The TRC has to be submitted to the deductor
(in most cases it is a bank).
The Supreme Court has rejected this view of the assessing officer and held that interest has to be paid in every case where tax has been paid in excess of the statutory liability, irrespective of whether such tax is paid by the assessee on his own account or in his capacity as a deductor
for Rough and Final part (DRF): The DRF module separates the information of rough and final part which is required for generating strings and finish cut machinable volume calculation.
To that effect, the hot rolled deductor
will be decreased from $7.
The company said it fully supports a premium for depot sales and the elimination of the large coil (ingot recovery coil) deductor
According to a finance ministry statement, forms for the TDS certificate have been revised to include the " receipt number" of the TDS return filed by the deductor.
Now the tax- deduction account number ( TAN) of the deductor, permanent account number ( PAN) of the deductee and the receipt number of TDS return filed by the deductor will form the " unique identification" for allowing tax credit claimed by the taxpayer in his income- tax return.
to distributors and by adding five percent to current OEM transaction prices.
The CPC-TDS, situated at yakar Bhawan, Sector-3, Vaishali, Ghaziabad, will provide the tax deductors
, taxpayers and the Assessing Officers, a wide range of online services related to TDS through a functionality designated TDS Reconciliation, Analysis and Correction Enabling System (TRACES).
It has come to the notice of Income Tax Department that many times the tax deductors
, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use.
The strategies discussed during the meeting include (i) monitoring advance tax payments of top companies and persuading them not to defer such payment as self-assessment tax for the next fiscal; (ii) monitoring tax payments of loss-making companies, liable to MAT at enhanced rate of 15 percent, and persuading them to make such payment as advance tax during the current fiscal; (iii) monitoring TDS deposits by private deductors
as well as state governments / local bodies; and (iv) focussing on collection out of tax arrears, as well as tax demand raised in scrutiny assessments during the current fiscal.
The statement also says that in order to ensure that there is no dispute regarding quoting or non- quoting of PAN or accuracy thereof, the law requires all deductees and deductors
to quote PAN of deductees in all correspondences, bills, vouchers and other documents sent to each other.