Check Your TDS Deposited Amount Details Here

Check Your TDS Deposited Amount Details Here

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TIN facilitates a PAN holder to view its Annual Tax Statement (Form 26AS) online. Form 26AS contains

» details of tax deducted/collected on behalf of the taxpayer by deductors/collectors
» advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)
Steps for viewing Tax Credit

» 1. Online Registration of PAN by PAN holder
» 2. Verification of identity and authorisation by TIN-Facilitation Centre
» 3. View Tax Credit

Registration & authorisation is a one-time activity. This can happen in two ways:

» a) PAN holder can personally visit any TIN-FC of its choice and get his PAN request authorised; or,
» b) PAN holder can request any TIN-FC to visit him at an address specified by him and get his PAN authorised.
Registration Fee

There is no charge for viewing the Tax Credit online, however, the TIN-FC may charge for authorization of PAN as follows:
» a) TIN-FC will charge Rs.17 (i.e. Rs.15 + service tax) for authorisation of PAN registration request, when the PAN holder personally visits the TIN-FC.
» b) TIN-FC will charge Rs.110 (i.e. Rs.100 + service tax) for authorisation of PAN registration request in those cases where the PAN holder opts for the TIN-FC to visit him.

To Know your TDS deposited details click the link

TDS Deposited
Difference between TDS and TCS

Difference between TDS and TCS

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Tax deduction at Source (TDS)

Persons responsible for making payment of Income covered by the scheme of tax deduction is are required to deduct tax at source at the prescribed rates. Tax so deducted should be deposited within the prescribed time. Returns on TDS should be submitted within the specified time.

The income tax is deducted at source on

Interest on Securities
Rent payments
Payments to Contractors and sub contractors
Payment of Commission or brokerage
Payment of fees for Professional/Technical Services
Payment of any income to Non Resident

Tax Collection at Source (TCS)

Tax Collection at Source arises on the part of the seller. The following goods when sold must be subjected to TCS and the taxes collected thereon must be remitted into department's accounts as done in the case of TDS

Alcoholic liquor for human consumption and Tendu leaves
Timber obtained under a Forest Lease
Timber obtained by any mode other than under a Forest Lease
Any other Forest produce not being Timber or Tendu Leaves
Scrap (waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons
Definition Of PROFESSIONALS Expanded By CBDT

Definition Of PROFESSIONALS Expanded By CBDT

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The Central Board of Direct Taxes (CBDT) expanded the scope of professional services to cover sportspersons, umpires and referees, making them liable for a higher tax deduction at source (TDS) at the rate of 10% against 1-2%.

Sportspersons who are amateurs and do not play for commercial gain are exempted from the ambit of this tax.According to the notification, the CBDT has categorised services rendered by sportspersons, umpires and referees, coaches and trainers, team physicians and physiotherapists, event managers, commentators, anchors and sports columnists as professional services.

The professionals were covered by Section 194C of the Income-Tax Act, which made them eligible for a lower TDS rate of 1-2%. With this notification, they would now be covered under 194J of the I-T Act.
Income Tax Return After Due Date-Anlysis

Income Tax Return After Due Date-Anlysis

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Last Month was a very busy one for Income tax offices, as Offices were overcrowded bu tax payers due to last date of Filing of income tax returns for non audit cases ,specially persons who has earned salary income ,and department has to open special counter at various places to cop up the rush for filing of returns,Due date to file the return for FY 2007-08 ,for different category are :

In case of person who are not liable to get their accounts audited is 31.07.2008
In case of person who liable to get their accounts audit is 30.09.2008
In first case person who has earned income from salary ,pension, interest income ,capital gain , house property and person owning small business and not liable to get their accounts audited are covered.

but are you aware of ,what will be happened if person fails to file the return on time ,what will be the penalty .........

any guesses..........

In fact there is no penalty as such for this fault ,absolutely no penalty But this is the fact .Specific penalty for late filing of return is prescribed u/s 271F which is briefed here under

"if a person failure to furnish return of income as required by section 139 before the end of relevant assessment year ,the assessing officer may impose a penalty of Rs 5000/-"

so this section says end of relevant assessment year ,as for previous year 2007-08 , assessment year is 2008-09 and its end on 31.03.2009 ,means there will be no liability for late filing of income tax return up to 31.03.2009 and after that assessing officer can impose a penalty of 5000,and that is also his power which he may or may not exercise.

