Section 272A articles

Section 272A penalty increased to Rs. 500 per day from existing Rs. 100

Amendment in the provisions of section 272A of the Act Section 272A of the Act provides for penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections etc. At present, the amount of penalty for failures listed under sub-section (2) of section 272A is one hundred rupees for every...

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TDS Certificates – Detailed Discussion

As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]...

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Section 272A Penalty for failure to answer questions or furnish information / returns/ statements or allow inspections etc

The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax [&...

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Delay in Download of TDS Certificate attracts Penalty

Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

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Don’t Take TDS Lightly

Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961....

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Rationalisation of provisions relating to TDS and TCS

Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is r...

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Consequance for Non – Filing of TDS Statements

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....

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TDS / TCS : CBDT Releases new version 3.8 of Return Preparation Utility (RPU)

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 unde...

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