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Hi,

Suppose a person has a undeclared income in form of cash. Due to demonetization he deposits the whole amount in his bank account and pays thereon tax @ maximum marginal rate.

In his Return of Income for AY 2017-18 he declared the same as Unexplained Cash Credits u/s 68.

Now since the income is being declared by him voluntarily and offered for tax, can AO impose penalty under section 271, 270A or any other sections of Income Tax Act.

what should be the rate of TDS on interest paid to the Indian branch of the US resident foreign bank?

Dear all

A TDS survey was conducted in a company. The company was deducting TDS @ 2%+s/c etc on certain kinds of payments. The AO was of the view that TDS should be deducted @ 5% + s/c etc and issued notice to the company. The company accepted the contention of the AO and started deducting TDS @ 5% + s/c etc.

Few years later, the decision of the HC, similar payments made by the company of same industry came, which says that the TDS on such payment should be 20% + s/c etc.

Now the department is again disallowing the expenses u/s 40(a) taking its stand on the HC order.

can my client take the stand that it was the view of IT Dept only that the TDS to deducted 5%+ and hence my client has not defaulted.