1) Who is responsible for tax deduction (payer)? Following persons are responsible to deduct tax at source on interest other than interest on securities to a resident person – Any person, other than Individual or HUF; or An individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried […]
1. Who is responsible to deduct tax u/s 194? The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of any dividend (including dividends on preference shares) to a shareholder, who is resident in India, is required to deduct tax at source. Finance Act, […]
1) Who is responsible to deduct tax under Section 193 of Income Tax Act, 1961? Any person responsible for paying any interest on securities to a resident is required to deduct tax at source. 2) When to Deduct TDS under Section 193? Tax shall be deducted under this section, either at the time of credit […]
Article discusses TDS on Purchase of Goods under section 194Q of Income Tax Act, 1961, TCS on Sale of Goods – Section 206C(1H), TCS on Scrap – Section 206C(1), TCS on Sale of Motor Section 206C(1F), TDS on Non-filers of Income Tax Return u/s 206AB [Read with Section 206AA], TCS on Non-filers of Income Tax […]
1) Who is responsible to deduct tax u/s 192A of Income Tax Act, 1961? Tax is to be deducted by the trustees of Employees’ Provident Fund Scheme, 1952 or any other person authorized under the scheme to make payment of accumulated sum to employees. 2) When to Deduct TDS under Section 192A? Tax is deductible […]
Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value the goods in process and finished products exclusively at cost of raw materials and totally excluding overhead […]
1) Who is responsible to deduct tax u/s 192 of Income Tax Act, 1961? All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words none of the payer of Salary is excluded; Individual, HUF, Partnership firms, companies, cooperative societies, Trust and other artificial judicial persons have […]
The Bar Council of India decides to constitute a committee to review its own Rules seeking to prohibit advocates from criticizing any court, judge, any member of the judiciary, state bar Council or the BCI. Says Rules to remain in abeyance till review committee submits report. Related Post : BCI notifies amendment in rules for […]
Finance Act 2020 has made major amendments to the taxation of dividends. With these amendments the general notion that dividends are exempt is no longer the same. This Guide will help our fellow member CA’s, Students, and shareholders to understand the taxability of dividends. First lets understand the two types of dividend: 1. Interim dividend […]
Explore the changes in provisions relating to independent directors and their impact on corporate governance.
