Income Tax : The framework outlines offences like tax evasion, non-filing of returns, and failure to pay TDS/TCS. It clarifies punishments, pro...
Income Tax : The framework permits taxpayers to settle offences by paying prescribed compounding charges instead of facing prosecution. It clar...
Income Tax : Explore the intricacies of Tax Deducted at Source (TDS) under Section 194A for interest payments other than securities. Learn abou...
Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...
Income Tax : For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of gene...
Income Tax : Addressing glitches in ITD portal, the Association of Tax Lawyers requests an extension for the ITR filing deadline due to signifi...
Income Tax : The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These incl...
Income Tax : The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with ...
Income Tax : On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpa...
Income Tax : Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed an...
Income Tax : Madras High Court dismisses Absolute Homes' writ petition against TDS prosecution notice, citing delayed remittance of tax and pre...
Income Tax : TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being...
Income Tax : CIT Vs Dewan Chand (Delhi High Court)- Payments made by the assessee to the employees employed by it on daily wage basis cannot be...
Income Tax : For the foregoing reasons, the petition succeeds. The three orders namely; (1) the order dated October 6, 1992 passed by the Comm...
Income Tax : Applicants can now apply for lower/nil deduction certificate from 28th February of the immediately preceding Financial Year. For i...
Income Tax : INSTRUCTION NO. 9/2010 Reference may be made to Board’s Instruction No. 7, dated 16-8-2010 in which it has been stated, inter al...
Income Tax : Notification No.31/2009 - Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishin...
Income Tax : Notification No. 28/2009 - Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inser...
Income Tax : CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund ...
In this Article we are discussing below the frequently asked question by taxpayers on Income Tax related to Taxable Income, General Question, Tax on Income, Return of income, PAN, Salary Income, Income from House property, Income from business and Profession, Capital Gains, Tax Deduction at Source and Assessment which will provide an insight to the laymen on income tax provisions.
The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These include scrutiny of tax return; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases. Information Technology has also been used in a big way in collection, collation and dissemination of taxpayer information. Tax Information Network (TIN) has been set up as a depository of important tax related information which can be accessed by the Department. The basic components of TIN are information relating to Tax Deduction at Source (TDS), payment of taxes and high value transactions reported in Annual Information Returns (AIR).
INSTRUCTION NO. 9/2010 Reference may be made to Board’s Instruction No. 7, dated 16-8-2010 in which it has been stated, inter alia, that in cases where the return is filed in ITR-1 and ITR-2 for the A.Y. 2009-10, and where the TDS claim does not exceed Rs. three lakh and where the refund computed does not exceed Rs. Twenty five thousand, the TDS claim of the taxpayer shall be accepted at the time of processing of the returns provided the TDS payment reported in AS-26 is more than Rs. zero.
The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with the provisions of tax deducted at source (TDS) under the Income-Tax Act. Six high-end hospitals in South Mumbai and sub
On July 24, 2010, the Finance Minister released Citizen’s Charter — a declaration of Income-Tax Department’s commitment to taxpayers. In this Charter, one of the commitments is to make compliance easy. In this background, one of the members of the CBDT has issued a D.O. letter dated June 18, 2010 to all Chief Commissioners of Income Tax, concerning giving credit for tax deducted at source (TDS). At present, a large number of lower- and middle-income taxpayers face the problem of their refunds being withheld.
T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is given on the basis of the information given by the deductor to the Income Tax Department by way of filing his T.D.S statements, wherein the full detail about the tax deducted, the PAN No of deductee etc are given, so that the right credit of T.D.S can be given to the deductee.
Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore.
Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to them by the banks did not mention there permanent account number (PAN). Depositors of banks and post offices — especially pensioners — are put to a lot of trouble at the time of filing tax returns and claiming refunds, as these organisations often issue incomplete or incorrect certificates.
Direct tax collections in the country are likely to double after the proposed Direct Tax Code (DTC) and the Goods and Service Tax (GST) regime come into effect, a top government official has said. “We are moving towards a scenario where I think there will be a substantial increase in collection of taxes when DTC and GST will be in place. GST will help us in direct tax collection,” Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy said.
In a fresh move, the Finance Ministry today said income tax payers will have to mention receipt number of tax deducted at source (TDS) forms in the returns to claim refunds, from this fiscal. Tax payers will have to mention this number along with his permanent account number (PAN) and Tax-deduction Account Number (TAN) of the deductor, otherwise refunds may not be considered.
