Monthly Archives: January 2013

Credit is to be allowed in respect of TDS made on higher amount of reimbursement than actually offered to tax

Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was… Read more »

No addition for difference in income as per profit and loss account & TDS certificate

Admittedly, as per TDS certificate issued by Mysore Breweries Limited, the total reimbursement made to the assessee as per their newly arrangement was Rs. 3,35,85,000/-. However, in the books of… Read more »

TDS/TCS Compliances for 3rd Quarter of F.Y. 2012-13

      7 Comments on TDS/TCS Compliances for 3rd Quarter of F.Y. 2012-13

TDS (Tax Deducted at Source) is one of the modes of collecting income tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the… Read more »

No penalty & interest for non deduction of TDS if deductee-payee having no tax liability

There cannot be any dispute that an assessee who is having losses cannot be compelled to pay the income-tax, as the Income-tax Act does not provide for such a situation,… Read more »

Banks suggest reintroduction of deduction u/s. 80CCF & increase in 194A TDS limit

Existence of Efficient Financial Markets is Paramount for Achieving Economic Growth: FM The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and… Read more »