Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
In an effort to reduce taxpayers grievances, the Central Board of Direct Taxes on Monday directed the Income Tax department to expedite issuance of pending refunds which are below Rs. 50,000. The status of outstanding refunds was reviewed recently. Following the review, the Central Board of Direct Taxes (CBDT) has issued directions to its field…
Remark T (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable only for Form 26Q). Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I). This version of FVU…
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…
Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)– The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
Where the employer has failed to deduct tax or when short deduction of tax has been done, following statutory provisions are attracted:- Charging of interest u/s 201(1A) – The deductor is treated to be assessee in default in respect of the short deduction/non deduction of tax. Under Section 201(1A) he is liable to pay simple…
1. What are the provisions relating to TDS on rent? From which date same are applicable? As per the Finance Act, 1994 the provisions of TDS on rent have been introduced w.e.f. 1.6.1994. The salient feature of Sec. 194-I are as under:- i) The provisions are applicable only in cases where the person making the…
1. Last date for payment of tax deductions/collections for September-7th October 2014 2. Last date for filing of TDS/TCS returns for Q2 of F.Y. 2014-15 – 15th October, 2014 3. Last date for issuance of the TDS/TCS certificates for Q2 of F.Y. 2014-15 – 30th October, 2014 * The above is applicable for deductors other than the office…
CPC (TDS) has issued a follow up communication to all deductors regarding nil TDS deposited during FY 2014. It may be possible that either the tax may not have been deducted at source or the tax deducted may not have been deposited, within stipulated time. In such case, this may lead to Short / Late…