Section 194A

All about TDS U/s. 194A, 194J & 193 of Income Tax Act,1961

Income Tax - ax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193)...

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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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TDS Rates Chart for FY 2017-18 / AY 2018-19

Income Tax - TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

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TDS Rates Chart for FY 2016-17 / AY 2017-18

Income Tax - TDS Rate Chart: TDS/TCS Rates Chart for Financial Year 2016-17/ Assessment Year 2017-18 vide Finance Act 2016 i.e Budget 2016-17....

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No TDS on interest payable for delay in payment of purchase price of goods

Income Tax - Of late, in a number of cases, an issue has arisen whether tax is deductible at source, in respect of interest payable for delay in payment of purchase price of goods. There are occasions in the case of a manufacturing or trading concern where the concern is required to pay interest for delay in payment of the price of goods purchased. At...

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No TDS on interest on compensation under Motor Vehicles Act, 1988

The New India Assurance Co. Ltd. Vs Savitri Devi (Punjab and Haryana High Court) - Impugned in the present revision petitions are the different orders passed by Motor Accident Claims Tribunal, Bathinda, whereby the J.D.-Insurance Company was directed to deposit within 15 days the TDS amount, which has been deducted at source. The J.D. was given liberty to withdraw the TDS amount f...

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TDS on accumulated RPF balance post cessation of Employment till withdrawal?

ACIT vs. Shri Dilip Ranjrekar (ITAT Bangalore) - In the wake of the decision of the Bengaluru ITAT, in the case of “The ACIT, Circle-1(2)(1) Bengaluru vs. Shri Dilip Ranjrekar, in ITA No. 858/Bang/2016, dated 10.11.2017, an intriguing question has arisen, as to whether TDS is required to be deducted by the employer company, in the case of an ers...

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TDS Payment: 2 month interest cannot be charged for delay of less than a month

Bank of Baroda Vs. Dy. Commissioner of Income-tax (ITAT Ahemdabad) - Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month....

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TDS not deductible on loss on subscription to chit

Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore) - In this case AO has made addition merely on the basis of ledger extract filed by the assessee on the assumption that the said payments are interest payments which attracts TDS under the provisions of section 194A of the Act, without conducting further inquiries in the background of the assessee’s ...

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S. 263 not justified due to multiple view on applicability of TDS

Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai) - As regards applicability of TDS provisions, not two but three views exist on the impugned issue - (i) TDS u/s 194H - which was discussed by AO in the assessment order dt. 18/3/2012; TDS u/s 194C - which was discussed and upheld by AO in the assessment order dt. 18/3/2012; TDS u/s.194A - (which the a...

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TDS U/s. 194A of the Act on interest on fixed deposit made on direction of Courts-regd

Circular No. 23/2015-Income Tax - (28/12/2015) - Circular No. 23/2015 Section 194A of Income Tax Act, 1961 stipulates deductions of tax at source (TDS) on interest other than interest on securities if the aggregate of amount of such interest credited or paid to the account of the payee during the financial year exceeds the specified amount ....

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CBDT issued clarification on explanation to section 194A

Circular No. 3/2010-Income Tax - (02/03/2010) - Circular No. 3/2010-Income Tax CBDT clarifies that Explanation to 194A is not meant to apply in cases of banks where credit is made to provisioning account on daily/monthly basis for the purposes of macro monitoring only by the use of CBS software...

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Recent Posts in "Section 194A"

No TDS on interest on compensation under Motor Vehicles Act, 1988

The New India Assurance Co. Ltd. Vs Savitri Devi (Punjab and Haryana High Court)

Impugned in the present revision petitions are the different orders passed by Motor Accident Claims Tribunal, Bathinda, whereby the J.D.-Insurance Company was directed to deposit within 15 days the TDS amount, which has been deducted at source. The J.D. was given liberty to withdraw the TDS amount from Income Tax Department....

Read More

TDS on accumulated RPF balance post cessation of Employment till withdrawal?

ACIT vs. Shri Dilip Ranjrekar (ITAT Bangalore)

In the wake of the decision of the Bengaluru ITAT, in the case of “The ACIT, Circle-1(2)(1) Bengaluru vs. Shri Dilip Ranjrekar, in ITA No. 858/Bang/2016, dated 10.11.2017, an intriguing question has arisen, as to whether TDS is required to be deducted by the employer company, in the case of an erstwhile employee, who has otherwise rende...

Read More

TDS Payment: 2 month interest cannot be charged for delay of less than a month

Bank of Baroda Vs. Dy. Commissioner of Income-tax (ITAT Ahemdabad)

Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month....

Read More

All about TDS U/s. 194A, 194J & 193 of Income Tax Act,1961

ax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193)...

Read More
Posted Under: Income Tax | ,

TDS not deductible on loss on subscription to chit

Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)

In this case AO has made addition merely on the basis of ledger extract filed by the assessee on the assumption that the said payments are interest payments which attracts TDS under the provisions of section 194A of the Act, without conducting further inquiries in the background of the assessee’s claim that the said payments […]...

Read More

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

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

Read More
Posted Under: Income Tax | ,

TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

Read More
Posted Under: Income Tax |

TDS Rates Chart for FY 2016-17 / AY 2017-18

TDS Rate Chart: TDS/TCS Rates Chart for Financial Year 2016-17/ Assessment Year 2017-18 vide Finance Act 2016 i.e Budget 2016-17....

Read More
Posted Under: Income Tax | ,

S. 263 not justified due to multiple view on applicability of TDS

Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai)

As regards applicability of TDS provisions, not two but three views exist on the impugned issue - (i) TDS u/s 194H - which was discussed by AO in the assessment order dt. 18/3/2012; TDS u/s 194C - which was discussed and upheld by AO in the assessment order dt. 18/3/2012; TDS u/s.194A - (which the assessee does not agree with) and not sou...

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No TDS on interest payable for delay in payment of purchase price of goods

Of late, in a number of cases, an issue has arisen whether tax is deductible at source, in respect of interest payable for delay in payment of purchase price of goods. There are occasions in the case of a manufacturing or trading concern where the concern is required to pay interest for delay in payment of the price of goods purchased. At...

Read More
Posted Under: Income Tax |
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