Income Tax : Amendment in the provisions of section 272A of the Act Section 272A of the Act provides for penalty for failure to answer question...
Income Tax : As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the...
Income Tax : The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failur...
Income Tax : Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income...
Income Tax : Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty,...
Income Tax : Explore Ambience Developers vs. JCIT case: ITAT Delhi holds no penalty for technical breach under section 272A(2)(k) of the Income...
Income Tax : ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have ...
Income Tax : ITAT Jodhpur held that levying late fees u/s 234E of the Income Tax Act for delay in filing TDS return for 4th quarter of F.Y. 201...
Income Tax : ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details ...
Income Tax : Understand the landmark case of Maqsood Ali Vs ITO, where the Income Tax Appellate Tribunal (ITAT) in Delhi ruled against imposing...
Whether the penalty levied by CIT(A) u/s 272A of the Income Tax Act, 1961 is justified in law? Penalty u/s 272A is not justified for Assessee having exempt income u/s 10(23C).
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 with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.
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.
Explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B of the Act and hence the assessee would be entitled for immunity from levy of penalty u/s 272A(2)(k) of the Act.
Pravin Chatarbhuj Bajaj Vs Addl. CIT (TDS) (ITAT Pune) The case of the assessee before us is that the delay in submission of e-TDS return was because of strict requirement of e-filing of the statement and filing of such e-TDS return in this year PAN of person on whose behalf tax is collected were required […]
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 required to […]
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.
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.
