Finance Act, 2003 amended section 206 of Income Tax Act, 1961 to make it mandatory for corporate deductors to furnish their TDS returns in electronic form (eTDS returns). The scheme for furnishing TDS return in electronic form was notified by the Central Board of Direct Taxes (CBDT) vide Notification No. 205/2003 dated August 26, 2003….
Below letter has been issued to all Banks by RBI in which RBI has directed all Banks to issue TDS certificate to Customers on time. RBI/2013-14/361 DBOD.No.Leg.BC.65/09.07.005/2013-14 November 6, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that, some banks…
SECTION 245 OF THE INCOME-TAX ACT, 1961 – REFUNDS – SET OFF OF REFUNDS AGAINST TAX REMAINING PAYABLE – DATA PERTAINING TO NOTICES ISSUED UNDER SECTION 245 BY CPC, BANGALORE WHERE DEMAND/REFUND IS GREATER THAN RS. 5000 LETTER [F. NO. DIT(S)-III/CPC/2013-14/REFUND ADJUSTMENT], DATED 22-10-2013 In pursuance to the decision of Full Board and minutes of…
As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS returns with a threshold limit of Permanent Account Number (PAN) of deductees. To facilitate deductors who face problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the…
Specified class or classes of persons to be exempted from filing Return of Income [Section 139(1C)]. (1) Under section 139(1), every person has to furnish a return of his income on or before the due date, if his total income exceeds the basic exemption limit. (2) For reducing the compliance burden of small taxpayers, the…
On the matter of tax exemption or liability after retirement / superannuation let us have a look at the basic provision related to tax-ability of leave salary. Leave salary, also known as leave encashment, means that employee will receive the cash for leaves which are not taken by the employees. The leave encashment received during…
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…
Tax deductors who default in depositing TDS by due date shall be liable for prosecution: CBDT Central Board of Direct Taxes (CBDT) issued a press release in which CBDT said that tax deductors who deduct TDS but does not deposit the same into the Government Account within the stipulated time period are liable for prosecution…
As a Measure of Taxpayers Convenience, Last Date for Filing of Returns Extended to 5th August, 2013. There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during the corresponding period…
Assessee Due date Any other person(including HUF /Individual not covered above) Like Salaried persons ,businessmen not covered under audit July 31, 2013 A Company September 30, 2013 A person whose accounts are required to be audited September 30, 2013 A working partner of a firm whose accounts are required to be audited September 30, 2013…