CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
26 May 2009
Hall of Fame - ( By Rating& & Query Answered) |
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PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 26 May 2009
Dear Sir,
I had asked a query on 21.05.2009 nobody had replied to that.
you all are requested to please answer to my simple query.
Thanks
PRaveen
TDS ASSESSMENT (Income Tax) |
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| This query is : open | |
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author : Praveen Kumar  Posted On |
Hi, I want to know what are the procedure etc. required to assessment of TDS is there any time limit for get assessed for TDS. please guide me. Thanks Praveen  |
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author : Praveen Kumar Posted On |
Pls Reply Experts I want to know what are the procedure etc. required to assessment of TDS is there any time limit for get assessed for TDS. please guide me. Thanks Praveen |
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 27 May 2009
Time limit for completion of TDS assessment.
The courts have held that the time limit for completion of TDS
assessment would be governed by section 231 of the Income tax Act.
Section 231 has been omitted by the Direct tax Laws (Amendment)
Act,1987 w.e.f. 1-4-89. A question therefore arise what will then
goven the time limit for completion of TDS assessment. In the
present Income Tax Act, there is no section which prescribes the
time limit for completion of TDS assessment i.e assessment u/s 201 &
u/s 201(1A).
Though no time-limit has been prescribed for passing orders u/s 201 &
201(1A), various Benches of the Tribunal have held that , the AO
cannot be permitted to pass order after undue delay & that some
reasonable time-limit must be prescribed within which the IT
authorities should pass an order. The Tribunals have further held
that an order be passed within four financial years from the end of
the financial year. Suppose, if the financial year ends on 31st
March, 2008 i.e assessment year 2008 - 2009 the order will be barred
by limitation if it is passed after 31st March, 2012. It will not
make any difference if there is a survey u/s 133A during the
intervening period.
The usual argument of the Dept is that since in many cases no TDS is
deducted no TDS returns are filed & by the time a survey action is
taken the time limit of 4 financial year might be near.
However, the aforesaid view of the Dept is not at all tenable. There
can be scrutiny proceedings u/s 143(2) & the AO during the course of
scrutiny will definitely come to know whether TDS has been deducted
or not & at the appropriate rate.
The aforesaid time limit will apply not only to a case where the
assessee is " an assessee in default " u/s 201 for non-deduction of
tax or for short deduction of tax, but will also govern levy of
interest u/s 201(1A) because both the proceeding are linked.
Though the time-limit of four financial years is a sufficiently long
time, yet the issue is before the Special Bench of the Mumbai
Tribunal in the case of Mahindra & Mahindra.
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 27 May 2009
Thank u very much sir,
Thanks a lot
varsha
(ARTICLES ASSISTANT)
(28 Points)
Replied 27 May 2009
does vat set off available on purchase of furniture?
varsha
(ARTICLES ASSISTANT)
(28 Points)
Replied 27 May 2009
if set off available under which rule? is there any reduction?
Please reply me
Regards
varsha
karun
(finance and taxation)
(141 Points)
Replied 25 July 2009
Sir, My friend is having salary income from singapore his status was not ordinary resident in the previous year. we know that india has DTAA with singapore in this case how to calculate his income tax liability in india
Arpit Gupta
(Chartered Accountant )
(95 Points)
Replied 07 September 2009
i want to raise a loan for my ca education. Could i get it ?
if yes then what are the requirments?
please give details
thanks
(2254 replies) 
CAclubindia
