In the case of ITC Ltd v. CIT (2016) 384 ITR 14, the issue under consideration before the Supreme Court was whether “tips” received by the hotel-company from its customers and distributed to the employees fell within the meanin…
by
CA Ankit Sharma
16/01/2019 under
Income-Tax
The non-quoting of PAN by deductees in many cases led to delay in issue of refund on account of problems in the processing of returns of income and in granting credit for tax deducted at source.
Applicability
With a view to strengthening the P…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
This section casts responsibility on every banking company or co-operative society or public company referred to in the proviso to section 194A(3)(i) to prepare such statements for such period as may be prescribed –
if they are responsib…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
For purposes of deduction of tax at source the expression “person responsible for paying” means:
S No
Nature of Income/Payment
Person Responsible for Paying Tax
1
Salary (other than payment of salar…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
Persons who are required to apply for TAN
Persons responsible for deducting tax or collecting tax at source should apply to the Assessing Officer for the allotment of a “tax-deduction and collection-account number”.
Documents/Certi…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
Deemed assessee-in-default
The following persons shall be deemed to be an assessee in default if they do not deduct the whole or any part of the tax or after deducting fails to pay the tax -
any person including the principal officer of a c…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
Payment of tax deducted
The persons responsible for deducting the tax at source should deposit the sum so deducted to the credit of the Central Government within the prescribed time [Sub-section (1)].
Further, an employer paying tax on non-m…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
Tax deducted at source in accordance with the above provisions and paid to the credit of the Central Government shall be treated as payment of tax on behalf of the-
person from whose income the deduction was made; or
owner of the securit…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
No deduction of tax on dividends and NSS payments [Sub-section (1)]
This section enables an individual, who is resident in India and whose estimated total income of the previous year is less than the basic exemption limit, to receive dividends…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
Applicability
This section applies where, in the case of any income of any person or sum payable to any person, income-tax is required to be deducted at the time of credit or payment, as the case may be at the rates in force as per the provisions…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
No deduction of tax shall be made by any person from any sums payable to -
the Government; or
the Reserve Bank of India; or
a corporation established by or under a Central Act, which is, under any law for the time being in force, exem…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax
The CBDT had earlier issued Circular No.4/2002 dated 16.07.2002 which laid down that there would be no requirement for tax deduction at source in respect of payments made to such entities, whose income is unconditionally exempt under section 10 of t…
by
CA Ankit Sharma
15/01/2019 under
Income-Tax