Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

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 2018 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