Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments are: (1) Requiring furnishing of particulars regarding amounts received or debited where tax was not collected or collected at a lower rate due to notifications u/s 206C(12). (2) Allowing credit for tax collected at source to be given to the person in whose hands the collectee's income is assessable, subject to the collectee filing a declaration. (3) Mandating the collector to issue TCS certificate in the name of the person to whom credit is given. (4) Introducing a new code in Form 27EQ for reporting cases of non-collection or lower collection due to notifications u/s 206C(12).
This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments are: (1) Requiring furnishing of particulars regarding amounts received or debited where tax was not collected or collected at a lower rate due to notifications u/s 206C(12). (2) Allowing credit for tax collected at source to be given to the person in whose hands the collectee's income is assessable, subject to the collectee filing a declaration. (3) Mandating the collector to issue TCS certificate in the name of the person to whom credit is given. (4) Introducing a new code in Form 27EQ for reporting cases of non-collection or lower collection due to notifications u/s 206C(12).
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