Home Highlights March 2013 Year 2013 This

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1. Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

2. 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:...

3. Mismatch of credit of TDS due to non-payment of TDS - benefit of tax deducted at source by the employer - Non deposit of TDS by the employer - Reference of Section 205...

4. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

5. Credit of TDS - tds deducted on the interest income which accrued the investments offered to tax under the ‘Income Declaration Scheme 2016’ - If after the necessary...

6. The provisions of the IBC 2016 would prevail over the Income Tax Act 1961. Income Tax authorities have limited jurisdiction to assess/determine the quantum of Income Tax...

7. Credit of the tax deducted at source (TDS) as TDS deducted by the employer - mis-match of tax deducted u/s 192 and the amount reflected in Form 26AS - The Court...

8. Validity of prosecution proceedings against the complainant / service provider along-with the accused person who deducted the TDS - TDS was deducted but not deposited by...

9. Control of income-tax authorities - U/s 118 of IT ACT 1961 - Specifies the income-tax authority or authorities as subordinate to such other income-tax authority or...

10. This notification amends the Income-tax Rules, 1962. Key changes include: substituting references to "section 89(1)" with "section 89"; replacing Rule 26B to allow...

11. The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

12. Reopening of assessment - Validity of approval granted by the CIT - earlier Revision u/s 263 dropped - Notwithstanding this order passed by the Principal Commissioner of...

13. Procedural lapses by third parties should not deprive taxpayers of TDS credit when they have acted in good faith and declared income. Section 205 bars direct tax...

14. TDS returns - Due dates - Rule 31A prescribing due dates for furnishing TDS statements amended

15. Section 276B of the Income Tax Act is being amended to provide exemption from prosecution for failure to pay tax deducted at source (TDS) if the payment is made by the...