Now you would like to know why people are so much worried about the last date ,the reason is that as last date has been linked with various other section of the income tax act ,so it is significant in that manner .

I have given some sections linked with the due date of the Income tax return.

Impact of late filing of Income tax return

Interest u/s 234A:If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return .

Loss of Interest on refund:You may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.

Audit Report:Person who are liable to get their accounts audited should get the audit report on or before the due date of filing return i.e 30.09.2008.

Revised return :Late /belated return can not be revised .
Not able to carry forward the losses under various heads:you are not able to carry forward following type of losses if file return after due date
Speculation loss
business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
short term capital loss
long term capital loss
loss due to owning and maint. of horse races
However there is no impact on following type of losses even if return is furnished after the due date

loss from house property
business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
Person who can afford to file late return

If you have

deposited your all tax or due taxes has been deducted by your employer and nothing is due or
you are not claiming a Major amount as refund or
you have no losses to be carried forward
then you can fill return up to the end of the assessment year ie 31.03.2009 without any penalty.

Person who should file return on time.

If you have

balance tax to be deposited or short fall of tax or
huge amount of refund due to you or
you have losses to be carried forwarded as explained above(though delay can be condoned as per circular 8/2001 DT 16.5.2001 on fulfilling of certain condition)
so the persons not able to file the return on time for FY 2007-08 can now file their returns by 31.03.2009 without any penalty,file Now

Source - Popular Forums
205A. Unpaid dividend to be transferred to special dividend account

205A. Unpaid dividend to be transferred to special dividend account

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Unpaid dividend to be transferred to special dividend account

(1) Where, after the commencement of the Companies (Amendment) Act, 1974, a dividend has been declared by a company but has not been paid, 2[or claimed], within 3[thirty days] from the date of the declaration, to any shareholder entitled to the payment of the dividend, the company shall, within seven days from the date of expiry of the said period of 3[thirty days], transfer the total amount of dividend which remains unpaid 4[or unclaimed] within the said period of 3[thirty days], to a special account to be opened by the company in that behalf in any scheduled bank, to be called "Unpaid Dividend Account of .................Company Limited/ Company (Private) Limited".
[Explanation.- In this sub-section, the expression "dividend which remains unpaid" means any dividend the warrant in respect thereof has not been encashed or which has otherwise not been paid or claimed.]
(2) Where the whole or any part of any dividend, declared by a company before the commencement of the Companies (Amendment) Act, 1974, remains unpaid at such commencement, the company shall within a period of six months from such commencement, transfer such unpaid amount to the account referred to in sub-section (1).

(3) Where, owing to inadequacy or absence of profits in any year, any company proposes to declare dividend out of the accumulated profits earned by the company in previous years and transferred by it to the reserves, such declaration of dividend shall not be made except in accordance with such rules as may be made by the Central Government in this behalf, and, where any such declaration is not in accordance with such rules, such declaration shall not be made except with the previous approval of the Central Government.

(4) If the default is made in transferring the total amount referred to in sub-section (1) or any part thereof to the unpaid dividend account of the concerned company, the company shall pay, from the date of such default, interest on so much of the amount as has not been transferred to the said account, at the rate of twelve per cent per annum and the interest accruing on such amount shall ensure to the benefit of the members of the company, in proportion to the amount remaining unpaid to them.

6[(5) Any money transferred to the unpaid dividend account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the company to the Fund established under sub-section (1) of section 205C.]

(6) The company shall, when making any transfer under sub-section (5) to the 7[Fund established under section 205C] any unpaid or unclaimed dividend, furnish 8[to such authority or committee as the Central Government may appoint] in this behalf a statement in the prescribed form setting forth in respect of all sums included in such transfer, the nature of the sums, the names and last known addresses of the persons entitled to receive the sum, the amount to which each person is entitled and the nature of his claim thereto, and such other particulars as may be prescribed.
(7) The company shall be entitled to a receipt from the authority or committee under sub-section (4) of section 205C for any money transferred by it to the Fund and such a receipt shall be an effectual discharge of the company in respect thereof.]
(8) If a company fails to comply with any of the requirements of this section, the company and every officer of the company who is in default, shall be punishable with fine which may extend to 10[five thousand rupees] for every day during which the failure continues.]
Tax implications of foreign house ( Sec - 54)

Tax implications of foreign house ( Sec - 54)

3:00 PM Add Comment
Conceptually, there is no ground to give Section 54 benefit to a person who acquires a house property or constructs it in a foreign country after selling a house in India

In an article published in a tax journal, an advocate and tax consultant from Ahmedabad had expressed the view that exemption from capital gains can be availed of under Sections 54 and 54F of the Income-Tax Act, 1961 even when investment in house property is made abroad, say, in London.

