CBDT amended recent rules relating to information required to be furnished on payment made to non-residents


Rule 37BB of the Income-tax Rules, 1962 (the Rules) provides the information are required to be furnished by a person while making payment to a non-resident. This information is required to be furnished in Form No. 15CA and a certificate from a Chartered Accountant (CA) is required to be obtained in Form No. 15CB. Further, … Continue reading CBDT amended recent rules relating to information required to be furnished on payment made to non-residents

Tax Deduction and Collection Account Number (TAN)


TAN Number is a 10 digit alphanumeric number issued to persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. Every Assessee liable to deduct or collect TDS is required to apply for a TAN Number and shall quote this number in all TDS Returns, TDS Payments and any other communication regarding TDS with the Income Tax Department.

As per Section 203A of the Income Tax Act, 1961, it is mandatory for all assessee’s liable to deduct TDS to quote this TAN Number in all communications regarding TDS with the Income Tax Department and failure to do so attracts a penalty of Rs. 10,000. TDS Returns and Payments would not be received by the banks if TAN number is not quoted.

Significance

The Tax Deducted at Source on payments made by assessee is deposited under the TAN to enable assessees who have received the payments to claim the tax deducted in their income tax return. Continue reading “Tax Deduction and Collection Account Number (TAN)”

Whether the Interest income is taxable under head PGBP or under head Other sources?


Issue: Whether the Interest income is taxable under head PGBP or under head Other sources? [CIT v.  K and Co. (2014) 364 ITR 93 (Del HC)] Facts of the case: The assessee running a lottery, deposited certain funds with a bank in order to obtain bank guarantee to be furnished to the State Government of Sikkim. … Continue reading Whether the Interest income is taxable under head PGBP or under head Other sources?

CBDT Order u/s 119 for Extension of Due Date for Income-tax Return Filing for AY 2015-16 from 31-07-2015 to 31-08-2015


The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, extended the ‘due-date’ for filing Returns of Income, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned.  Continue reading CBDT Order u/s 119 for Extension of Due Date for Income-tax Return Filing for AY 2015-16 from 31-07-2015 to 31-08-2015