Here is an important judgement of the Honble Rajasthan High Court, in the case of Commissioner of Income Tax (TDS), Jaipur Vs. M/s. Rajasthan Urban Infrastructure [2013 (8) TMI 12-RAJASTHAN HIGH COURT] on following issue: Issue: Whether TDS is to be deducted on the amount of Service Tax charged on professional/ technical fees under Section […]
Month: August 2013
As per Income Tax rulings regarding issuing of Form-16 or 16A, deductors are not responsible for non-mention of payees PAN in it. In the other words we can say if the TDS Deductee or Taxpayee not provided his PAN before issuing Form-16 or 16A, there is no penalty on deductor for non-mention payee’s PAN in […]
Mismatch of Tax Credit (Form 26AS): One of the most common reasons of tax refund delays is mismatching of the taxes paid by you with the Governments online record (Form 26AS). Incorrect bank or personal account details: While filing tax return one should ensure that mailing address, bank details, Permanent Account Number (PAN) and all […]
Buyer of immovable property can download Form 16B after registering on TRACES website as a Tax Payer.
Justification Report is currently unavailable on TRACES website for F.Y. 2012-13 and Form Type 24Q due to some technical reasons. There is no news when this report will be made available.
Concept of TDS for Real estate Industry: Vide Finance Act 2013; concept of TDS on Real estate transactions was introduced in India. As per Newly inserted section 194IA, Any person, who purchases any immovable property (other than agricultural land) for a consideration, shall require to deduct tax at source @1% of the amount paid to […]