Here is an important judgement of the Honble Rajasthan High Court, in the case of Commissioner of Income Tax (TDS), Jaipur Vs. M/s. Rajasthan Urban Infrastructure [2013 (8) TMI 12-RAJASTHAN HIGH COURT] on following issue: Issue: Whether TDS is to be deducted on the amount of Service Tax charged on professional/ technical fees under Section…
As per Income Tax rulings regarding issuing of Form-16 or 16A, deductors are not responsible for non-mention of payees PAN in it. In the other words we can say if the TDS Deductee or Taxpayee not provided his PAN before issuing Form-16 or 16A, there is no penalty on deductor for non-mention payee’s PAN in…
Mismatch of Tax Credit (Form 26AS): One of the most common reasons of tax refund delays is mismatching of the taxes paid by you with the Governments online record (Form 26AS). Incorrect bank or personal account details: While filing tax return one should ensure that mailing address, bank details, Permanent Account Number (PAN) and all…
Buyer of immovable property can download Form 16B after registering on TRACES website as a Tax Payer.
Justification Report is currently unavailable on TRACES website for F.Y. 2012-13 and Form Type 24Q due to some technical reasons. There is no news when this report will be made available.
Concept of TDS for Real estate Industry: Vide Finance Act 2013; concept of TDS on Real estate transactions was introduced in India. As per Newly inserted section 194IA, Any person, who purchases any immovable property (other than agricultural land) for a consideration, shall require to deduct tax at source @1% of the amount paid to…
TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 3.9 and FVU ver. 2.135). All licensed and trial users are advised to immediately update their software for preparing the TDS / TCS returns for FY: 2013-14. Click here to view the key features of FVU version 3.9 Click here to…
Income tax department has published the latest Online e-File Income Tax Return Procedure for Assessment Year 2013-14. In this new procedure, tax payee can free download ITR-I to ITR-4S (Excel Base) to upload online XML. The complete procedure is as follows: e-File Income Tax Return Online 1. Income Tax Return (ITR-1/ITR-4S) is available online. To avail this feature, Assessee should register,…
As observed, the FVU version 3.8 released by NSDL was not allowing the preparation of Correction Statements for F.Y. 2013-14. On 12th August 2013, New File Validation Utlity (FVU version 3.9) has been released using which you can prepare your Correction Statements for F.Y. 2013-14. For more details, Click here
Consolidated file request functionality will not be available for deductors till 19th August, 2013. The functionality will be resumed from 20th August, 2013 onwards.