RECENT INCOME TAX CASE LAWS: LEGAL & INCOME TAX UPDATES FROM TAX GURU 09.04.2009Thursday, 9 April, 2009 3:22 AM

Consequences of non-deduction of tax at source (TDS)

Posted: Thu, 09 Apr 2009 02:57:26 +0000

Under section 201, a person is deemed to be an assessee in default if there is a failure to deduct tax at source or for failure to deposit the tax deducted at source after such tax has been deducted....

Amendments to the provisions of Dematerialisation of TDS and TCS certificates

Posted: Thu, 09 Apr 2009 02:53:42 +0000

A scheme for dematerialisation of Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) certificates was introduced through the Finance Act, 2004, with effect from 01.04.2005 for any deduction...

Intimation under subsection (1) of section 143 deemed to be a notice of demand

Posted: Thu, 09 Apr 2009 02:47:53 +0000

Consequent to amendment in subsection (1) of section 143 of the Income Tax Act, 1961 with effect from 1st April, 2008, consequential amendment has been made in section 156 so as to provide that...

Provision for assessment in the case of annulment of the proceeding under section 153A/153C

Posted: Thu, 09 Apr 2009 02:45:10 +0000

Under the Income-tax Act, whenever a search is conducted under section 132 or books of account or other documents or any assets are requisitioned under section 132A, provision of section 153A comes...

If an income has escaped assessment and which has not been subject matter of an appeal, reference or revision, notice U/s 148 can be issued for assessment or reassessment of that income

Posted: Thu, 09 Apr 2009 02:35:15 +0000

Amendments in respect of reassessment proceedings to clarify correct legislative intention The Income-tax Act empowers assessing officer to reopen a case under section 148 if he has reason to...

Department crediting your Income Tax Refund to their own Account

Posted: Thu, 09 Apr 2009 01:37:06 +0000

Meticulous and diligent tax payers waiting for refunds at the end of the financial year would be shocked at this: money meant for refunds is suspected to have been diverted to some fake accounts and...

TDS Provision U/s. 194C applicable to association of persons and body of individuals

Posted: Wed, 08 Apr 2009 03:24:50 +0000

Sub-section (1) of section 194C of the Income-tax Act provides for deduction of income-tax at source from any sum credited or paid to a resident contractor for carrying out any work (including supply...

TDS provisions are not applicable on Corporate Bonds issued in dematerialised form and listed on a recognised stock exchange

Posted: Wed, 08 Apr 2009 03:19:16 +0000

Section 193 of the Income-tax Act provides for deduction of tax at source (TDS) on any income by way of interest on securities payable to a resident. In order to facilitate development of the....