The assessee, a Co-operative Bank, filed its return declaring total income at Rs. Nil claiming deduction under section 80P for the entire amount of gross total income. The return was processed under section 143(1). Subsequently it was noted by the Assessing Officer that the assessee had received interest under section 244A amounting to Rs. 34,33,50,201...
Australia DTAA: Whether Interest on Refund Taxable under Article XI ?
September 7, 2012 by
The assessee was a non-resident company having a permanent establishment in India. The assessee earned various income mainly from the contract with ONGC, ‘C’ Ltd. and ‘N’ Ltd. One of the income declared by the assessee-company was interest on income-tax refund which it claimed taxable @ 15 % on gross basis in view of the...
Is employer bound to issue Form 16 to every employees ?
August 8, 2010 by
Form 16 is the prescribed form for tax deducted at source from salary by an employer. There is confusion regarding the issue of TDS certificate in case where salary is not taxable. Tushar Singh of New Delhi asks “in my last company my income was not taxable. Am i eligible for form 16 from my...
How to prevent TDS on income even if you can not file 15G or 15H?
July 14, 2010 by
As per income tax laws ,there are two ways to prevent tax at source on any income received by you which is subject to TDS provision. These are
Filing declaration in Form 15 G or 15H as the case may be to deductor.
Applying to Income Tax Authority for a certificate of lower deduction.
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