Aimed to reduce lengthy proceedings and time taken in litigation, the Income Tax department has activated a PAN-based online system which enables the taxman to access cases in their jurisdiction on a click, amongst a building database of over 5 lakh appeals and 1.50 lakh judgements. The new facility is part of the National Judicial…
W.e. f. November 15, 2015, PAN application fees have been revised as under: For dispatch of PAN card in India:- 107 (inclusive of service tax) For dispatch of PAN card outside India: – 989 (inclusive of service tax)
CPC (TDS) has issued an advisory communication to the purchasers of the property regarding payment of taxes, deducted on purchase of immovable property. The issued communication has been given below: Dear Purchaser of Property, Greetings from CPC (TDS)! As part of the purchase of immovable property, you have deducted taxes in accordance with provisions of section…
CPC (TDS) has issued an advisory communication to all deductors regarding discrepancies which have been observed with respect to their TAN. The issued communication has been given below: Dear Deductor (TAN- XXXXXXXXXX) As per the records of the Centralized Processing Cell (TDS), discrepancies have been observed with respect to your TAN in the “TDS claimed by…
Background Recently, the Delhi High Court (High Court) in the case of Relcom1 (the taxpayer) held that the taxpayer is entitled to the credit of the Tax Deducted at Source (TDS) of its sister concern due to an inadvertent error made by vendor mentioning the taxpayers Permanent Account Number (PAN) in the TDS certificate due…
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone and urged them to register a complaint in case they face such malicious attempt. The advisory has come at a time when income tax returns (ITRs) filing season has concluded and it is…
Last date for issuance of TDS/TCS certificates for Q2 of FY: 2015-16 is 30th October, 2015 The above is applicable for all other than government deductors Delay in certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted. Click here for more details.
Given below are some important information regarding downloading of TDS certificates. Refer to the following provisions of the Income Tax Act, 1961: Downloading of TDS Certificates from TRACES made mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the…
Given below are some dos and dont for filing of TDS returns: Dos Ensure that TDS return is filed with same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee record….
Given below are the points one should remember before filing quarterly TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction…