Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
TDS treatment of commission paid to travel agents is addressed: where agents have already paid income tax on supplementary commission, no further recovery of TDS shortfall is warranted, though interest under the income tax penal provision is to be computed and demanded. The assessing officer is directed to compute and issue a demand notice for interest payable from date of default until agents payment, and may verify whether agents actually paid tax. If any agents remain unpaid, Revenue may recover the TDS shortfall from the payer, but imposition of penalties on the payer is restricted by the protective penalty provision.
TDS treatment of commission paid to travel agents is addressed: where agents have already paid income tax on supplementary commission, no further recovery of TDS shortfall is warranted, though interest under the income tax penal provision is to be computed and demanded. The assessing officer is directed to compute and issue a demand notice for interest payable from date of default until agents payment, and may verify whether agents actually paid tax. If any agents remain unpaid, Revenue may recover the TDS shortfall from the payer, but imposition of penalties on the payer is restricted by the protective penalty provision.
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