Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Ashit Shipping Services P. Ltd. Versus Asst. CIT, TDS Circle, Ahmedabad

Mistake in TDS deducted - assessee filled correction statement with NSDL - order passed u/s 201(1)/201(1A) of the Act raising a demand - Held that:- Original TDS return has been filed showing TDS deducted at ₹ 7,01,986/- and TDS return filed on 2.2.2008 and later on assessee realized after going through its books of account that the correct figure of TDS deducted for quarter 3rd for Asst. Year 200809 was ₹ 5,79,983/- and not ₹ 7,01,986/-. But in due course of time assessment or .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d has also revised the TDS return by filing correction statement with NSDL and accepted by NSDL.

We are, therefore, of the view that with reference to the provisions of the Act duly supported by the Centralized Processing of statement of TDS Scheme 2013 referred above, the assessee is entitled to revise the TDS return and once this TDS return has been accepted by NSDL then the correct amount of TDS by the assessee for quarter 3rd will stand at ₹ 5,79,983/- and to verify this fac .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for statistical purpose. - ITA No.1814/Ahd/2013 - Dated:- 8-12-2015 - S/Shri Rajpal Yadav, JM, & Manish Borad, AM For the Appellant : Shri M. K. Patel, AR For the Respondent :Shri Vilash V. Shinde, DR ORDER Per: Manish Borad: This appeal of the assessee is directed against the order of CIT(A) XXI, Ahmedabad, in appeal No. CIT(A) XXI/11/11-12, dated 22.4.2013. Order u/s 201(1)/201(1A) of the Income-tax Act, 1961 (in short the Act) was framed on 10.03.2012 by ACIT, TDS Circle, Ahmedabad. In th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

filing its TDS return. This appeal is related to the order u/s 201(1)/201(1A) passed by the Assessing Officer after assessing the TDS return of quarter 3rd relevant to F.Y. 2007-08 i.e. Asst. Year 2008-09 and thereby raising demand of ₹ 2,14,330/- which includes demand of interest of ₹ 83,250/-. Appeal before CIT(A) could not bring any relief to the assessee. 3. Aggrieved, assessee is now in appeal before the Tribunal. 4. Both the grounds are inter-related, so we take up them togethe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

source for quarter -3rd was ₹ 5,79,983/- and not ₹ 7,01,986/-. After realizing this mistake assessee filed correction statement with NSDL submitting therein the correction statement of TDS deducted at ₹ 5,79,983/- and this correction statement was duly accepted by NSDL. The ld. AR further submitted that TDS deducted at ₹ 5,79,983/- was duly deposited. 6. On the other hand, the ld. DR supported the orders of lower authorities. 7. We have heard the rival contentions and pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

filed on 2.2.2008 and in this order there is no mention of the correction statement filed by the assessee. 8. TDS returns are required to be filed under the provisions of section 200 of the Act. These TDS returns were being previously filed manually and thereafter Income-tax Department outsourced the filing and processing work of such TDS returns through various agencies who are authorized by Director General (I.T. System) to receive the statement of TDS or correction statement of TDS which in t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t types of TDS datas. 9. The above referred scheme duly covers the procedural aspect relating to processing of statement and rectification of mistakes in Rule-5 & Rule-6 of the scheme which reads as below:- Furnishing of correction statement of tax deducted at source 4. (1) A deductor shall furnish the correction statement of tax deducted at source in the form specified by the Director General- (a) at the authorised agency through electronic mode; or (b) online through the portal. (2) The co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cted at source, if any, furnished by the deductor before the date of processing. (2) The Commissioner may- (a) adopt appropriate procedure for processing of the statement of tax deducted at source; or (b) decide the order of priority for processing of the statement of tax deducted at source based on administrative requirements. Rectification of mistake 6. (1) An Income-tax authority of the Cell may, with a view to rectifying any mistake apparent from the record under section 154 of the Act, on i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and manner specified by the Director General. (4) Where an amendment has the effect of reducing a refund already made or increasing the liability of the deductor, the order under section 154 of the Act passed by an Income-tax authority of the Cell shall be deemed to be a notice of demand under section 156 of the Act. From above, we can understand that tax deductor gets sufficient opportunity to revise the TDS return(s) filed before so much so that once a correction statement or revised TDS retur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Highlight: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Notification: National Advisory Committee on Accounting Standards

Forum: Duty Drawback- Urgent

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force - "subsidiary company" or "subsidiary"

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version