Income Tax - We are always worried about the fact that whether our TDS deductor/collector has filed quarterly TDS/TCS statement and provided our PAN while filing the TDS/TCS return. NSDL has recently launched a facility to enable deductee to know whether or not his TDS deductor/collector has filed quarterly TDS/TCS statement and provided his PAN while...
Read MoreIncome Tax - The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise the tax paid/deposited under each PAN and identify and resolve discrepancies, if any, at an early stage. Discrepancies could arise due to reasons like incorrectly quoted PAN/non-filing of TDS returns/non-depos...
Read MoreIncome Tax - If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the income tax records. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. This statement will include details of:...
Read MoreIncome Tax - We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements...
Read MoreIncome Tax - The assessee is a firm and engaged in business of financing and follows cash system of accounting. It gave a loan to a company on interest. The borrower while crediting the interest deducted TDS and issued TDS certificate. The assessee claimed the credit of TDS without offering the corresponding income to tax . The AO disallowed the clai...
Read MoreAnil Ratanlal Bohora Vs ACIT (ITAT Pune) - ITAT Pune held that mere non-furnishing of declaration to the bank in terms of proviso to rule 37BA(2) of the Income Tax Rules, the amount of tax deducted at source on interest on bank deposit cannot be disallowed while clubbing of the income....
Read MoreSh. Varinder Pal Vs ITO (ITAT Amritsar) - ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS cannot be denied merely because it appears in the name of deceased mother. A particular income cannot be taxed twice under the law....
Read MoreSanjeev Rajendra Pandit Vs Assistant Director of Income Tax (CPC) (ITAT Mumbai) - ITAT Mumbai held that the Department cannot swallow tax paid by the assessee and deny credit of tax deducted, which pertains to the assessee. AO cannot simply decline the credit of TDS. AO directed to allow the TDS credit after due verification....
Read MoreS.B. Patel JV Laxmi Construction Vs A.C.I.T. (ITAT Ahmedabad) - Assessee not eligible of amount of TDS deducted on amount of advance received by assessee as corresponding income was not offered to tax....
Read MoreMukesh Padamchand Sogani Vs ACIT (ITAT Pune) - Requirement to allow TDS credit on Salary is only of amount of tax deducted at source & not getting deposited with Government after deduction....
Read MoreInstruction No. 01/2012 - (02/02/2012) - Instruction No. 01/2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS ...
Read MoreINSTRUCTION NO. 2/2011 - (09/02/2011) - INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 and giving credit for TDS has been considered by the Board. In order to clear the backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS ...
Read MoreAnil Ratanlal Bohora Vs ACIT (ITAT Pune) -
Sh. Varinder Pal Vs ITO (ITAT Amritsar) -
Sanjeev Rajendra Pandit Vs Assistant Director of Income Tax (CPC) (ITAT Mumbai) -
S.B. Patel JV Laxmi Construction Vs A.C.I.T. (ITAT Ahmedabad) -
Mukesh Padamchand Sogani Vs ACIT (ITAT Pune) -
Archana Airways Ltd. Vs ITO (ITAT Delhi) -
PKF Sridhar & Santhanam LLP Vs DCIT (ITAT Chennai) -
Sanjay Gupta Vs ITO (ITAT Delhi) -
DZ Bank Vs DCIT (International Taxation) (ITAT Mumbai) -
Centrum Microcredit Limited Vs ADIT (ITAT Mumbai) -