Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Amendments to Section 194A of the Income-tax Act increase TDS thresholds on interest income for various payers and senior citizens...
Income Tax : Finance Bill 2025 proposes new TDS thresholds for various sections, including interest, dividends, and commissions, effective Apri...
Income Tax : Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interes...
Income Tax : Explore the intricacies of Tax Deducted at Source (TDS) under Section 194A for interest payments other than securities. Learn abou...
Income Tax : TDS THRESHHOLD INCREASED While presenting interim Budget 2019-20 FM has raised TDS threshold on interest earned on bank/post offic...
Income Tax : ITAT Delhi rules that interest on enhanced land acquisition compensation under Section 28 is part of compensation, not taxable inc...
Income Tax : ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act not justified since loan ...
Income Tax : In the abovementioned case ITAT remanded the matter to CIT (A) after considering the fact that no proper opportunity was availed b...
Income Tax : ITAT Delhi held that the interest on compensation or on enhanced compensation cannot be considered as compensation and shall be ch...
Income Tax : ITAT Mumbai held that interest paid on loan from group entities are in the nature of reimbursement and therefore not liable for de...
Income Tax : No section 194A TDS on interest from Mahila Samman Savings Certificate – Notification No. 27/2023-Income Tax | Dated: 16th...
Income Tax : CBDT notifies that no Section 194A TDS will be deducted by ‘Scheduled Bank on payment of interest, other than interest on securi...
Finance : In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pa...
Income Tax : Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the ...
Income Tax : Circular No. 23/2015 Section 194A of Income Tax Act, 1961 stipulates deductions of tax at source (TDS) on interest other than inte...
Article explains Section wise requirement of TDS deduction, Threshold exemption limit and rate at which TDS needs to be deducted. Article is updated as on 01.10.2019 to include sections under which TDS needs to be deducted from 01st October 2019. Newly introduced section are Section 194M – TDS on any work in pursuance of contract […]
TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 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 considering the […]
The article presented to show the TDS provisions contained under section 194A of the Income Tax Act, 1961 relating to the TDS deduction on Interest other than interest on securities. Introduction of Section 194A This section of Income Tax, 1961 contains the provisions relating to deduction of TDS on Interest other than interest on securities. For example […]
Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided family […]
CBDT has issued a notification dated 22nd May, 2019 stating that Senior citizens having taxable income upto 5 lakhs can submit the Form 15H with the banks to claim TDS Exemption. The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after considering […]
TDS Rate Chart for the Financial Year (FY) -2019-2020 / TDS Rate Chart for the Assessment Year (AY) -2020-2021. Article Prescribes Nature of Payment on which TDS is deductible, Section under which TDS is deductible, Basic amount per annum on which TDS is not deductible, TDS rate if PAN is not deductible. TDS rates are […]
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 at the end of the year as the provisions contained under section 40(a)(ia) did not make any distinction between the amount paid or payable.
The new financial year has just begun, and there has been a lot of changes in tax laws. So, in the article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST. A. Changes in Income tax Act 1. Rebate u/s […]
The Government has made various changes under Income-tax Act wef 01.04.2019 by Finance Act 2019: The amount of tax rebate under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. Further, it shall be available to a resident individual whose total income does not exceed Rs. 5,00,000. The limit of standard deduction for […]
Various Charitable organizations, schools and colleges who obtain income tax exemption u/s. 10(23)(c) of the Income Tax act approach the banks with whom they have deposits to pay the interest without deduction of tax at source.
