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What is Furnishing of statement of tax deducted? What is the Meaning of person responsible for paying? Section 203AA and 204 of Income Tax Act 1961

Furnishing of statement of tax deducted and Meaning of person responsible for paying are defined under section 203AA and 204 of Income Tax Act 1961. Provisions under these Sections are :

Section 203AA of Income Tax Act "Furnishing of statement of tax deducted"

Section 203AA. The prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, shall, within the prescribed time after the end of each financial year beginning on or after the 1st day of April, 2008 prepare and deliver to every person from whose income the tax has been deducted or in respect of whose income the tax has been paid a statement in the prescribed form specifying the amount of tax deducted or paid and such other particulars as may be prescribed

 

Section 204 of Income Tax Act "Meaning of "person responsible for paying""

204. For the purposes of the foregoing provisions of this Chapter and section 285, the expression "person responsible for paying" means-
(i) in the case of payments of income chargeable under the head "Salaries", other than payments by the Central Government or the Government of a State, the employer himself or, if the employer is a company, the company itself, including the principal officer thereof;

(ii) in the case of payments of income chargeable under the head "Interest on securities", other than payments made by or on behalf of the Central Government or the Government of a State, the local authority, corporation or company, including the principal officer thereof;

(iia) in the case of any sum payable to a non-resident Indian, being any sum representing consideration for the transfer by him of any foreign exchange asset, which is not a short-term capital asset, the 24[authorised person] responsible for remitting such sum to the non-resident Indian or for crediting such sum to his Non-resident (External) Account maintained in accordance with the Foreign Exchange Management Act, 1999 (42 of 1999), and any rules made thereunder;

(iii) in the case of credit, or, as the case may be, payment of any other sum chargeable under the provisions of this Act, the payer himself, or, if the payer is a company, the company itself including the principal officer thereof;

(iv) in the case of credit, or as the case may be, payment of any sum chargeable under the provisions of this Act made by or on behalf of the Central Government or the Government of a State, the drawing and disbursing officer or any other person, by whatever name called, responsible for crediting, or as the case may be, paying such sum.

Explanation.-For the purposes of this section,-
(a) "non-resident Indian" and "foreign exchange asset" shall have the meanings assigned to them in Chapter XII-A;

25[(b) "authorised person" shall have the meaning assigned to it in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999)].

Income Tax Act 1961

What are the Consequences of failure to deduct or pay? What is the meaning of Deduction only one mode of recovery? Section 201 and 202 of Income Tax Act 1961

What is Certificate for tax deducted? How to apply for Tax deduction and collection account number? Section 203 and 203A of Income Tax Act 1961

What is Furnishing of statement of tax deducted? What is the Meaning of person responsible for paying? Section 203AA and 204 of Income Tax Act 1961

What is Bar against direct demand on assessee? What is the meaning Persons deducting tax to furnish prescribed returns? Section 205 and 206 of Income Tax Act 1961

What is Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax? What is the Requirement to furnish Permanent Account Number? Section 206A and 206AA of Income Tax Act 1961

What is Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc? Section 206C of Income Tax Act 1961

What is Tax collection account number? What is Processing of statements of tax collected at source? Section 206CA and 206CB of Income Tax Act 1961

What is Liability for payment of advance tax? What are Conditions of liability to pay advance tax? Section 207 and 208 of Income Tax Act 1961

What is Computation of advance tax? What is Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer? Section 209 and 210 of Income Tax Act 1961

What is Installments of advance tax and due dates? Section 211 of Income Tax Act 1961

What is Interest payable by Government? What is Interest payable by assessee? Section 214 and 215 of Income Tax Act 1961

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