Sunday, December 27, 2015
Saturday, December 5, 2015
Sunday, February 15, 2015
Sec. 234E; HC upholds constitutional validity; Fee charged for late filing of TDS return isn't a tax
The fee sought to be levied under section
234E is not a tax that is sought to be levied on the deductor. The provisions of
section 234E is not onerous on the ground that the section does not empower the
AO to condone the delay in late filing of the TDS return, or that no appeal is
provided for from an arbitrary order passed under section 234E
Facts :
a) Petitioner, a practicing
Chartered Accountant, challenged the constitutional validity of section 234E.
Section 234E seeks to levy a fee of Rs.200/- per day (subject to certain other
conditions) inter-alia on a person who deducts Tax at Source and then fails to
deliver or cause to be delivered the TDS return to the authorities within the
prescribed period.
b) He argued that legislature
had categorically termed the levy under section 234E of the Act as a "fee", it
necessarily could be levied only in the event the Government was providing any
service. In the absence thereof, the said section seeks to collect tax in the
guise of a fee. This, according to the learned counsel, was impermissible either
in common law or under the taxing statute, and encroached on the rights of life
and liberty of the citizens.
c) He further submitted that the
provisions of section 234E were extremely onerous as the AO was not vested with
any power to condone the delay in filing the TDS return and there was also no
provision of appeal against order of AO.
The High Court upheld the constitutional
validity of Section 234E and made following observations:
1) There is an obligation on the
Income Tax Department to process the income tax returns within the specified
period. Department cannot accurately process the return until information of TDS
is furnished by the deductor within the prescribed time.
2) If the income tax returns
having refund claims were not processed in a timely manner, it would result in
delay in issuing refunds or raising of infructuous demands. Late payment of
refund also affects the government financially as the Government has to pay
interest for delay in granting the refunds.
3) The Legislature took note of
the fact that a substantial number of deductors were not furnishing their TDS
returns within the prescribed time frame which was absolutely essential. This
led to an additional work burden upon the Department due to the fault of the
deductor by not furnishing the TDS returns in time. It was in this backdrop, and
to compensate for the additional work burdened upon the Department, that a fee
was sought to be levied under section 234E. Thus, section 234E is not punitive
in nature but a fee which is a fixed charge for the extra service which the
Department has to provide due to the late filing of the TDS statements.
4) A right of appeal is not a
matter of right but is a creature of the statute, and if the Legislature deems
it fit not to provide a remedy of appeal, so be it. Even in such a scenario it
was not as if the aggrieved party was left remediless. Such aggrieved person
could always approach this Court in its extra ordinary equitable jurisdiction
under Article 226 / 227 of the Constitution of India, as the case may be.
Therefore, we do not agree with the argument of the Petitioners that simply
because no remedy of appeal was provided for, the provisions of section 234E
were onerous. - Rashmikant Kundalia v. Union of India (2015) 54
taxmann.com 200 (Bombay)
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RBI to soon put one rupee notes in circulation again
Mumbai: After a
gap of about two decades, the RBI will again put in circulation rupee
one notes soon. Printing of one rupee note was discontinued about 20
years ago.
"These currency
notes are legal tender as provided in the Coinage Act 2011. The existing
currency notes in this denomination in circulation will also continue
to be a legal tender," the Reserve Bank of India said in release. At
present, one rupee coins are minted.
The
new currency note will be predominantly pink green on obverse and
reverse in combination with other colours, the RBI said. "The RBI will
soon put in circulation currency notes in one rupee denomination. The
notes will be printed by the Government of India," the Reserve Bank
said.
Unlike other
currency notes which the bear signature of RBI Governor, the one rupee
note will have signature of the Finance Secretary. One rupee note or
coin is issued by the Government of India.
In November 1994, printing of
one rupee note was stopped mainly due to higher cost and for freeing
capacity to print currency notes of higher denomination. Printing of two
and five rupee notes too were discontinued in 1995. Since then, only
coins have been issued for these denominations. Older notes are still in
circulation and remain legal tender.
Other paper currency notes currently being printed are Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000.
‘Quick Heal Total Security for Android enabled Mobile phones’ software at special price for the Members & Students of ICAI
Arrangement of the ‘Quick Heal Total Security for Android enabled Mobile phones’ software at special price for the Members & Students of ICAI by the Committee for Capacity Building of CA Firms and Small & Medium Practitioners(CCBCAF&SMP), ICAI
Quick Heal Total Security for Android enabled Mobile phones’ software has been arranged for the registered members, students & staff of ICAI from M/S Quick Heal Technologies Pvt. Ltd., Pune at discounted price. The ‘Quick Heal Total Security for Android enabled Mobile phones’ software is an antivirus software with features like Virus Protection, Call Blocking, SMS Blocking, SMS Spam Protection, Data Protection Anti-Theft, Mobile Tracker (using GPS), Remote Mobile Locking, Device Control through Web Portal (RDM), Scanning and Unlocking Commands, Improved Device Tracing, Multi-SIM support, Web Security, Network Monitor, Performance Monitor, Backup and Restore, Secure Delete, etc. The Price of the aforesaid software is Rs 250/- plus applicable taxes for 2 years.
The Members are requested to visit http://www.quickheal.co.in/home-users/quick-heal-total-security-for-android for purchasing the software. The member is required to fill the blank titled ‘Duration’ by entering the option ‘2 years’ from the drop down menu and click on ‘Buy Now’. Thereafter an window will pop out and the member is required to click ‘buy now’ to confirm the placing of the order. The page will then lead to another page where the member is required to put in the quantity of softwares needed and the coupon code which will be provided by the Committee Secretariat by email and click on ‘Apply’. The price of the software will appear at the right hand side. The member should click on ‘Buy online’ by providing the required information.
N.B.-Members are requested to get in touch with CCBCAF&SMP Secretariat for the arrangement of the Coupon Code for the same at E-mail: ccbcaf.software@icai.in
Friday, October 17, 2014
Advanced Excel as an Audit tool
CPE Meeting on 18th October 2014
at Tuticorin Branch of SIRC of ICAI
Excel File link for Workshop on Excel :
Excel Master File 18-Oct014 Tuticorin - CA D.C. Jain, Madurai
at Tuticorin Branch of SIRC of ICAI
Excel File link for Workshop on Excel :
Excel Master File 18-Oct014 Tuticorin - CA D.C. Jain, Madurai
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