Home Highlights January 2013 Year 2013 This

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1. The Income Tax Appellate Tribunal (ITAT) held that retention money should be included in contract receipts for computing deduction u/s 80-IA for profits from...

2. Default in not depositing the TDS amount, as deducted, with the government - The High court underscored the mandatory nature of issuing TDS certificates or ensuring the...

3. Claiming full amount of TDS - Deductor has deducted the TDS but only small portion of the amount of TDS was deposited with the revenue - Bar against direct demand on...

4. Deemed Income / accrual of income - income on account of retention money - the right to receive the retention money is accrued only after the obligations under the...

5. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

6. Insurance company deducted TDS on interest payable to claimant u/s 194 whereas the TDS was not required to be deducted - Claimant is entitled to received full amount of...

7. The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

8. Appellant, a Kachha Adhatiya (Commission Agent), claimed credit for TDS deducted u/ss 194H and 194Q. The Tribunal held that, as per CBDT Circular No. 452, for Kachha...

9. Denial of TDS credit - non-deposit by employer - the Revenue in terms of Section 205 of the Act, is restrained from enforcing any tax recovery against the assessee...

10. Levy of service tax - forfeiture of earnest money and retention of compensation / liquidation damage for not delivery of purchased goods by the other party - declared...

11. Characterisation of receipt - industrial Promotion Subsidy (IPS) received - the subsidy was short recognized by the assessee in earlier years and therefore the excess...

12. Claiming TDS credit whereas interest income was not recognized following cash basis of accounting - TDS amount deserves to be treated as income - but tds credit cannot...

13. Denial of TDS credit - employer of the assessee has not deposited TDS after deducting the same from the salary paid to the assessee - Based on this precedent, the...

14. 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...

15. 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...