Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
