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…
The income tax department has launched an ambitious drive to bring under its net 10 million new taxpayers, after the government recently asked the official to achieve the target within the current financial year. As part of the governments initiative to broaden the base, the Central Board of Direct Taxes (CBDT), apex policy making body,…
The duties of person deducting tax at source and the rights of the tax payers has been given below: Duties of person deducting tax at source Deduct Tax at Correct Rate and deposit in Government Account-Sec 200 Every person responsible for deducting tax at source shall at the time of payment or credit of income,…
A circular has been issued by CBDT regarding non-deposit of Tax Deducted at Source. CBDT has mentioned in the circular that as per Section 199 of the Act credit of Tax Deducted at Source is given to the person only if it is paid to the Central Government Account. However, as per Section 205 of…
The CBDT dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and maintained that stringent action in big cases of evasion would go a long way to demonstrate to compliant taxpayers that laws are just and fair. “In such cases where after intensive fact assessment, the…
Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance. It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during…
The tax officials have also been asked to give due attention to writing off the arrears by identifying tax demand that cant be collected. Facing outstanding tax demand of Rs 8.27 lakh crore in FY16, the central board of direct taxes (CBDT) has asked its field officials to obtain details of bank accounts, debtors, and…
CBDT has issued a circular for early & satisfactory resolution of taxpayers’ grievances relating to verification & correction of tax demand outstanding against them. The Income Tax Department has taken note of grievances of taxpayers arising on account of outstanding tax demand which may be inaccurate due to non-reporting or delayed reporting of TDS by…
Credit of TDS – If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover…
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…