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The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company for not deducting tax by declaring it assessee in default, the apex court said.
YOU are liable to deduct TDS. By a mistaken understanding, you deduct less TDS than what was required to be deducted. However the deductee pays the correct Income Tax. Can the Department demand the TDS again from you? Logic would say, NO, but logic and tax don’t always go together and you need the Supreme Court to tell you that on the same income, you cannot levy tax twice.
1. These appeals under Section 260A of the Income Tax Act, 1961 (“the Act” hereinafter referred to as), are filed against the common order dated December 31, 2001, passed by the Income Tax Appellate Tribunal, Bangalore Bench, in three batches of appeals relating to orders under Sections 201(1), 201(1A) and 271C relating to the assessment years 1992-93 to 1996-97.
The interesting question raised in this petition is, where a company deducts tax at source (TDS) from the salary payable to an employee, but fails to deposit the said amount into the Government treasury, whether, the revenue can recover the TDS amount with interest from the employee concerned in spite of the express bar contained in section 205 of the Income Tax Act, 1961.
CIRCULAR NO. 5 / 2007-Income Tax . The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources;
HC held that Revenue is to be definitely restrained in terms of Section 205 of the Act from enforcing any demand on the assessee-petitioner insofar as the demand with reference to the amount of tax which had been deducted by the tenant of the assessee in the present case, and assuming that the tenant had not remitted the amount to the Central Government. The only course open to the Revenue is to recover the amount from the very person who has deducted and not from the petitioner.
If we look at the scheme for the provision of deduction of tax at source, it becomes obvious that such person is acting on behalf of the Revenue, i.e.,as an agent of the Revenue. In fact, the person is enabled statutorily to make deduction and remit the amount to the Central Government, though in the instant case, the person who has deducted the amount may be the tenant or lessee of the petitioner and there is such inter se relationship as between the two,
Income Tax Circular No. 9/2003 Reference is invited to Circular No. 13/2002 dated 23-12-2002 wherein the the rates of deduction of income-tax from the payment of income under the head ‘Salaries’ under section 192 of the Income-tax Act, 1961, during the financial year 2002-03, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under
Circular No. 786-Income Tax Deduction of tax u/s 195 and the taxability of export commission payable to non-resident agents rendering services abroad – clarification regarding. In the Audit Report for 1997-98 (D P No 79(I.T.) The Comptroller & Auditor General (C&AG) raised an objection that the Assessing Officer in computing the Profits and Gains of Business or Profession, in a case in Mumbai charge, had wrongly allowed a deduction in respect of a payment to a non-resident where tax had not been deducted at source.
Circular No. 715-Income Tax Clarifications on various provisions relating to tax deduction at source regarding changes introduced through Finance Act, 1995 The Finance Act, 1995, has enlarged the scope of income-tax deduction at source by making various amendments. In regard to the changes introduced through the Finance Act, 1995, a number of queries have been received from the various associations and professional bodies on the scope of tax deduction at source. It would be desirable to clarify the doubts by issuing a public circular in the form of question
