Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS
 
 
« General »
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961

UCO Bank moves court against Income Tax fine
May, 09th 2011

The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.

A bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna, before whom the bank's plea came up for hearing recently, has referred the matter to a larger bench and fixed July 15 for further hearing.

The bank approached the court following the I-T department's March 29 order that the high court branch of UCO Bank was liable to pay more than Rs 54 lakh for violation of Income Tax act for not deducting TDS amount on the interests generated on a Fixed Deposit Receipt of more than Rs 7.7 crore.

The department has issued notice to the bank for its failure to deduct tax on the interest received by the court's Registrar General (RG).

Filing a petition through its standing Counsel Sarfaraz Khan, the bank submitted that the RG is only the custodian of the deposited amount but not the beneficiary and the act would not apply on it.

While hearing various litigations, the court had directed the litigants to deposit the disputed amount with the RG till the final disposal of the case and the RG had deposited them in the bank in the form of FDRs.

In the petition, UCO's counsel sought the court's intervention as the bank has got thousands of FDRs from the court and the department could issue large number of similar notices.

In September 2004, the court had passed an interim order in the case of Union of India versus Oriental Building Furnishing Company Ltd. And directed the government to deposit Rs 7,07,45,550 by way of an FDR in the name of Registrar General, the Delhi High Court.

Urging the court to quash the March 29 order of the I-T department to pay the penalty, the bank said, "Declare that the non-deduction of tax at source from the deposits made by the bank in the name of RG, Delhi High Court under the interim directions is not violative of Income Tax act".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions