TDS

Widening of Tax Base & Curbing Tax Evasion in India

Income Tax - Its return filing season again and the newspapers are flooded with advertisements by income tax department reminding, requesting & warning you to file your returns, pay your taxes and refrain from any tax evasion....

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TDS Under GST, Tax Deduction at Source under GST Regime

Income Tax - TDS Deductor will account for such TDS in the following ways: 1. Such deductors needs to get compulsorily registered. 2. They need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7....

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Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Income Tax - Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form. The number of Income Tax Return Forms AY 2017-18 (FY 2016-17) has been reduced from the existing nine to seven forms....

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Income tax return e-filing made easy by ClearTax

Income Tax - The tax season is upon us! June and July of every financial year are typically called the tax season in India because income tax returns for the previous financial year have to be filed by 31st July. For FY 2016-17, which is the period between 1 April 2016 and 31 March 2017, the last date […]...

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All New Forms 16C & 26QC under Section 194-IB

Income Tax - The all new section 194-IB has been inserted in Finance Act, 2017 and made effective from June 1, 2017. Under existing provisions, only individual and HUF who are liable for tax audit, only they are required to deduct tax at source. In order to widen the scope of Tax deduct at source, budget 2017 came up with the new section i.e. 194-IB. ...

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Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

Income Tax - With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bh...

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Prescribe procedure & criteria for TDS returns verification: CAG

Income Tax - Criteria for verification of TDS returns-CAG recommend that the CBDT may prescribe the procedure and criteria for selection of TDS returns for verification....

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CAG detect mistakes in matching of TDS with offered income

Income Tax - CAG in its Report No. 2 of 2017 (Direct Taxes) pointed out mistake in business rules relating to matching of TDS with offered income. Full potential of CPC such as AST-CPC interface for accessing demand/refund information, information available with AO not used in processing returns, non-linking of previous years’ ITRs resulting in exc...

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Income Tax Section codes for 26A/27BA

Income Tax - SECTION CODES OF NON DEDUCTION For Non-Deduction File-F.Y 2016-17 Onwards Section under which tax was deductible Form Type 192 24Q & 26Q 193 24Q & 26Q 194 24Q & 26Q 194BB 24Q & 26Q 194EE 24Q & 26Q 194LA 24Q & 26Q 194A 24Q & 26Q 194B 24Q & 26Q 194C 24Q & 26Q 194D […]...

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Watch movie on TDS awareness in 9 Languages

Income Tax - TDS- JAGRUKTA a movie by DTRTI, Kolkata in English, Hindi, Bengali, Marathi, Gujarati, Punjabi, Telgu, Tamil & Kannad has been released by Shri Gopal Mukherjee, Member ( Rev & TPS), CBDT....

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No Interest on Late TDS Payment due to System / Connectivity issues at Bankers’ End

Asstt. Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi) - In ACIT Vs. M/s. Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee- in- Default for Late payment of TDS due to system and connectivity issues at the bankers’ end....

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Secret reference fees paid by diagnostic centre to Doctors is liable to TDS

M/s. Parco Diagnostics & Research Centre Pvt. Ltd. Vs The Deputy Commissioner of Income-tax(TDS), (ITAT Cochine) - he payment made by the assessee as referral fees is directly proportionate or percentage of an amount received by the assessee for providing CT scan and MRI scan and such payment comes within the term 'Commission or Brokerage'....

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Assessee not liable for delay in TDS credit due to system/ connectivity issues

ACITVs M/s. Nokia Siemens Networks (P)Ltd. (ITAT Delhi) - Amount of TDS was debited from the bank account of the assessee on the due date i.e. 7.10.2009 and the delay in deposit of such tax by a day was on account of system and connectivity issues at the bankers' end, which were beyond the control of the assessee....

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TDS credited can be claimed on Unrealised Rent / Bad Debts

Shri Rangji Realties Pvt. Vs ITO (ITAT Mumbai) - TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the sa...

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Penalty cannot be imposed for delay in TDS return filing for non availability of PAN

Argus Golden Trades India Ltd. Vs. JCIT (ITAT Jaipur) - This is an appeal filed by the assessee against the order of Ld. CIT(A) - III, Jaipur dated 19.02.2016 for A.Y. 2011- 12 wherein the assessee has challenged the levy penalty of Rs. 1,02,400/- u/s 272A(2)(K) of the Act....

