TDS

Download Automatic TDS Delayed Payment Interest Calculator

Income Tax - Sometimes Deductor deposit TDS after the due date without Interest, hence when return processed, demand notice raised by TRACES and penalize heavy interest on late payment. But some Deductor does not know how to calculate Interest on delay TDS Payment. ...

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With GST on anvil, do we really need TDS in income tax now?

Income Tax - With advent of GST, government will be able to track much more transactions due to invoice wise return, difficulty to bypass the credit chain and linking of income tax with indirect tax through PAN....

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Section 194IB TDS: What if rent less than Rs. 50000 PM for few months

Income Tax - Whether the tax needs to be deducted on the rent paid during that previous year although the rent per month for some of the months is less than Rs.50,000 p.m or the rent needs to be deducted on the aggregate amount of rent for the months where rent has exceeded Rs.50,000 pm....

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Budget 2017: Increase 2 crore Turnover limit for section 194A/ 194H/ 194I & 194J

Income Tax - Section 44AB - Increased threshold for presumptive tax cases under section 44AD - Consequential amendments required in section 194A/ 194H/ 194I & 194J...

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How to open password protected files of Income Tax and TDS

Income Tax - Article explains the password combination for Opening ITR-V/Acknowledgement, Form 26AS, Any Intimation/Order and TDS Provisional Receipt/Acknowledgement and for extracting TDS Justification Report, Conso File, TDS Certificates ZIP File and 26AS ZIP File....

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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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NEW TDS RPU and FUV utility as applicable from 23.02.2017

Income Tax - New versions of e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) are applicable from February 23, 2017 onwards and available at https://www.tin-nsdl.com/etds-etcs/eTDS-download-regular.php 1. RPU Version 1.9 (Java based): For preparing and validating e-TDS/TCS Statement(s) and also contains inbuilt FVUs. 2. ...

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Measures for enhancing revenue collections through TDS

Income Tax - On review of the progress of TDS collections it is noted that as on 31.01.2017. an amount of Rs.2,85,082 crore has been collected as TDS at a growth rate of 14.79% over corresponding period of last financial year....

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TDS- Paper intimation only for Latest processed correction statement

Income Tax - If deductor filed multiple correction statements during the quarter then paper intimation of latest processed correction statement will be sent....

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BCAS represents on wrong TDS filing return due date in recent Circular

Income Tax - BCAS made a Representation to CBDT regarding error in stating due date for Filing of Quarterly TDS Statements for Financial Year 2016-2017 in Circular 1/2017. ...

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TDS not applicable on Hotel Rent in absence of any contract

Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai) - Where earmarked rooms are let out for specified rate and specified period, only then, they will be construed to be accommodation made available on regular basis...

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TDS U/s. 194C applicable on taking out final negative of films

Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai) - It has been submitted that taking out of the final negative of the films does not involve rendering of any technical or professional services. Therefore, TDS is required to be deducted u/s 194C....

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Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai) - TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

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TDS cannot be Adjusted against Tax payable under VDIS, 1997

Earnest Business Services Pvt. Ltd., Vs The Commissioner  of Income Tax (Bombay High Court) - A person seeking to avail the benefit of VDIS Scheme of 1997 Act must strictly satisfy its provisions as held by the Supreme Court in Hemalatha Gargya v/s. CIT 259 ITR 1. The Apex Court held that the person seeking the benefit of the Scheme of 1997 Act is bound to strictly comply with its conditio...

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ITAT Special Bench on Section 206AA– dissenting view on tax rate

Nagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad) - Recently ITAT-SB at Hyderabad in Nagarjuna’s case held that even if a non resident does not obtain a PAN, the tax deductor need not deduct TDS at higher rate of 20%....

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How to Furnish / Verify Form 27BA to remove TDS payment defaults

Notification No. 12/2016-Income Tax- CPC TDS - (08/12/2016) - Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non Collection of Tax at Source ...

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Procedure for furnishing and verification of Form 26A

DGIT Notification No. 11/2016-Income Tax - (02/12/2016) - CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....

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TDS on lump sum lease premium paid for long term lease

Circular No. 35 of 2016-Income Tax - (13/10/2016) - The issue of whether or not TDS under section 194-I of the Act is applicable on 'lump sum lease premium' or 'one-time upfront lease charges" paid by an assessee for acquiring long-term leasehold rights for land or any other property has been examined by CBDT in view of representations received in th...

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No TDS on Payment to Tirupati Balaji Mandir U/s. 193 & 194A

Notification No. 81/2016-Income Tax - (09/09/2016) - Central Government hereby notifies that no deduction of tax shall be made from payments of the nature specified in section 193 or section 194A or section 194-I of the said Act to the Tirumala Tirupati Devasthanams, Tirupati, Andhra Pradesh....

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TDS on interest paid by IFSC Banking Units : CBDT Clarifies

Circular No 26/2016-Income Tax - (04/07/2016) - It is observed that IBUs are branches of Indian Banks or Foreign Banks having presence in India, which are established in accordance with the RBI Scheme dated 1.4.2015, in the International Finance Service Centers that are set up in within the Special Economic Zones, as per Section 18 of the Special...

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Recent Posts in "TDS"

Download Automatic TDS Delayed Payment Interest Calculator

Sometimes Deductor deposit TDS after the due date without Interest, hence when return processed, demand notice raised by TRACES and penalize heavy interest on late payment. But some Deductor does not know how to calculate Interest on delay TDS Payment. ...

Read More

TDS not applicable on Hotel Rent in absence of any contract

Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai)

Where earmarked rooms are let out for specified rate and specified period, only then, they will be construed to be accommodation made available on regular basis...

Read More

TDS U/s. 194C applicable on taking out final negative of films

Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai)

It has been submitted that taking out of the final negative of the films does not involve rendering of any technical or professional services. Therefore, TDS is required to be deducted u/s 194C....

Read More

Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

Read More

Watch movie on TDS awareness in 9 Languages

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....

Read More
Posted Under: Income Tax |

TDS cannot be Adjusted against Tax payable under VDIS, 1997

Earnest Business Services Pvt. Ltd., Vs The Commissioner  of Income Tax (Bombay High Court)

A person seeking to avail the benefit of VDIS Scheme of 1997 Act must strictly satisfy its provisions as held by the Supreme Court in Hemalatha Gargya v/s. CIT 259 ITR 1. The Apex Court held that the person seeking the benefit of the Scheme of 1997 Act is bound to strictly comply with its conditions like any fiscal legislation and equit...

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ITAT Special Bench on Section 206AA– dissenting view on tax rate

Nagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad)

Recently ITAT-SB at Hyderabad in Nagarjuna’s case held that even if a non resident does not obtain a PAN, the tax deductor need not deduct TDS at higher rate of 20%....

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Activity of Mere Hiring of Machineries and Equipments does not attract TDS: Allahabad HC

CIT­ Vs M/S Jai Prakash Enterprises Ltd. (Allahabad High Court)

Taking of machinery and equipment on hire would not amount to a contract for carrying out any work as contemplated in section 194C of Act.The said contract i.e. taking of machinery and equipment on hire also cannot be treated with a contract for supply of labour. ...

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With GST on anvil, do we really need TDS in income tax now?

With advent of GST, government will be able to track much more transactions due to invoice wise return, difficulty to bypass the credit chain and linking of income tax with indirect tax through PAN....

Read More
Posted Under: Income Tax |

Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin)

Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

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