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TAXING a non-resident has always been challenging, and wherever possible the law has provided adequate safeguard for the Revenue. That is how Sec 163 came into being. The issue here is: If a non-resident is assessed independently, can its agent in India be also assessed as Representative Assessee for the same income u/s 163?
The Central Board of Direct Taxes have further extended the last date of filing of income tax returns due by 31 July 2007 to 15 September 2007 in the state of Bihar in view of the continued disruption caused by floods in the state.
Minister of State for Finance Shri S.S. Palanimanicham affirmed in the Lok Sabha that the income tax department has issued revised guidelines for allotment of Permanent Account Number (PAN) to Indians living abroad, foreign citizen or a company, trust or firm not having an office in India. The requirement of having a representative assessee in India by a non-resident for allotment of PAN has been dispensed with.
It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not complete. Sub-para (f) of para 10 of above-mentioned instruction outlines the procedure to be followed in case the assessee is not traceable. It may be because of incomplete address or change in address. All efforts should be made to trace the assessee in accordance with the procedure outlined in said sub-para. However, it should be ensured that there is valid service of notice. Further if, because of time taken in tracing the assessee, no time is available for issue of notice under section 142(1) and for making the assessment up to 31-12-2007, notice may be issued under section 148 after 31-12-2007.
Sec.263 is the revisionary power of Commissioner which is to be invoked where the order of A.O. is erroneous and prejudicial to the interest of revenue but all errors and loss of revenue don’t allow for invocation of Sec.263 but in circumstances as discussed above. In case there are two views on an issue and A.O. takes one of the views leading to loss of revenue, it will not lead to an erroneous decision calling for invocation of Sec.263. The circumstances as laid out in the Malabar case is an important pointer and basis for action u/s 263.
In the present case during the course of assessment proceedings it was noticed that there were credit balance in the names of two parties amounting to Rs.3,52,581/- appearing in the books of account of the assessee. On being asked to verify the same, the assessee agreed to surrender it. The said cessation of liability could not be treated to have been earned from business of export and, thus, shall not form part of the turnover of the export business.
In partial modification of the Notifications issued by Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India.
Commissioner of Income-tax v. K. Chinnathamban – Section 69A of the Income-tax Act, 1961 – Unexplained money – Firm ‘V’, allegedly floated for carrying on business of prize tickets and for collecting deposits from public, was managed by one ‘K’ – During search certain amount was seized – Assessing Officer on basis of statements given by ‘K’ concluded that firm was not genuine and observing that ‘K’ was not in position to explain source of deposit of seized amount, treated said amount as undisclosed income of persons (assessees) in whose name deposit appeared in various banks –
starting from April 1, 2008, the deductors of TDS are not required to give TDS certificates to the recipients of income or payment in respect of which tax has been deducted. It is one thing to abolish the requirement to attach TDS certificates with the returns filed by the taxpayers but quite another to abolish the very requirement of furnishing TDS certificates to the recipients of income because it can cause considerable inconvenience to them.
In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India Ministry of Finance Department of Revenue.
