Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible
Article explains in brief Objectives Of E-Way Bill Under GST, Benefits Of E-Way Bill Under GST, Provisions And Rules Of E-Way Bill, Registration Procedure On E-Way Bill Portal For GST Registered Users, Enrollment Procedure On E-Way Bill Portal For GST Unregistered Transporters/ Others, Modes To Generate E-Way Bill Under GST and Features Of The E-Way Bill Portal.
Finance Act, 2012 extended the obligation to withhold taxes to non- residents irrespective of whether the non-resident has –
Present scheme of administration of Search and Assessment of search cases needs to be made effective to reduce technical complexities
The power of detention contemplated under Section 129 of the SGST Act can be exercised only in respect of goods which are liable to be confiscated under Section 130 of the SGST Act; that there is no taxable supply when goods are transported on delivery chalans
Section 167B provides that in case shares of members in Association of Persons (AOP) or Body of Individuals (BOI) is unknown or indeterminate, then tax on total income of such AOP or BOI is charged at maximum marginal rate or specified rate whichever is higher.
TDS should not be linked with the year of income or the year of receipt. Credit for TDS may be given on the basis of the claim made by the assessee irrespective of the assessment year in which income is received or income is offered to tax. There should be a clear differentiation between amount deducted and amount claimed.
Where in case any person fails to deduct or pay the whole or any part of the tax on the sum paid or on the sum credited to the account of a person, he shall be deemed to be an assessee in default in respect of such tax.
In the case of The Income-tax Officer vs M/s. Shree Kastbhanjan Dev Developers, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that firm cannot be assessed for unexplained cash credits in respect of capital introduction by its partner.
The Honorable Finance Minister has, in para 176 of his Budget Speech [Union Budget 2016-17] stated that non-residents without PAN are currently subjected to a higher rate of TDS
