DEAR SIR,
I M WORKING IN A PSU BANK.I DEDUCTED TDS OF RS 100953/-@ 20%(SINCE PAN NO WAS NOT AVAILABLE) OF A LOCAL BODY i.e MAHANAGARPALIKA ON A FIXED DEPOSIT OF RS 50.00 LACS KEPT WITH US IN THE QTR 4 OF FIN YEAR 2012-13.

LATER I WAS TOLD THAT LOCAL BODIES ARE NOT LIABLE TO PAY TAX.I CONSULTED OUR CA TO WHOM WE HAD GIVEN THE TASK OF FILING ETDS.HE ASKED US TO FILE REVISED RETURN GIVING THE PAN NO OF THE LOCAL BODY AND TOLD THAT HE WILL TRY FOR CLAIMING REFUND.WE DID SO.THEN HE IS TELLING US THAT SINCE THE AMT HAS GONE TO THE PAN NO OF THE LOCAL BODY WE AS A BANKER ARE NOT ELIGIBLE FOR CLAIMING REFUND.

WE APPROACHED THE LOCAL BODY AND TOLD THEM THE PROBLEM.BY ISSUING THEM THE TDS CERTIFICATE WE ASKED THEM TO CLAIM THE REFUND.BUT THEY FLATLY REFUSED TO DO SO SAYING THAT THEY ARE NOT LIABLE TO PAY TAX AND SINCE THEY HAVE NO INCOME OR EXPENDITURE THEY NEVER FILE INCOME TAX RETURN AND HENCE CANNOT CLAIM THE REFUND. INSTEAD THEY ASKED US TO REFUND THEIR TDS AMT DEDUCTED.

I LODGED A COMPLAINT WITH INCOMETAX DEPARTMENT BUT THEIR REPLY WAS THE SAME AS THAT OF THE CA.THEY TOLD THAT IF WE HAD NOT FILED REVISED RETURN BY GIVING THE PAN NO THEN IT COULD HAVE BEEN POSSIBLE FOR US TO CLAIM THE REFUND SINCE THE AMOUNT WOULD HAVE BEEN IN THEIR SUSPENSE A/C.

AS A LAST SOURCE I M LOOKING FOR THE SOLUTION FROM EXPERTS. GIVE ME ANY POSSIBLE POSITIVE SOLUTION EITHER REFUND OR ADJUSTING THE AMOUNT IN OUR FUTURE TDS AMOUNT TO BE FILED.

WAITING FOR A QUICK FAVOURABLE REPLY.

REGARDS
BANKER

sir i have given my group 1 exam second time and again i failed, i prepared my 100 percent syllabus and i m not getting marks , kindly help me where problem is

Dear Experts,

Please reply to the following queries:

A Private Limited Company has held AGM belatedly on 30/06/14 for FY 2012-13 (and BM on 17/06/14).

Company has two Directors (Husband-Wife) and they are the Shareholders.

Q1: I need to regularize the Additional Director in the AGM. Whether Section 160(1) shall apply to the private company. (Note: Under CA 1956, Section 257 was not applicable to private company).

Please reply…………………..


Q2: Whether I need to attach Explanatory Statement for regularizing the Additional Director in the AGM.

Please reply…………………..


Q3: If both the Directors are interested in the resolution for regularizing the Additional Director in the AGM, how do I proceed with the situation.

Please reply…………………..


Q4. Whether retirement of directors by rotation shall apply to the private company.

Please reply…………………..

Thanks.

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Rent expense for the month of march Rs 100000 Invoice date 1/1/2014 booking date 1/1/2014 but on booking date tds payable is not credit ie entry passed is rent Dr 100000 to party 100000 on 15/1/2014 entry passsed is party Dr 10000 to Tds-rent 10000 and the same is paid by 7/2/2014 is it considered as late deduction of tds under tds provisions payment to party is made after 7/2/2014