Section 194A

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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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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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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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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ITAT explain difference between Corporation by and under an Act while considering TDS on Interest to Noida

Additional CIT (TDS) Vs Canara bank (ITAT Delhi) - The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source....

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NO TDS on payment of Interest by co-operative society to its Members

Almora Urban Co-operative Bank Ltd Vs ITO (ITAT Delhi) - ITAT held in Almora Urban Co-operative Bank Ltd Vs ITO that TDS was not required to be deducted when co-operative society pays interest to its members as per sec 194A(3)....

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Income paid to member or to a cooperative society by a Co-operative Society is not liable to TDS

Almora Urban Co-operative Bank Ltd. Vs ITO (TDS) (ITAT Delhi) - Section 194A (3) (b) Imposes duty on a co-operative society engaged in banking to deduct TDS where amount exceeds Rs. 10,000/-, whereas section 194A (3) (v) grants specific exemption to cooperative societies where payment made by it to members or to another co-operative society. ...

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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 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 […]...

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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 |

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 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 |

ITAT explain difference between Corporation by and under an Act while considering TDS on Interest to Noida

Additional CIT (TDS) Vs Canara bank (ITAT Delhi)

The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source....

Read More

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 ....

Read More

NO TDS on payment of Interest by co-operative society to its Members

Almora Urban Co-operative Bank Ltd Vs ITO (ITAT Delhi)

ITAT held in Almora Urban Co-operative Bank Ltd Vs ITO that TDS was not required to be deducted when co-operative society pays interest to its members as per sec 194A(3)....

Read More
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