Section 194A judiciary-2

Section 194A TDS not applicable if amount was below threshold limit

ACIT Vs Singareni Colleries Company Ltd. (ITAT Hyderabad)

ACIT Vs Singareni Colleries Company Ltd. (ITAT Hyderabad) On careful reading of the Notes submitted by the assessee company it is clear that the assessee is providing interest at certain percentage and credited to the fund account. Further, he observed that it is also a fact that the insurance premium is paid out of interest […]...

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TDS not deductible on Interest to Associate Members by Co-Op Credit Society

Vasavi Credit Co-Operative Society Ltd. Vs ITO (ITAT Bangalore)

We hold that the assessee is not liable to deduct tax at source from the interest payments made to Associate members as per sec.194A(3)(v) of the Act....

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ITAT Restored Case to AO Regarding TDS Applicability u/s 194A on Financial Charges Paid for Car Loan

Samir Synthetics Mills Vs DCIT (ITAT Ahmedabad)

The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan?...

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HC explains provision of Exemption from provisions of Section 194A to Co-operative Societies

Chirayinkeezhu Service Co-operative Bank Ltd. Vs. CBDT (Kerala High Court)

High Court held that in the case of deposits made by the petitioner societies with the Co-operative Banks, they would be entitled to the benefit of exemption under Section 194A(3)(iii)(v) of the Income Tax Act and, in respect of the deposits made by the petitioner societies with the Treasury, they will not be entitled to the benefit of ex...

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Sec 194A TDS deductible on interest on loan availed for vehicle purchase

Asstt. Commissioner of Income Tax Vs Ms. Krystal Aviation Services Pvt. Ltd. (ITAT Mumbai)

TDS under section 194A was  liable to be deducted on amount paid towards interest on loan availed for purchasing a vehicle even when the amount in question was debited from the account of assessee through ECS and disallowance under section 40(a)(ia) was to be made for non-deduction of tax at source even when nothing remained outstanding ...

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TDS deductible on delayed pay-in-charges payable to sharebroker for making delayed payment

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai)

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai) Delayed pay-in-charges payable by the assessee to sharebroker for making delayed payment of purchase consideration for purchase of shares is infact „interest‟ within meaning of Section 2(28A) of the 1961 Act and the assessee was required to deduct income-tax at source on such...

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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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Payment for delayed allotment of plot of land cannot be construed as ‘interest’

Pr. CIT Vs West Bengal Housing Infrastructure Development Corporation Limited (Calcutta High Court)

The issue which falls for decision therefore is whether payment for delayed allotment of a plot of land by the Housing Board to an allottee will fall under the definition of ‘interest’ under section 2 (28A) of the Act....

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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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