (2) Should be a new retail investor. This means you should be using a demat account the first time ever for equities. You should be using a new demat account or if you had a demat account you should have never traded in equities using it before.

HC stays Late Filing Fees U/s. 234E for late filing of TDS return

January 10, 2014 52386 Views 52 comments Print

The constitutional validity of Section 234E of the Income Tax Act, 1961 has been challenged in the Kerala High Court in the case of Narath Mapila LP School vs. UOI WP (C) No. 31498/2013(J). Vide an interim order dated 18.12.2013, the High Court has admitted the Petition and granted a stay of proceedings for a period of two months.

26AS Online views – crosses 22 Crores

January 10, 2014 2125 Views 0 comment Print

CPC (TDS) is committed to contribute effectively in the nation building process through efficient tax administration and improved voluntary compliance. This is intended to be achieved by an enabling policy environment and augmenting the revenue mobilization apparatus under the law, while maintaining taxpayer confidence in the system. To achieve the objectives, we have setup processes […]

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