I Lost TDS Certificate. What should I do?
Apply to the person deducting tax at source;l who should issue duplicate certificate as per Rule 31(4) of the I.T. Act .
Is levy of interest U/s.201(1A) for failure to deduct tax or deducting less tax mandatory?
A.O. has no discretion in this regard. Court judgments have made it clear that unlike penalty, A.O. has no discretion in case of levy of interest u/s. 201(1A). Thus, it is mandatory interest.
What is the time limit for submission of Form 15G or 15H to C.I.T. office?
The person responsible for payments should deposit 15G or 15H forms in duplicate in office of CIT who has jurisdiction over him within 7 days from end of month in which such forms have been received.
Not doing so, may initiate penalty of Rs.100/- per day u/s. 272A(2)(f) which cannot ,however,exceed amount of tax deductible.
Not doing so, may initiate penalty of Rs.100/- per day u/s. 272A(2)(f) which cannot ,however,exceed amount of tax deductible.
Is it necessary to file TDS certificate with the return of Income?
No.
The return shall, now , not be defective it TDS certificate is not attached with the Return of income. You can submit it within two years from the end of assessment years in which such income was assessable.
The return shall, now , not be defective it TDS certificate is not attached with the Return of income. You can submit it within two years from the end of assessment years in which such income was assessable.
You may apply for rectification u/s. 155(14) of the I.T.Act subsequently when TDS certificate is submitted
I was terminated from job at an MNC .Later I got arrears of salary and compensation on account of favourable judgement from High Court. The Company say it has to do the TDS on the amount of compensation awarded by the High Court. Please explain.
The compensation awarded by H.C. does not fall under “Salary”. Thus not subject to TDS. Supreme court ruling in case
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