File Content -
CA Final Paper 7
Direct Tax Laws
Revision & Reference Notes
November, 2016
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Index
1.Basic Mechanism
2.TDS Rate Chart
3.Due dates for payment
4.Return Of TDS,
Assessment, Non Filing
Consequences
5.TCS
6.Advance Tax ,
Int. 234 A/B/C
7.Types of Assessments
8.Assessment u/s 143(1)/(3), 144,
147
9.Due Dates
10.Search Seizure
11.Sec. 154 , 156
Color Coding
•Main Chapter
•Headings
•Sec No.
•Elaboration
•Authors Note
•Default,
Non-Compliance,
Penalty, Interest, etc.
•Amendments
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4
Ways to Collect Income Tax
From
Third Party
TDS
(u/s 192 to 196D)
TCS
(u/s 206C)
From Assesse
Advance Tax
(u/s 207 to 219)
Self Assessment Tax
(u/s 140A)
Collected in the Same Previous Year Collected in AY before filing of ROI
Credit for the same will be reflected in Form 26AS
(Form 26AS - Assesses Ledger in the Books of Department)
Interest u/s 201;
Penalty u/s 271C
Interest u/s 201;
Penalty u/s 271CA Interest u/s 234B / C Interest u/s 234A
(Late Filing of Return)
Provisions shall be applicable in case of Regular Assessment u/s
143(3) & / or Reopening of Assessment u/s 147
Anand V Kabra | anandvkabra@gmail.com Index
Anand V Kabra | anandvkabra@gmail.com 5
SR
NO Section Type Of
Payment Payer Payee
Threshold
Limit
(NO TDS) Rate
Tax
Treatment Sec.
Relevant Provision
1 192 Salaries Employer Employee
(R or NR)
Average Sec
12 •Consider all heads of Income
•Consider Loss only from House
Property
2 192A Accumulat
ed Balance
to PF
Trustees
of PF
Employee < 30,000 10% •If PAN Not quoted,
MMR 34.608%
3 193 Interest
on
Securities
Any Person
Resident
<5,000
Ind. / HUF
10%
4 194 Dividend
u/s 2 (22) (e)
Any
Domestic
Co
Resident
< 2,500
Individual
10% Other than 2(22)(e)Dividend
•is subject DDT u/s 155O
•Exempt u/s sec. 10(34)
5 194A Interest
other
than on
Securities
Any Person
other than
Ind./ HUF
Resident
In FY Total
Co.-Op./Banks/ Post
<10,000s;
Others <5,000
10%
6 194B Winning from Lottery & similar
Any Person
Any
Person
< 10,000 30% 115BB
@ 30% •No Basic Exemption
•Penalty u/s 276B
7 194BB Winnings from Horse Races •A bookmarker •License Holder Any
Person
< 5,000 30% 115BB
@ 30% •No Basic Exemption
Index
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Assessment : Notice & Completion Due Dates Due Dates
Index
Illustration: Due Dates for ROI, & 143(2) (Assuming ROI is filed on or before due dt.)
31/03/2016
End Of PY
Due Date
for ROI 139(1)
•31st July;
•30th Sept.,
•30th Nov.,
31/03/2017 30/09/2017
Last dt. to
send Notice
u/s 143(3)
31/03/2018
Last dt to
file ROI u/s
139(4)
Sec. 149: Amount Any Amount > 1,00,000 Foreign Assets
Sec. 151: Who w ill issue AO, below rank of Joint
Comm.
•Assessing Officer
Sec. 151: Who’s Prior
Approval needed
Joint Commissioner •Principal / Chief Commissioner
•Principal Commissioner
•Sec. 149: Time Limit to issue Notice u/s 148 according to amount Escaped Re /Assessment
•Sec. 151: Authority To issue Notice
0 4 6 16 Sec. 149 Timeline yrs.
Sec. 153(2): Time limit for making Re / Assessment u/s 147;
1 yr. from the end of FY in which Notice u/s 148 was served
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