Income Tax : Understand eTDS return corrections, the six-year revision limit, and challenges in claiming TDS credit. Learn how tax adjustments ...
Income Tax : Learn how the new Income Tax Rule 134 and Form 71 offer relief for taxpayers facing TDS credit mismatch. Discover the procedure, b...
Finance : Navigate TDS rates and compliances for FY 2023-24 onwards. Learn about TDS payment due dates, late fees, interest, penalty, prosec...
Income Tax : We are always worried about the fact that whether our TDS deductor/collector has filed quarterly TDS/TCS statement and provided ou...
Income Tax : The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise...
Income Tax : Tribunal in the case of Yegneswari General Traders vs. ITO has held that based on CBDT circular no. 452 it is clear that Kaccha Ar...
Income Tax : Explore crucial rulings in case of Interglobe Technology Quotient Pvt Ltd vs ACIT (ITAT Delhi) regarding CSR expenditure disallowa...
Income Tax : In the case of Salesforce.com Singapore Pte Ltd. vs ACIT, ITAT Delhi ruled that receipts from CRM services aren't taxable in India...
Income Tax : Even if income of Non-resident on which tax is deducted, is not taxable in India, credit is to be given for TDS on such income and...
Income Tax : ITAT Delhi held that if the assessee has shown the income, then, the assessee has every right to get credit of TDS even if deducto...
Income Tax : Instruction No. 01/2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considere...
Income Tax : INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 and giving credit for TDS has been considered by ...
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
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 claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac, the TDS claim may be accepted without verification.
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 claim of the assessee .The CIT (A) allowed the appeal of the assessee- ITO Business Ward –II (4) v. M/s Shri Anupallavi Finance & Investments (2011-TIOL-78-ITAT-MAD)
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 claim and matching TDS amount reported in AS-26 data does not exceed Rs. 1 lac, the TDS claim may be accepted without verification.
Learned CIT(A) erred in not directing the AO to unconditionally grant full tax credit to the appellant f or the taxes deducted at source by Reliance Infocomm Limited of Rs 24,41,58,046 and, consequently, grant refund of the said amount as the entire addition made by the AO was deleted by the CIT(A). – learned CIT(A) erred in not directing the AO to unconditionally grant credit, and, consequently, refund for a sum of Rs. 21,26,74,006, being the TDS deducted by the payer, in respect of which the original TDS certificates were submitted by your appellant with the AO during the course of assessment proceedings.
Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]
