Home Highlights June 2015 Year 2015 This

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1. Short deduction of taxes - Credit to the assessee for TDS deducted denied - the assessee has deducted and deposited TDS within time, but due to a technical error in CPC...

2. Addition u/s 40(a)(ia) - non-deduction of TDS - the assessee cannot comply the provisions of chapter XVII of the Act with respect to the expenses claimed on provisional...

3. TDS u/s 194A - assessee in default for non-deduction of TDS - Onus upon the assessee to furnish the CA certificates that the payee has paid necessary taxes on income...

4. Assessee in default - TDS u/s 201(1) - TDS u/s 195 - in order to treat the payer as an assessee-in-default, it is of utmost importance that income so paid or credited to...

5. Business expenditure u/s 37(1) - The issue can also be looked into from another angle. Admittedly, the assessee is collecting TDS on behalf of the Government. The TDS...

6. Transfer of funds by assessee from its Indian bank account to its own foreign bank account does not attract TDS obligations u/s 195, as the provisions mandate TDS...

7. If the assessee or the deductee felt that no TDS or lower TDS was deductible for any reason, they should have approached the payee to grant a certificate for no...

8. Default u/s 201(1) - Short deduction of TDS - Non-residents - transaction of sale of property - The assessee cannot be treated as assessee in default u/s 201(1) of the...

9. TDS u/s 195 r.w.s. 191 - in order to treat the assessee/payee as an assessee in default it is required that the income so paid or credited to the account of the...

10. Disallowance u/s 40(a)(ia) for non-deduction of tax at source (TDS) - assessee in default - Assessee has paid interest u/s 201(1A) for non-deduction/short deduction of...

11. TDS u/s 194A OR 194C - short deduction of TDS - compensation paid by the assessee for breach of contract u/s.40(a)(ia) - If at all there is shortfall in TDS deducted by...

12. TDS credit - AO did not allow the TDS credit on the ground that the corresponding income of this TDS has not been offered to tax by the assessee as it was not received...

13. The ITAT Ahmedabad, in proceedings u/s 201(1) and 201(1A), found the assessee-in-default for non-deduction of TDS u/s 194IA on property purchases. The assessee failed to...

14. TDS credit - refund of TDS reflected in his Form-26AS - tax liability was created against the firm but crediting in the account of partner / individual - no dispute that...

15. TDS u/s 194A - Short deduction of tax /default in tax deduction on interest paid on FDR’s/KDR’s - the CBDT had clarified that on account of the Core Branch Banking...