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Messages - dugarsanjay

#1
Discussion / Demonitization of Currency Notes
November 12, 2016, 04:51:20 PM
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.
#2
what should be the rate of TDS on interest paid to the Indian branch of the US resident foreign bank?
#3
Discussion / Re: AIR TEL is fraudy
September 19, 2010, 02:06:43 PM
Their statutory auditors are SR Batliboi & Co.
#4
Discussion / Rate of TDS
April 19, 2009, 09:49:45 PM
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.