Self Assessment Tax - Page 2

Can Satyam claim a refund of taxes on onerstated income?

Today, the fraud at Satyam Computer Services is one of the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone's mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the earlier years?...

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Posted Under: Income Tax |

Failure to remit tax will invite prosecution: IT department

Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution....

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Posted Under: Income Tax |

E-returns – Income Tax dept discovers Rs 1,700 cr gap

During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion)....

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Posted Under: Income Tax |

CBDT clarifies no annexures to be attached to Income Tax Returns Form (ITR)

(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures; (ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be r...

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Posted Under: Income Tax |
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