Income Tax : Stay updated with the latest TDS compliance under Section 192 of the I.T. Act, emphasizing the importance of Form 12BB for employe...
Income Tax : Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for ...
Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...
Income Tax : It is proposed to amend section 271C inserting two new sub-clauses under clause (b) in sub-section (1) providing reference to the ...
CA, CS, CMA, Income Tax : Understand the consequences of non-payment of TDS/TCS & non-filing of TDS/TCS returns. Learn about the penalties and legal implica...
Income Tax : Andhra Pradesh High Court quashes prosecution against Aditya Institute for delayed TDS deposit, citing reasonable cause under Sect...
Income Tax : Detailed analysis of ITO vs Turner General Entertainment Networks India Pvt. Ltd. case before ITAT Delhi. Penalty order deemed inv...
Income Tax : In Ambience Pvt Ltd vs ITO (ITAT Delhi), the issue of TDS penalty under sec 271C is discussed. Analysis reveals why penalty wasn't...
Income Tax : Explore the detailed analysis of the Satya Kiran Healthcare Pvt. Ltd. vs. ITO case regarding TDS deduction disputes, its implicati...
Income Tax : Madras High Court halts Rs. 9403.09 Cr Income Tax demand against Cognizant Technology Solutions India. Detailed analysis and impli...
The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?
The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?
The issue under consideration is whether the Ao is correct in levying penalty u/s 271C for failure to deduct tax at source u/s 194C on payment of external development work charges (EDC)?
It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]
The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at source on Leave Travel Allowance?
1. Prosecution etc. : U/s. 276B If a person deducts tax at source etc. but fails to pay the same to the credit of Central Government as prescribed, he can be sentenced to rigorous imprisonment for a term not less than 3 months and extendable upon 7 years with fine as well. Moreover, u/s 276BB, similar punishment is provided for a person who fails to pay to the credit of Central Government taxes collected at source u/s. 206C being a seller of alcoholic liquor for human consumption, Tendu leaves, timber merchant, dealer in forest produce and dealer in scrap etc.
Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi) We are of the considered view that firstly, the assessee was not required to deduct TDS as the payment of EDC was not made out of any statutory and contractual liability to HUDA with whom the assessee has no privity of contract; secondly, the assessee has reasonable […]
State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]
Understand the provisions of Section 271C of Income Tax Act, 1961 that impose penalties for TDS failure, non-deduction, or non-payment.
1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed shall be allowed […]
