Development rebate withdrawal required when assets sold within eight years; officers must verify and initiate withdrawal promptly. Income-tax Officers must check balance sheets for sales of machinery and verify whether development rebate was previously allowed; if an asset was disposed of within eight years of acquisition, the officer must promptly initiate withdrawal of the rebate under the reassessment provision, and if the earlier claim is pending in appeal or revision, notify the appellate/revision authority or record a note that rebate should be withdrawn if the claim is admitted.
Exemption certificate renewal for charitable trusts requires auditor certification of non infringement of disqualifying provisions and periodic renewals. Amendments to sections 11 to 13 require that initial exemption certificates to trusts be valid for one assessment year, with renewal for the next three years after scrutiny of accounts; subsequent renewals are to be granted once every three years following record scrutiny and confirmation of compliance. Each renewal must be supported by an auditor's certificate stating that the trust has not infringed the disqualifying provision in section 13 up to the date of application.
Deduction of income-tax at source--Section 194C of the Income-tax Act, 1961--Deduction from payments to contractors and sub-contractors--Instructions regarding.
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Deduction of income-tax at source from works and labour contract payments, with specified withholding, timing and compliance rules. Section 194C requires persons making payments for carrying out work or supplying labour under contracts with the Central or State Governments, local ... Summary
Deduction of income-tax at source from works and labour contract payments, with specified withholding, timing and compliance rules.
Section 194C requires persons making payments for carrying out work or supplying labour under contracts with the Central or State Governments, local authorities, statutory corporations or companies to deduct tax at source: two percent from payments by a specified person to resident contractors, and one percent where a contractor (other than an individual or HUF) pays a resident sub-contractor. Deduction is made at credit or payment (earlier), relates to gross or net payment as determined by contract terms, and is subject to threshold, rounding, deposit and certificate procedures prescribed by the rules.
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