Location issue

The reasoning is that neither Section 54 nor Section 54F prescribes any restriction in regard to the location, where the investment in the residential house should to be made.
Thus, the house, to be purchased or constructed by the taxpayer for getting tax exemption on long-term capital gains (LTCG) investment can be either in India or overseas.
The view expressed has also been supported by the fact that the Foreign Exchange Management Act, 1999, having liberalised remittances by resident Indians for their annual overseas investment up to $1,00,000 and with the I-T Act enabling tax exemption of LTCG in case of an investment made in either the purchase or construction of a residential house, one can plan to sell one’s land and invest funds outside India so as to enjoy tax exemption. The view expressed does not seem to be correct for the following reasons:
Section 54 provides for exemption in respect of LTCG arising from the transfer of a residential house. This exemption is available only to an individual or a HUF and is subject to fulfilment of the under-mentioned conditions:
The capital gain should arise from the transfer of long-term capital asset, being buildings or lands appurtenant thereto, being a residential house, income wherefrom is assessable under the head ‘Income from house property’.
The transferor shall be an individual or an HUF.
The transferor assessee should have purchased a residential house a year before or two years after the date of transfer; or, in the alternative, the assessee should construct a residential house within three years from the date of the transfer of the original house.
Both Sections 54 and 54F require investment of the amount of capital gain only and not the amount of entire consideration or the net consideration flowing as a result of transfer of the long-term capital asset.
In view of this, the issue is whether the capital gain arising from the transfer of the residential house should be invested in India or whether exemption can be claimed even if the property is acquired or constructed in a foreign country.
The argument is that in both the sections, there is no requirement that the residential house, to claim exemption, should be acquired or constructed only in India.

Untenable argument

The argument does not seem tenable. For claming exemption, property is to be acquired in India. The Government foregoes revenue to achieve some avowed objective for the good of the country.
Section 54 exemption for capital gain is intended to give a boost to the construction of residential houses in the country and this objective will not be achieved if the property is acquired or constructed in a foreign country.
Hence, conceptually, there is no ground to give the benefit of Section 54 to a person, who acquires a house property or constructs it in a foreign country after selling a house in India.
This view gets support from the Supreme Court decision pronounced on May 9, 2008, in the American Hotel & Lodging Association Educational Institute vs CBDT (2008 170 Taxman 306 SC) case.
In this case, the assessee, a branch office of a non-profit organisation in the US carrying on educational activities, was enjoying tax exemption in the US.
It had been set up for carrying on educational activities of the head-office for the convenience of Indian students and institutions and the assessee used to collect charges for course materials, etc., to be supplied to them, on behalf of the head-office.
It made an application requesting for approval for purpose of Section 10(23C)(vi). This was rejected on the ground that the assessee had not applied its accumulated income for education in India.
‘In India’
The assessee’s case was that the third proviso to Section 10(23C)(vi) does not mention that income generated is required to be applied in India and, in fact, words ‘in India’ are totally missing and the Revenue had unnecessarily imported these into the third proviso to Section 10(23C)((vi).
The High Court had decided that the words ‘in India’ have necessarily to be read with the third proviso to Section 10(23C)(vi) to make it workable. The Supreme Court has decided that the plain words of the third proviso do not require application of income to be in India.
But it should not be understood to mean that the applicant has not to impart educational activities in India. If the applicant wants exemption under Section 10(23C)(vi) it has to impart education in India and only then it would be entitled to claim initial approval under that section.
That is the reason for saying that the ‘non-profit’ qualification has to be tested against Indian activities. The consideration is that impartation of education must be in India if the applicant desires exemption under Section 10(23C)(vi).
On this logic, for claiming exemption under Sections 54 and 54F, construction/acquisition of a house in India is a necessary condition. Reference to FEMA and its liberalisation has no relevance in the context of exemption of capital gains under the I-T Act.

Courtesy - T. N. Pandey (