Income Tax : Discover the limitations of Indias Centralized Processing System (CPC) for taxpayers. Explore solutions to enhance communication a...
Income Tax : In my previous article ‘The First Substantive Ground of Appeal against an adjustment u/s 143(1)(a)(iv)‘, the following...
Income Tax : The First Substantive Ground of Appeal against an adjustment made under Section 143(1)(a)(iv) It has been 15 years since the Incom...
Income Tax : RECTIFICATION OF AN ORDER RECEIVED FROM CPC AND ISSUES RELATING TO DISPOSAL OF THE RECTIFICATION PETITION If the assessee finds a ...
Income Tax : Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Ass...
Income Tax : KSCAA Representation regarding adjustments (over and above 20% of disputed demand) by CPC despite assessments pending before first...
Income Tax : BCAS has made an excellent Representation to CPC on Difficulties faced by the taxpayers alongwith their suggestions to remove the ...
Income Tax : A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by th...
Income Tax : Recently, members are raising concerns regarding the problem faced by them in resolving the grievances in respect of Communication...
Income Tax : This is to inform that a few emails received by the Deductors and Taxpayers have been brought to the attention of the Centralized ...
Income Tax : In an ITAT Kolkata ruling, deduction u/s 80P for AY 2019-20 was allowed due to timely filing within the due date specified by CBDT...
Income Tax : CBDT's instruction No.10/2017 dated 15.11.2017 has clearly laid down that only when receipts are completely omitted to be declared...
Income Tax : The assessees must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessin...
Income Tax : Section 194IA of the IT Act relates to TDS on Sale of property. Form 26QB is an online statement-cum-challan to be filled and subm...
CPC (TDS) mandates closure of Short Payment Defaults using Online Correction facility before allowing Conso Files The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of ‘Short Payment defaults’ in the quarterly TDS statements due to Unmatched Challans, before the Conso files can be downloaded from TRACES for […]
CPC(TDS) apprises you that the current period marks the busiest weeks of downloading and distributing TDS Certificates for Q4, FY 2013-14. This also marks a peak time in the number of calls and queries to CPC(TDS). We encourage deductors to visit TRACES as the best place to get quick help to find answers to frequently […]
CPC(TDS) has introduced a new feature on TRACES for generating Transaction Based Report (TBR) in respect of deductees reported in 27Q TDS Statements. The report provides with a summary of transactions in respect of NRI Deductees who have not reported their PANs (PAN Not Available)
We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements
As the due date for filing quarterly TDS statement for 4th quarter is approaching close,TDS deductors must take note of following important information before submitting TDS statements to ensure that the deductees are able to correctly claim TDS Credits and for generating correct TDS Certificates.
Centralized Processing Cell (TDS) has observed from its records that C9 Corrections for Quarterly TDS Statements have repeatedly been submitted during Financial Year 2013-14. Please note that CPC (TDS) does not encourage frequent submission of C9 corrections.
Due date for filing 24Q quarterly TDS statement for 4th quarter of FY 2013-14 is approaching fast. You are advised to file TDS statements well before due date (15th May, 2014). It is also requested to refer to Circular 8 of 2013 dated October 10, 2013 in the context of Tax Deduction at Source on […]
CA Sandeep Kanoi Nowadays CPC (TDS) sent notices to deductors for every return filed by the Assessee for one or other reason. One of the reason for the same is Short Payment of TDS. In view of the close of the month approaching fast, you are advised to pay the outstanding demand at an early […]
CPC (TDS) has introduced the convenience of online facility of PAN Verification on TRACES. With this feature, we will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly.
CA Sandeep Kanoi As you are aware, it is mandatory for Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) (herein after called as AOs) to file Form No. 24G on monthly basis with in the prescribed time as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. AOs to […]
