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For many applications on the TRACES website, deductor is required to provide KYC Validation. KYC Validation refers to three main details to be provided by the user to gain access to facilities such as downloading a justification report, filing an online correction in TRACES, download of Form 16A and so on.
With the provision in the recent budget for allowing an additional deduction of Rs. 50,000/- in respect of contribution towards NPs, the interest of the taxpayers who till now did not have an NPS account has gone up substantially. People have started making enquiries and I have received a few emails seeking further guidance and clarification on NPS.
One my colleague Susan who is retiring this year was advised to deposit Rs. 50,000/- in NPS account this year to reduce her tax liability approached me for guidance. Based on my interaction with her I realised that the people generally do not know much about the NPS scheme in general and about this additional deduction of Rs. 50,000/- in particular. So I decided to write this article to explain both the points.
In An increasingly interconnected world, national tax laws have not kept pace with global corporations, fluid capital, and the digital economy thereby leaving gaps that can be exploited by companies who avoid taxation in their home countries by pushing activities abroad to low or no tax jurisdictions.
It is only when payments are made ‘in pursuance of a contract’ that the provisions of section 194C come to into play. The contract may be oral or written, express or implied but there must be a contract nevertheless. In the present case, however, the payment is on account of legal obligation under section 24(1) of the Punjab water Supply & Sewerage Board Act 1976
Provisions of Sec. 195(6) of the income tax act got amended by the Finance Act 2015 and it comes into force with effect from 1-6-2015. As per the amended provision, the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident shall be required to furnish the information of the prescribed sum in such form and manner as may be prescribed. When the original provision was inserted,
An Assessee cannot be compelled with the quantum of additions as admitted during the course of assessment proceedings if the said additions were not offered to tax in the return of income.
The main issue in both the years relates to whether transaction made in normal course of business can be treated as deemed dividend u/s 2 (22) (e) of the act. The another issue besides the issue above in AY 2007-08 is addition of Rs. 45,00,000/- as unexplained cash credit.
As regards, second issue CIT(A) has rightly adopted the peak credit theory by considering the fact that that there was only rotation of overdraft funds whereby the funds advanced on earlier dates were received back subsequently and there were no fresh deposits.
In our conclusion, neither the payment of license fees nor the management charges, falls within the ambit and purview of section 44C and, accordingly, the nature of adjustment to the total income for the purpose of disallowance is not required. Thus it is held that license fees and management charges do not fall in the nature of head office expenses u/s.
