The Income Tax (I-T) department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the deductor on this issue in the future. The Central Board of Direct Taxes (CBDT) has issued a circular in this regard to the assessing officers…
Deduct tax at source while purchasing property else, you’ll need to pay from own pocket with interest and penalty. On receiving a notice from the Income Tax Department, a client of Rajiv Jain, a chartered accountant, called him up and read out its contents. The letter asked the client, a chemical trader, to explain why…
Presently, when any person responsible for making a payment to a non-resident of any interest or other sum chargeable under the provisions of this Act, such person is required to deduct tax from such payment under Section 195(1). Further, sub-Section (6) of Section 195 requires such person to furnish the information relating to payment of…