Section 194A articles

Section 194A TDS on Interest (other than Interest on Securities)

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 [&helli...

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Posted Under: Income Tax |

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...

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TDS on interest for late payment for purchase of goods/services

Applicability of TDS on the interest for delayed/late payment of consideration towards purchase of goods / services The TDS applicability on payment of interest would require examination under section 194A of the Act (dealing with the TDS on interest payments, other than interest on securities). The relevant provisions of section 194A of ...

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Posted Under: Income Tax |

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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Section 193 & Section 194A : An insight into some Issues

There are some issues under these sections which need discussion; an effort has been made on my part to cover some of them in the form of this article. Firstly, whether discount portion of certificate of deposits /commercial papers etc is covered under these sections and whether TDS is required to be made on that […]...

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Posted Under: Income Tax |

Income Tax TDS/TCS Amendments vide Finance Act, 2021

Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on [&...

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Benefits For Senior Citizens Under Income Tax Act 1961

In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

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TDS – Section 194A : A Dilemma For Co-Operative Societies

The role of Co-operative banks and the Credit Co-operative societies in fulfilling the credit requirements of Indian economy can hardly be overemphasized. They have catered to the credit needs of deserving borrowers. Sec 194A which provides for deduction of interest other than interest on securities has been subject to constant amendment ...

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Posted Under: Income Tax |

TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

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TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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