DT TDS AP & Misc Revision Notes

CA Final Paper 7 Direct Tax Laws Revision & Reference Notes November, 2016 Author: Anand V Kabra anandvkabra@gmail.com Key Features: •Revise whole syllabus within Minutes! •Optimized for Mobile Viewing •Easily Understandable •Charts, Tables, Tree Diagrams are used •Joyful Study Time •Space for your Notes Visit web Store: https://www.instamojo.com/ anandvkabra Pay Rs. 99/- only 2 Dear Reader, Greetings! Lots of people are handling dual responsibility like job, studies & Family. They can not devote sufficient time for their studies. To overcome the time constraints & make the studies joyful I came up with idea of this notes, it was appreciated by lots of user, which inspired me to carry out all this chapter wise notes & thereby you can use this as a aid to your main study materials. How to make Best Out of It? 1.Go through the notes (print colored if going to use hard copy) 2.Now jump to main study materials; 3.You may simultaneously use notes again & note down any details if you want; 4.Use notes for repeated revision & cover the whole syllabus well within few minutes! God has blessed me with very caring supporting company of my Family & Crazy Friends, this notes became possible just because their unconditional & interrupted love & support, keep it up!  I also thank the Publishers & Yes, of course to you too! Wishing you a very happy Reading time with Best Regards, Anand V Kabra Self Published E-Book Published by VRK Prakashans Aurangabad, MS Price : Rs. 119/- only Every effort has been taken to avoid errors, Please feel free to tell if any such thing noted! I would like you have you opining & suggestion or any idea that would like to incorporate in the upcoming notes! 3 Index 1.Basic Mechanism 2.TDS Rate Chart 3.Due dates for payment 4.Return Of TDS, Assessment, Non Filing Consequences 5.TCS 6.Advance Tax , Int. 234 A/B/C 7.Types of Assessments 8.Assessment u/s 143(1)/(3), 144, 147 9.Due Dates 10.Search Seizure 11.Sec. 154 , 156 Color Coding •Main Chapter •Headings •Sec No. •Elaboration •Authors Note •Default, Non-Compliance, Penalty, Interest, etc. •Amendments Anand V Kabra | anandvkabra@gmail.com 4 Ways to Collect Income Tax From Third Party TDS (u/s 192 to 196D) TCS (u/s 206C) From Assesse Advance Tax (u/s 207 to 219) Self Assessment Tax (u/s 140A) Collected in the Same Previous Year Collected in AY before filing of ROI Credit for the same will be reflected in Form 26AS (Form 26AS - Assesses Ledger in the Books of Department) Interest u/s 201; Penalty u/s 271C Interest u/s 201; Penalty u/s 271CA Interest u/s 234B / C Interest u/s 234A (Late Filing of Return) Provisions shall be applicable in case of Regular Assessment u/s 143(3) & / or Reopening of Assessment u/s 147 Anand V Kabra | anandvkabra@gmail.com Index Anand V Kabra | anandvkabra@gmail.com 5 SR NO Section Type Of Payment Payer Payee Threshold Limit (NO TDS) Rate Tax Treatment Sec. Relevant Provision 1 192 Salaries Employer Employee (R or NR) Average Sec 12 •Consider all heads of Income •Consider Loss only from House Property 2 192A Accumulat ed Balance to PF Trustees of PF Employee < 30,000 10% •If PAN Not quoted, MMR 34.608% 3 193 Interest on Securities Any Person Resident <5,000 Ind. / HUF 10% 4 194 Dividend u/s 2 (22) (e) Any Domestic Co Resident < 2,500 Individual 10% Other than 2(22)(e)Dividend •is subject DDT u/s 155O •Exempt u/s sec. 10(34) 5 194A Interest other than on Securities Any Person other than Ind./ HUF Resident In FY Total Co.-Op./Banks/ Post <10,000s; Others <5,000 10% 6 194B Winning from Lottery & similar Any Person Any Person < 10,000 30% 115BB @ 30% •No Basic Exemption •Penalty u/s 276B 7 194BB Winnings from Horse Races •A bookmarker •License Holder Any Person < 5,000 30% 115BB @ 30% •No Basic Exemption Index Anand V Kabra | anandvkabra@gmail.com 6 Assessment : Notice & Completion Due Dates Due Dates Index Illustration: Due Dates for ROI, & 143(2) (Assuming ROI is filed on or before due dt.) 31/03/2016 End Of PY Due Date for ROI 139(1) •31st July; •30th Sept., •30th Nov., 31/03/2017 30/09/2017 Last dt. to send Notice u/s 143(3) 31/03/2018 Last dt to file ROI u/s 139(4) Sec. 149: Amount Any Amount > 1,00,000 Foreign Assets Sec. 151: Who w ill issue AO, below rank of Joint Comm. •Assessing Officer Sec. 151: Who’s Prior Approval needed Joint Commissioner •Principal / Chief Commissioner •Principal Commissioner •Sec. 149: Time Limit to issue Notice u/s 148 according to amount Escaped Re /Assessment •Sec. 151: Authority To issue Notice 0 4 6 16 Sec. 149 Timeline yrs. Sec. 153(2): Time limit for making Re / Assessment u/s 147; 1 yr. from the end of FY in which Notice u/s 148 was served Anand V Kabra | anandvkabra@gmail.com 7 Index This file contains Random Slides (click here) Download the full version notes (total 16 pages) from http://imojo.in/dtt dsap Download other Free Study Aid Materials (click below links) •CAClubIndia •Cacharya.com •Instamojo.com Search manually On all above sites as AnanadVKabra •Self Motivation •Study Stuff Thank You! 