Section 194A

TDS on Interest other than Interest on Securities – 194A

Income Tax - Any person (not being an individual/HUF*), responsible for paying to a resident any income by way of interest other than interest on securities, is responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated. The recipient of the income (though s/he gets only the net amount after TDS) is ...

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

Income Tax - For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called Tax Deducted at Source commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is direc...

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TDS Rate Chart for AY 2019-20 / FY 2018-19

Income Tax - TDS Rate Chart or TDS Rate Table For Assessment year 2019-20 (AY) / Financial Year (FY) 2018-19 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after consideri...

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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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No TDS on Payment of Interest by Co-op Society to its Members prior to Amendment of Sec 194A

M/s. The LIC Employees Co-operative Bank Ltd. Vs. The Assistant Commissioner of Income Tax (Madras High Court) - The Madras High Court recently ruled that payment of Interest by the co-operative society to its members would not attract tax deduction at source (TDS) prior to the amendment of such provision. ...

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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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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"

TDS on Interest other than Interest on Securities – 194A

Any person (not being an individual/HUF*), responsible for paying to a resident any income by way of interest other than interest on securities, is responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated. The recipient of the income (though s/he gets only the net amount after TDS) is ...

Read More
Posted Under: Income Tax | ,

No TDS on Payment of Interest by Co-op Society to its Members prior to Amendment of Sec 194A

M/s. The LIC Employees Co-operative Bank Ltd. Vs. The Assistant Commissioner of Income Tax (Madras High Court)

The Madras High Court recently ruled that payment of Interest by the co-operative society to its members would not attract tax deduction at source (TDS) prior to the amendment of such provision. ...

Read More

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

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called Tax Deducted at Source commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is direc...

Read More
Posted Under: Income Tax | ,

TDS Rate Chart for AY 2019-20 / FY 2018-19

TDS Rate Chart or TDS Rate Table For Assessment year 2019-20 (AY) / Financial Year (FY) 2018-19 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after consideri...

Read More
Posted Under: Income Tax |

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

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 |
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