Penalty, Prosecution and Other Consequences of Non Deduction of Tax at Source (TDS)

Ex-ITAT Members can practise before the Benches of Tribunal where they were not posted – HC Posted: 25 Jan 2012 05:59 PM PST Dinesh Chandra Agarwal vs. UOI (Allahabad High Court) - Rule 13E of Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 as amended on June 3, 2009 imposes a complete ban on practice by the retired members... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Validity of reopening of assessment should be judged only with reference to the reasons recorded by the Assessing Officer u/s.148(2) Posted: 25 Jan 2012 05:44 PM PST Rajat Export Import India Pvt. Ltd. Vs. ITO (Delhi HC) - The reasons to believe recorded in writing by the Assessing Officer in the present case have been quoted earlier. They are detailed and show application of mind. The reasons record inferences... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Sailent Features of IRFC Tax Free Bonds – Opening on 27 Jan 2012 Posted: 25 Jan 2012 05:18 PM PST Indian Railway Finance Corporation Ltd - Issue period: 27 January 2012 to 10 February 2012. Issue of Tax Free Secured Redeemable Non Convertible Bonds . Basis of allotment: On a first-come-first-serve basis within each category. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Leave taken by CA students for Exams not to be included in calculation of maximum leaves Posted: 25 Jan 2012 08:24 AM PST The brief Summary of Leave for article clerk of CA students (Regulation 59) is given below for reference. CA students should be aware that during the period of CA examination (including the intervening holidays) are entitled to be present and should... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Direct Tax Code, 2010 (DTC) – Income from House Property Posted: 25 Jan 2012 08:11 AM PST As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Highlights of Revised Public Provident Fund (PPF) Scheme w.e.f 01.12.2011 Posted: 25 Jan 2012 08:00 AM PST Interest 8.6% w.e.f 01.12.2011 (subject to change as per GOI/RBI directives) to be applied annually. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2011 2) It shall come into force on the 1st day of December 2011. (3)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Duties of Person Deducting Tax at Source (TDS) Posted: 24 Jan 2012 08:00 PM PST Deduct Tax at Correct Rate and deposit in Government Account, Electronic payment of taxes, Issue a TDS certificate, File Return/Quarterly Statement, Filing of Annual Return on Computer Readable Media, Quarterly statement of TDS [[ This is a content summary only. Visit www.taxguru.in for full article.]] Penalty, Prosecution and Other Consequences of Non Deduction of Tax at Source (TDS) Posted: 24 Jan 2012 08:00 PM PST 1. Prosecution etc. : U/s. 276B If a person deducts tax at source etc. but fails to pay the same to the credit of Central Government as prescribed, he can be sentenced to rigorous imprisonment for a term not less than 3 months and extendable upon 7... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rights of Person from whose income (payment) the tax has been deducted Posted: 24 Jan 2012 07:59 PM PST If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Digitization of Manually filed Service Tax Returns Posted: 24 Jan 2012 07:59 PM PST Calling of Tender for Digitization of Manually filed Service - Tax Returns pertaining to Service Tax-I, Mumbai Commissionerate. The Service Tax-I, Mumbai Commissionerate is inviting quotations from experienced Service Providers/Contractors having... [[ This is a content summary only. Visit www.taxguru.in for full article.]]