Section 203 of the Income-tax Act 1961 read with the Rule 31 of the Income-tax Rules 1962 requires the deductor to issue certificate of tax deduction at source (TDS) to the deductee. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterly.
Nowadays Income tax department is issuing notice to the under section 272B of Income Tax Act 1961, to the Assessee’s who filed their Income tax Return, but filled wrong PAN or not filled PAN in their Income tax Returns . Under section 272B Assessing office can impose a penalty of Rs. 10,000/- on Assessee for wrong quoting or non-quoting of PAN in Income Tax Return. Now a question arises what should Assessee reply if he filled wrong PAN or failed to file PAN? We are producing below a standard format of reply to the Assessing Officer which Assessee may use if they received any such notice from Income Tax Department.
We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of accounting. But the income tax department was disallowing the same on the ground that same being contingent in nature and hence not allowable. Here are some of the case study and opinion in this respect.
Interest earned on Post Office Savings Bank Account is presently exempt under section 10(15)(i) of the Act, vide notification no. G.S.R. 607(E) dated 9 June 1989. The said notification is amended to provide that such interest from Post Office Savings Bank Account will be exempt as follows: – Rs. 3,500 in case of individual account – Rs. 7,000 in case of joint account
Such appeal shall be filed before the Chief Commissioner of Income Tax (CCIT) or Commissioner of Income Tax (CIT) [II Schedule Rule 86(1)] Every appeal under the rule 86 is to be presented within 30 days from the date of order appealed against [II schedule Rule 86(2)].
A new type of entity namely limited liability partnership (hereinafter referred to LLP) has come into existence by LLP Act, 2008. LLP is an alternate corporate business that offers the twin benefits of limited liability companies and the flexibility of partnership firms. Introduction of LLPs in India is a path breaking reform which is in consonance with the changing environs of the business world.
There is lots of confusion in mind of professional or accountant that when they have to get their client account audited due to different slab under section 44AB and 44AD? As per section 44 AB every person require to get their account audited from accountant in following condition (a) Total sales or turnover or gross […]
For the purpose of determination of value of supply under GST, TCS under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.
Understanding the set off of refunds against tax remaining payable under Section 245 of the Income Tax Act, 1961. Learn how this provision empowers the authorities to adjust outstanding demand with refund amounts.
Presumptive taxation is being followed by the huge number of the small taxpayers throughout the country. However ironically they are of the opinion that the government has relieved them with all the provisions of the income tax act and therefore does not take into the consideration the relevant provisions of the income tax act and […]
