Home Highlights October 2014 Year 2014 This

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1. Penalty levied u/s 272A(2)(k) – delayed filing of e-TDS returns- AT

2. Collection of tax at source by Tea Board of India – determination of value - collection of TCS from the sellers (i.e. tea producers) and collection of TCS from the auctioneers

3. This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments...

4. Delay in filing of of eTDS return - Penalty U/s.272A(2)(k) - There is reasonable cause for delay in filing ETDS return U/s 273B - levy of penalty cancelled - AT

5. Section 194S : TDS on payment on transfer of virtual digital asset - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax

6. Penalty imposed under section 272A(2)(k) - delay in filing TDS statements - imposition of penalty under section 272A(2)(k) is not mandatory as the provisions of section...

7. Penalty u/s 77(2) of the FA 1994 - delay in filing the service tax return - penalty of ₹ 20,000/- for each return - When the penalty has been imposed under Section...

8. Offence u/s 276C(2) - non payment of self-assessment tax along with the return of income - even though tax payment delayed and made after coercive steps were taken, it...

9. Income Tax: Certain persons or classes of persons, including institutions, associations, or bodies, whose income is exempt from taxation and not required to file...

10. Delay in filing return, petitioner entitled to refund of excess tax deducted at source, revenue rejected application u/s 119(2)(b) citing lack of proof for hardship...

11. Levying penalty u/s 272A(2)(k) for late filing of TDS returns - the ‘Person Responsible’ had a bonafide reason for the delay in filing TDS returns - No penalty.

12. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

13. Failure to deposit tax before furnishing returns or alongwith the returns - imposition of penalties confirmed - revisionist held that there was reason - matter remanded...

14. Exemption u/s 11 - Application for condonation of delay in filing Form 10B u/s 119(2)(b) rejected - the provisions under Section 119(2)(b) has been enacted with a...

15. The High Court rejected the condonation of delay in filing income tax returns, as the returns were handled by a Chartered Accountant who could not take timely steps due...