Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: due date for vat payment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: VAT Audit
« General »
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces
 CAG lens on entities avoiding tax with ‘farm income’ claim

Incomplete TDS certificates hold up tax refunds
July, 30th 2010

Dr GK Awasthi (name changed), 55, had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to him by the banks did not mention his permanent account number (PAN). Depositors of banks and post offices especially pensioners are put to a lot of trouble at the time of filing tax returns and claiming refunds, as these organisations often issue incomplete or incorrect certificates.

Banks and post offices file quarterly TDS returns for deductions they make against the interest paid to customers on savings in fixed deposit schemes.

"There're cases of errors, omissions or quoting of wrong PAN in quarterly returns filed by the deductors. And post offices and banks are the most common culprits. This delays refunds and tax payers suffer," remarked chartered accountant & I-T consultant Kuldip Rai Aggarwal.

There are instances of tax being deducted at source without the deductor submitting it to the I-T department. In other cases, mandatory information like PAN and amount deducted were not mentioned.

Amending the TDS rules, Central Board of Direct Taxes has revised TDS certificate forms to include receipt number of the TDS return filed by the deductor.

Now, Tax Deduction Account Number (TAN), PAN of deductee and receipt number will form unique identification for allowing tax credit claimed.

Agreeing to pensioners' allegations, a senior bank official blamed clerical errors'. "Department of Posts is taking corrective action in this matter and we're trying to streamline the process," chief postmaster general, Rameshwari Handa said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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