Keeping its tradition, TDSMAN is one of the first to have released the version for FY:2015-16. This will serve its users for the following: All TDS Returns for FY:2015-16 TDS Returns for Quarter 4-FY:2014-15 Pending TDS Returns of earlier years, if any Rectification of TDS Defaults for earlier periods On popular demand of its users,…
The fee sought to be levied under section 234E for late filing of TDS return is not a tax that is sought to be levied on the deductor. If the section does not empower the AO to condone the delay for furnishing of TDS return, then the said section shall not stand onerous. Facts…
Recently in Thomas George Muthoot vs. Assistant Commissioner of Income Tax, it was held that the assessee partner shall deduct TDS on the interest amount paid to the partnership firm, if such payment was before 1.4.2013. Facts of the case: The assessee was partner in a firm. The assessee borrowed loan from the partnership…
Dear Deductor, Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced to…
CPC (TDS) has issued a follow up communication for the payment of outstanding late etds filling fees u/s 234E. In the communiation, CPC (TDS) has also mentioned about the action to be taken by the TANs associated with your PAN, in case of levy intimated u/s 234E. The issued communication has been given below: Dear…
As per the records of the Centralized Processing Cell (TDS), there exist outstanding Defaults in “all six preceeding Quarters” with respect to the TDS Statements filed by deductors, relevant to the Financial Years 2013-14 and 2014-15. CPC (TDS) has issued a communication to deductors in this regards which has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX)…
CPC (TDS) has issued a reminder communication to deductors in which it has stated about the downloading of TDS certificates. According to CPC (TDS), TDS Statements have been filed by the deductors during Q1 FY 2013-14 to Q2 FY 2014-15 but TDS Certificates (Form 16A) have not been downloaded for all of the referenced quarters,…
CPC (TDS) has issued an advisory communication in which it has stated about the closure of late payment interest defaults in quarterly TDS Statements. It has requested the Principal Officer, State Bank of India to instruct the deductors associated with them to pay the late payment interest amount and file the TDS correction statement accordingly…
Rashmikant Kundalia vs. UOI (Bombay High Court), WRIT PETITION NO.771 OF 2014, Pronounced On : 9th February, 2015 Petitioners have challenged the constitutional validity of section 234E of the Income Tax Act, 1961. Section 234E seeks to levy a fee of Rs.200/- per day (subject to certain other conditions as set out therein) inter alia…
SECTION 138 OF THE INCOME-TAX ACT, 1961 – DISCLOSURE OF INFORMATION RESPECTING ASSESSEES TO SPECIFIED OFFICER, AUTHORITY OR BODY PERFORMING FUNCTIONS UNDER ANY OTHER LAW – DISCLOSURE OF INFORMATION ABOUT TAXPAYERS TO MEDIA OFFICE MEMORANDUM [F.NO.DIR.(HQRS.)/CH.(DT)/29/2014], DATED 1-1-2015 Instances have come to the notice of the Board where information pertaining to individual taxpayers has been…