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Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...
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Under Section 234E wef 1st of July 2012 deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed.
The legislature has intentionally drafted the provisions relating to Search and Survey in the statue book of Income Tax Act, 1961 with the target of unearthing the undisclosed income of any person in form of any money, bullion, jewellery or other valuable article or thing.
1. The entire process of initiation, levy and order of penal proceedings to be duly recorded so that proceedings do not suffer from procedural infirmities. 2. The Ministry may ensure that concealment of income is penalized as per the Act.
ITD did not apply penalty as per provisions of the Act effectively. ITD has also not given adequate priority to the prosecution in tackling tax evasion and prosecution mechanism is not working effectively and efficiently.
M/s Sasi Enterprises, the firm, did not file any returns for the assessment year 1991-92 and 1992-93, for which the firm and its partners are being prosecuted under Section 276CC of the Act. J. Jayalalitha and N. Sasikala did not file returns for the assessment year 1993-94 and hence
In the case before us, the legal heir was never impleaded or brought on record. The show cause notice for penalty was not issued, as legal heir of the deceased, and therefore, it cannot be said that non-mentioning of the name of the legal heir and writing of name of the deceased at the top
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.
Penalty levied u/s 271AAA on members of AOP is rightly deleted by tribunal in a case where income initially disclosed and declared in the hands of AOP is subsequently disclosed in the individual hands of members forming AOP. CIT Vs. VIRENDARA KUMAR GUPTA (DELHI HIGH COURT)
The new version 3.8 of the Return Preparation Utility (RPU) features following significant changes from the previous: Discontinuation of functionality to delete Deductee records: For the purpose of correct reporting, deletion of Deductee rows is no longer permissible in the TDS statements. Accordingly, the delete option available under “Updation mode for Deductee” has been removed from the RPU.
By considering the totality of the facts and circumstances of the case, we find no reason to interfere with the impugned order passed by the Tribunal specifically when both the appellate authorities have given concurrent findings. The same is hereby sustained along with the reasons mentioned therein.