Recommendations for Changes In GST/IGST Rate and Clarifications in Respect of GST Rate on Certain Goods -As per discussions held in the 25th GST Council Meeting The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The Council has recommended certain in GST/IGST rate and clarifications […]
Finance Act, 2012 extended the obligation to withhold taxes to non- residents irrespective of whether the non-resident has –
Present scheme of administration of Search and Assessment of search cases needs to be made effective to reduce technical complexities
Currently, Many government/semi-government authorities (viz. Mining Department) have been demanding TCS of earlier years for which assessments have already been completed, since they had not collected the TCS in the those relevant years.
Section 167B provides that in case shares of members in Association of Persons (AOP) or Body of Individuals (BOI) is unknown or indeterminate, then tax on total income of such AOP or BOI is charged at maximum marginal rate or specified rate whichever is higher.
TDS should not be linked with the year of income or the year of receipt. Credit for TDS may be given on the basis of the claim made by the assessee irrespective of the assessment year in which income is received or income is offered to tax. There should be a clear differentiation between amount deducted and amount claimed.
Where in case any person fails to deduct or pay the whole or any part of the tax on the sum paid or on the sum credited to the account of a person, he shall be deemed to be an assessee in default in respect of such tax.
The Honorable Finance Minister has, in para 176 of his Budget Speech [Union Budget 2016-17] stated that non-residents without PAN are currently subjected to a higher rate of TDS
The Finance Act (No. 2), 2009 raised the limit to pay advance tax under section 208 to Rs. 10,000. Considering the inflationary conditions prevailing in the country, it is felt that the said limit needs to be revised upwards so that the amount payable in one installment of the advance tax exceeds at least Rs. 5,000.
With a view to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by companies and persons to whom tax audit is applicable, on voluntary compliance basis, the government has proposed to introduce new Rule 39A and Form No. 28AA in the Income-tax Rules, 1962 (the Rules).
