Certificate of Nil-lower rate TDS u/s 197 and 195 of the Income Tax Act, 1961 to be issued within 30 days timeline- CBDT
CBDT has instructed Income Tax Officials to adhere to prescribed time limit for issue of certificate of no deduction or deduction of tax at lower rate u/s 197 and 195 of the Income Tax Act, 1961
As per instruction issued in this regard, attention has been drawn to the time-line of 30 days prescribed as per the Citizen’s Charter-2014 for issue of certificates for no deduction of tax or deduction of tax at lower rate under section 197 or 195 of the Act.
The instruction says that several instances of inordinate delay in issue of such certificates and non-adherence to the said time-line have been brought to the notice of the Board, which have been viewed adversely.
The CBDT has reiterated that the 30 days time-line for issue of certificates u/s 197 or 195 of the Act must be adhered to scrupulously and disposal of applications beyond the said time limit must be for justifiable reasons to be recorded in writing and duly approved by CIT (TDS)/ CIT (Intl. Tax) concerned.
It has been stated that the Board shall view seriously, any delay without valid reasons and shall hold CIT (TDS)/ CIT (Intl. Tax) concerned responsible in this regard
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld…
Supreme Court lays down tests to determine whether a debt is a financial debt or an operational debt under IBC…
Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies…
Application though named as rectification but if tax imposed is not legitimate then it also touches upon the merit –…
Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further…
ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee In a recent…