Corporate Updates 05 June 2014


The Hon’ble Allahabad High Court held that if Income Tax Authorities have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the details mentioned in Form 26AS and since the mismatching is not attributable to the assessee and the fault solely lay with the deductor. The Court further finds that the assessing officer was under a duty to verify whether or not the deductor had made the payment of the T.D.S. in the government account. The petitioner has suffered a tax deduction at source, but has not been given due credit inspite of the fact that he has been issued a TDS certificate by a government department. We find that a case has been made out for grant of a mandamus for refund of the TDS amount & interest due thereon.


RBI has introduced the Liberalised Remittance Scheme (LRS) for resident individuals by increasing in the limit from USD 75,000 to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. Further, the Scheme should not be used for making remittances for any prohibited or illegal activities such as margin trading, lottery, etc.. All other terms and conditions shall remain unchanged.

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