It will now be easier for tax payers to rectify incorrect TDS details filed in the income tax.
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New Delhi: It will now be easier for tax payers to rectify incorrect TDS details filed in the income tax (I-T) return. Also, in a relief to over 500 FIIs, the I-T department said on Thursday that incomplete or deficient returns filed by foreign portfolio investors (FPIs) will not be treated as ‘defective’ if the entities are registered with Sebi and do not have a permanent base in India.
Earlier, tax payers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the I-T department. Errors due to incomplete TDS details in rectification applications were leading to delays in processing of such applications. “To avoid this inconvenience, a new facility has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details,” said CBDT.
It is expected to considerably ease the burden of compliance on the taxpayers seeking rectification due to TDS mismatch. Meanwhile, the I-T department had slapped notices on several foreign institutional investors/foreign portfolio investors (FIIs/FPIs) for failure to furnish balance sheets and profit and loss (P&L) accounts in the return of income filed by them.
The FIIs/FPIs who were issued notice totalled over 500, according to analysts. Such investors largely were not required to maintain books of accounts in India as they did not have a permanent establishment in the country. “In order to overcome this difficulty, it is clarified that such returns will not be treated as defective in cases where the FIIs/FPIs are registered with Sebi, have no Permanent Establishment/Place of Business in India and have provided basic information...If there is business income,” said CBDT in a statement.
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( Source : deccan chronicle )
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