tax deduction

Information about TAN in Q. A. format (Updated)

1. What is TAN? TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates. 2. Who must apply for TAN? -All those persons who are required to deduct tax at source or collect tax at source on behalf of Income Tax Departme..
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TDS at a higher rate on all transactions not having pan to come into effect from 1st April 2010

A new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available.
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Air travels have to forego part of the commission they receive from airlines

Air travel agents will have to forego a part of the commission they receive from airlines on tickets sold by them, as the tax department has decided that such payments will be subject to tax deduction at source, or TDS. This could increase cost of air travel, as agents will pass on this burden to the flyer. The Central Board of Direct Taxes, the apex direct tax body, has directed its field officers to deduct tax at source on payment of commission to travel agents, a tax ..
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Amendment to Section 43B on deduction of contribution for PF, superannuation fund, gratuity fund etc is retrospective

This Tax Alert summarizes a recent ruling of the Supreme Court (SC) [AIT-2009-450- SC] in a batch of cases represented by the lead case of Alom Extrusions Ltd. (Taxpayer) as to whether amendment to Section 43B (Section) of the Indian Tax Law (ITL), enacted with effect from 1 April 2004, is retrospectively applicable. This amendment was introduced to rationalize the tax deduction of the employer's contribution to provident fund, superannuation fund, gratuity fund and such..
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Frequently asked questions on tax deducted as source (TDS)

1) Whether capitalization of interest payable attracts TDS U/S 194A? A) Yes, Capitalization of interest payable attracts the provisions of TDS. TDS is to be made on interest payment regardless of the fact whether borrower uses funds for acquiring fixed assets, capital assets or stock-in-trade or for making payments of trading debts.
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Summary of Amendments made by Maharashtra Value Added Tax (2nd Amendment) Rules 2009, dt 18th June 2009 w.e.f 01st July 2009

On 18th June 2009 the Government of Maharashtra has passed the Maharashtra Value Added Tax (2nd Amendment) Rules 2009 These amendments are brought into effect from 1st July 2009 unless otherwise specified. Following are the amendments which are made in the MVAT Rules: - 
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Download Direct Tax Code 2009 and main highlights of the same

Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister had in his budget promised to deliver a new code within 45 [...]
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Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction

Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at [...]
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