INCOME TAX - Credit of TDS

CBDT Directive Regarding Grant Of TDS Credit In Mismatched Cases

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273,
the CBDT has issued Instruction No. 5/2013 F.No.275/03/2013-IT(B), dated 8.07.2013
stating that:
When an assessee approaches the AO
with requisite details and particulars in the form of TDS certificate
as evidence against any mismatched amount,
the AO will grant credit of TDS to the assessee
after ascertaining whether
the deductor has made payment of the TDS to the Government.

For a copy of the Instructions click here

Comments

CBDT Instruction No 5/2014 dated 10.07.2014

Dear Members, The Hon'ble CBDT has issued Instruction No 5/2014 dated 10.07.2014 , by which the monetary limits for filing appeals to ITAT / HIGH COURT / SUPREME COURT have been revised. The New limits are: Tax effect Appeal before ITAT Rs. 4,00,000/- High Court Rs. 10,00,000/- Supreme Court Rs. 25,00,000/- Copy of Instruction is attached for your information.

No GST on Ocean freight. Hon'ble SC.

Supreme Court has pronounced its judgment in the matter of Mohit Minerals (Ocean Freight matter). While upholding the judgment of Gujarat High Court, the Supreme Court has held that recommendations of GST Council are only recommendatory and not binding on Union and State. To summarise the Hon'ble Apex Court has ruled that GST is not leviable on ocean freight. CA Yashu Goel

GST - Electronic invoicing (E Invoicing) made mandatory

E-invoice has been made mandatory for taxpayers having turnover exceeding 10 crores from 1st October, 2022: Notification 17/2022 Central Tax dtd 01/08/2022 It implies that any registered person whose aggregate turnover in any preceding financial year from FY 2017-18 onwards has exceeded Rs 10 Crore shall issue E-invoice w.e.f 1st October 2022 . -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

N K GOEL AND BROS.

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