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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT Audit :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
General »
 The most thrilling idea before every Budget: No income tax
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017

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