CPC (TDS) mandates closure of Short Payment Defaults using Online Correction facility before allowing Conso Files The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of ‘Short Payment defaults’ in the quarterly TDS statements due to Unmatched Challans, before the Conso files can be downloaded from TRACES for […]
Arjuna, Raksha Bandhan means expressing love, strengthening relations between brothers and sisters. Elder should save the younger. But Sales Tax department has done opposite of this. The department instead of saving the dealer who follows the VAT laws brought Bandhan for the year 2011-12.
Bombay High Court has explained the law in the case of CIT vs. Tip Top Typography on three issues related to determination of Annual value in calculation of Income from House property:- (i) whether the municipal valuation of the property was binding on the Assessing Officer
Consequences of failure to pay the demand: In accordance with provisions of section 201(1) of the Act, where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of the Act; does not pay, or after so deducting fails to pay, the whole or […]
During the assessment year, the assessee has sold its factory premises from which it has been showing rental income. In the computation of total income the assessee has claimed deduction u/s 54F of Rs. 1 ,34,95,220/- on the investment in three flats.
Deposits and/ or unsecured loans have been proved an essential and major source of financing in the corporate sector since the time of its recognitions. This is an essential tools of the growth of the private sector as well by reasons of least cost as well as controlling,
Individual assessees were required to file their income tax returns on or before 31st July, 2014. While most of the assessees would have filed the return, yet there may be many who could not file their returns by the due date for any reason – being on vacation, on official tour, for want of preparedness or even as a habit.
The Depreciation on fixed asset as per Schedule-II of Companies Act, 2013 became operational from 01/04/2014 vide MCA notification no S.O.902(E) dated 26/03/2014. In new era of depreciation, useful life of the asset plays a crucial role for calculation of depreciation. The change in the method of providing depreciation from fixed percentage (Schedule-XIV of Companies […]
In the instant case, the amounts were paid in respect of an obligation in respect of purchase of flat through agreement, therefore, no fault can be found on the part of the AO for treating these charges as interest and liable for TDS u/s 194A of the Act.
The excitement over the Budget is usually high. Despite the fact that we have in India around 4 Crore tax payers out of a population of more than 120 Crore, still everyone has an interest in the Budget. The media, both print and electronic, and the financial sector add to this excitement. This time with the new Government headed by Shri Narender Modi Ji having assumed power on the slogan of good days to follow, the expectation from the Budget was exceptionally high.
