Addition not justified merely on the basis of discrepancy in TDS certificate
The tribunal took the view that the addition made was only on the basis of the discrepancy in the TDS Certificate and not on the basis of any finding that… Read more »
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 »
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 »
How to register your TAN at TRACES: FAQ
TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components:… Read more »