The CPC (TDS) Website "www.tdscpc.gov.in" has hosted a undermentioned communication on 10th September, 2014 regarding the usage of single challan for all purposes. The communication is as under:
Dear Deductor,
Dear Deductor,
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Amendment w.e.f 01.04.2014: One of the most important conditions which has been recently introduced for availing input tax credit under Punjab VAT Act, 2005 is the first proviso to section 13(1) of the said Act.
The first proviso to section 13(1) runs as under: "Provided that the input tax credit shall not be available as input tax credit unless such goods are sold within the State or in the cource of inter-state trade or commerce or in the cource of export or are used in the manufacture, processing or packing of taxable goods for sale within the State or in the cource of inter-state trade or commerce or in the cource of export." Public Notice Issued by the Department is as under:- 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.
1. What are the pre-2005 series banknotes?
The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of ` 10, ` 20, ` 50, ` 100, ` 500 and ` 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes. Punjab VAT notification dated 21-feb-2014 regarding singe stage taxation is attached hereunder also the download link is present at the bottom.
The CBDT has issued Instruction No. 1/2014 dated 15.01.2014 to the Chief Commissioners stating that though the Citizens Charter prescribes a time limit of one month for a decision u/s 197 on application for no deduction of tax or deduction of tax at lower rate, there is considerable delay in issuing the lower/non deduction certificate.
TDS not to be Deducted on Service Tax Component shown Separately
Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the payment made towards services i.e. excluding service tax. Central Board of Direct Taxes (CBDT) has issued a Booklet on Permanent Account Number (PAN) to answer all the queries relating to PAN-particularly question on procedures for PAN application, documents required for PAN application and transaction for which quoting of PAN is mandatory etc.
Income Tax Refund - Section 237 of the Income-Tax Act, specifies that if any person satisfies the Assessing Officer that the amount of tax paid by him or on his behalf, or treated as paid by him or no his behalf for any assessment year exceeds the amount with which he is properly chargeable under this Act for that year, he shall be entitled to a refund of the excess amount paid.
Serial no. 12 of Notification No.26/2012 as applicable w.e.f. 08.05.2013 stating that limits lower service tax to only to those houses that costs under Rs.1 crore and have carpet area less than 2000 square feet. |
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