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MVAT: TDS on work contracts executed prior to 30-6-2017

Trade Cir No. 32T of 2017 - (21/07/2017) - Tax Deduction at Source (TDS) as per section 31 of Maharashtra Value Added. Tax Act, 2002 in respect of work contracts executed prior to 30-6-2017 for which payments to be made on or after 1-7-2017 and applicability of TDS....

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TDS not deductible on GST Component: CBDT

Circular No. 23/2017-Incomne Tax - (19/07/2017) - Even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a r...

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Section 194I not applicable on remittance of Passenger Service Fees: CBDT

Circular No. 21/2017-Income Tax - (12/06/2017) - A dispute arose on applicability of the provisions of section 194-I of the Act, on payment of Passenger Service Fees (PSF) by an Airline to an Airport Operator. The Honourable High Court of Bombay in CIT vs. Jet Airways (India) Ltd.' declined to admit the ground relating to applicability of provisio...

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CBDT notifies Form no. 26QC for payment of TDS on rent u/s 194IB and Form No.16C for TDS Certificate

Notification No. 48/2017-Income Tax - (08/06/2017) - Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No.16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QC under rule 31A after generating and downloading th...

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CBDT notifies changes in Rules related to Refund of TDS

Notification No. 45/2017 - (05/06/2017) - CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B electronically under digital signature or verified through an electronic process....

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Recent Posts in "TDS"

Widening of Tax Base & Curbing Tax Evasion in India

Its return filing season again and the newspapers are flooded with advertisements by income tax department reminding, requesting & warning you to file your returns, pay your taxes and refrain from any tax evasion....

Read More
Posted Under: Income Tax |

MVAT: TDS on work contracts executed prior to 30-6-2017

Trade Cir No. 32T of 2017 (21/07/2017)

Tax Deduction at Source (TDS) as per section 31 of Maharashtra Value Added. Tax Act, 2002 in respect of work contracts executed prior to 30-6-2017 for which payments to be made on or after 1-7-2017 and applicability of TDS....

Read More

No Interest on Late TDS Payment due to System / Connectivity issues at Bankers’ End

Asstt. Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)

In ACIT Vs. M/s. Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee- in- Default for Late payment of TDS due to system and connectivity issues at the bankers’ end....

Read More

TDS not deductible on GST Component: CBDT

Circular No. 23/2017-Incomne Tax (19/07/2017)

Even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a resident is indicated separately, tax sha...

Read More

Secret reference fees paid by diagnostic centre to Doctors is liable to TDS

M/s. Parco Diagnostics & Research Centre Pvt. Ltd. Vs The Deputy Commissioner of Income-tax(TDS), (ITAT Cochine)

he payment made by the assessee as referral fees is directly proportionate or percentage of an amount received by the assessee for providing CT scan and MRI scan and such payment comes within the term 'Commission or Brokerage'....

Read More

TDS Under GST, Tax Deduction at Source under GST Regime

TDS Deductor will account for such TDS in the following ways: 1. Such deductors needs to get compulsorily registered. 2. They need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7....

Read More
Posted Under: Income Tax |

Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form. The number of Income Tax Return Forms AY 2017-18 (FY 2016-17) has been reduced from the existing nine to seven forms....

Read More
Posted Under: Income Tax |

Income tax return e-filing made easy by ClearTax

The tax season is upon us! June and July of every financial year are typically called the tax season in India because income tax returns for the previous financial year have to be filed by 31st July. For FY 2016-17, which is the period between 1 April 2016 and 31 March 2017, the last date […]...

Read More
Posted Under: Income Tax |

Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bh...

Read More
Posted Under: Income Tax |

Assessee not liable for delay in TDS credit due to system/ connectivity issues

ACITVs M/s. Nokia Siemens Networks (P)Ltd. (ITAT Delhi)

Amount of TDS was debited from the bank account of the assessee on the due date i.e. 7.10.2009 and the delay in deposit of such tax by a day was on account of system and connectivity issues at the bankers' end, which were beyond the control of the assessee....

Read More
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