Section 194A

TDS on NBFC Processing Fees.!!

Income Tax - Due to high rates charged by Banks many people these days prefer taking Loans from NBFC’s. TDS u/s 194A is attracted to such interest expense against NBFC loan @ 10% if interest payable is > INR. 5,000/-. The confusion which always mints is Whether TDS deducted on Processing Fees too..?? Definition of Interest u/s 2(28A) –...

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Don’t Take TDS Lightly

Income Tax - Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961....

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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...

Read More

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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TDS not deductible on Interest Paid to NOIDA Authority: SC

Commissioner of Income Tax (TDS)  kanpur and Anr. Vs Canara Bank  (Supreme Court of India) - Hon'ble SC held that Though NOIDA is not a local authority, it is a corporation established by Act and so payments to it are not liable to TDS U/s.194A of Income Tax Act, 1961....

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Bill discounting charges cannot be considered as Interest for TDS U/s. 194A

Omkara Impex & Merchandise P. Ltd. Vs. ITO (ITAT Ahemdabad) - Discounting charges are outside the purview of interest expenses, therefore, in our considered view, the question of making any disallowance on account of non-deduction of TDS on such discounting charges does not arise. ...

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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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No TDS on Interest to Senior Citizen if not exceeds Rs. Fifty Thousand

Notification No. 06/2018-DGIT - (06/12/2018) - Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees....

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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 to Senior Citizen if not exceeds Rs. Fifty Thousand

Notification No. 06/2018-DGIT (06/12/2018)

Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees....

Read More

TDS on NBFC Processing Fees.!!

Due to high rates charged by Banks many people these days prefer taking Loans from NBFC’s. TDS u/s 194A is attracted to such interest expense against NBFC loan @ 10% if interest payable is > INR. 5,000/-. The confusion which always mints is Whether TDS deducted on Processing Fees too..?? Definition of Interest u/s 2(28A) –...

Read More
Posted Under: Income Tax |

TDS not deductible on Interest Paid to NOIDA Authority: SC

Commissioner of Income Tax (TDS)  kanpur and Anr. Vs Canara Bank  (Supreme Court of India)

Hon'ble SC held that Though NOIDA is not a local authority, it is a corporation established by Act and so payments to it are not liable to TDS U/s.194A of Income Tax Act, 1961....

Read More

Bill discounting charges cannot be considered as Interest for TDS U/s. 194A

Omkara Impex & Merchandise P. Ltd. Vs. ITO (ITAT Ahemdabad)

Discounting charges are outside the purview of interest expenses, therefore, in our considered view, the question of making any disallowance on account of non-deduction of TDS on such discounting charges does not arise. ...

Read More

Don’t Take TDS Lightly

Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961....

Read More
Posted Under: Income Tax |

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

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