CBDT optimist on Standard Operating Procedure; Urges taxpayers to file rectification request for TDS mismatches
April 18, 2014
SECTION 139D OF THE INCOME-TAX ACT, 1961 - FILING OF RETURN IN ELECTRONIC FORM - EXTENSION OF FACILITY TO TAXPAYERS TO VERIFY IF DEMAND IN THEIR CASE IS DUE TO TAX CREDIT MISMATCH ON ACCOUNT OF INCORRECT FURNISHING OF SPECIFIED PARTICULARS AND SUBMIT RECTIFICATION REQUESTS WITH CORRECT PARTICULARS OF TDS/TAX CLAIMS FOR CORRECTION OF THESE DEMANDS
PRESS NOTE NO.402/92/2006-MC, DATED 17-4-2014
Detailed instructions have been issued by the CBDT to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs. As per this SOP, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite documentary evidence of tax/demand already paid. The SOP also makes special provisions for dealing with the tax demand upto Rs. 1,00,000/- in the case of Individuals and HUFs in order to accommodate certain extraordinary situations. The SOP is expected to mitigate the long standing grievances of taxpayers by way of reduction/deletion of tax demands.
The CBDT has further noted that many taxpayers are committing mistakes while furnishing their tax credit claims in the return of income. Such mistakes include quoting of invalid/incorrect TAN; quoting of only one TAN against more than one TAN tax credit; furnishing information in wrong TDS Schedules in the Return Form; furnishing wrong challan particulars in respect of Advance tax, Self-assessment tax payments etc. As a result of these mistakes, the tax credit cannot be allowed to the taxpayers while processing returns despite the tax credit being there in 26AS statement. The CBDT, therefore, desires the taxpayers to verify if the demand in their case is due to tax credit mismatch on account of such incorrect particulars and submit rectification requests with correct particulars of TDS/tax claims for correction of these demands. The rectification requests have to be submitted to the jurisdictional assessing officer in case the return was processed by such officer, or the taxpayer is informed by CPC, Bangalore that such rectification is to be carried out by Jurisdictional assessing officer. In all other cases of processing by CPC, Bangalore, an online rectification request can be made by logging into e-filing website http://incometaxindiaefiling.gov.in as per the procedure given in detail in its Help Menu.
Best Wishes
CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx
COMPANY CASES (CC) HIGHLIGHTS
F Hire-purchase agreement not loan and transaction not covered under Bombay Money-Lenders Act, 1946 : Arbitral award not bar to winding up petition : Tata Motors Ltd. V. Sundeep Polymers P. Ltd. (Bom) P. 481
F Contractual provision in agreement for lock-in period not per se illegal : Indiabulls Properties P. Ltd. v. Treasure World Developers P. Ltd. (Bom) p. 491
F Speed post receipt not mentioning complete address of registered office of company cannot lead to conclusion that notice not addressed correctly : Karan Agarwal v. PRL Projects and Infrastructure Ltd. (Delhi) p. 524
F Where no communication on record containing complaint regarding goods supplied, defence that defective goods supplied sham : Karan Agarwal v. PRL Projects and Infrastructure Ltd. (Delhi) p. 524
F Court does not have power to order or cause to effect sale of assets of sick industrial company pending its decision to wind up company : Karnav Leather Ltd. v. R. C. Meena, Provisional Liquidator (Raj) p. 529
F Where company not losing its substratum, winding up petition not mode for recovery of debt due from company : Itakem Finechem P. Ltd. v. Taurus GKK Leathers P. Ltd. (Mad) p. 537
F Extraordinary general meeting cannot be convened after three months of requisition : Exclusion of time in legal proceedings under LA, 1963 not applicable to such requisitioned meeting : Man Industries (I) Ltd. v. Jagdish Chandra Jhamaklal Mansukhani (Bom) p. 541
F Circulars :
General Circulars :
Circular No. 6 of 2014, dated 28th March, 2014-Roll out plan of various forms under the Companies Act, 2013 and continuance of forms under the provisions of the Companies Act, 1956 P. 130
Circular No. 7 of 2014, dated 1st April, 2014-Dissemination of Information with regards to provisions of the Companies Act, 2013, as notified till date vis-a-vis the corresponding provisions of the Companies Act, 1956 P. 138
F Corporate social responsibilty in Singapore-S. Balakrishnan P. 50
F Cross-examination in a consumer case-Nikit Bala P. 62
F Role of charges and encumbrances in purchase of property under SARFAESI Act-G. S. Dubey P. 55
| COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com |
On Saturday, 19 April 2014 5:48 AM, Dhirubhai Shah & Co. <dshahco@dbsgroup.in> wrote:
Dear All,Please find attached handbook on the Companies Act 2013. Companies Act 2013 has made some very significant changes in many provisions that are applicable to both private and public CompaniesThis handbook contains a gist of few important provisions/amendments that can be used as a ready referencer for many provisions.Trust you would find it useful.In case of any clarifications or further assistance please do not hesitate to get in touch with us.Best Regards,Team DBS
--
Dhirubhai Shah & Co.
Chartered Accountants
401/408 ADITYA,
Opp. Maun Appts,
Nr Mithakhali Circle, Ellisbridge,
Ahmedabad 380 006
Contact:
0091 79 26403326
0091 79 26403325 (Tele Fax)
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