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...
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 […]
TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. […]
Article explains Amendments as passed by The Finance Act, 2020 on 27 March 2020 viz viz Amendments as introduced by The Finance Bill, 2020 on 1 February 2020 related to Section 194A and SECTION 197A by which Central Government Is Empowered To Provide For A Lower Rate Of TDS, Section 194J related to TDS In […]
Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year 2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing provisions […]
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 times, the quantum of such interest is pretty high.
Tax deduction at source is considered as a major tool to curb tax evasion and Governments have, wherever possible, introduced TDS provisions in tax laws both in direct taxation and indirect taxation. In this article the author is trying to throw light on some practical and procedural issues in Income Tax – TDS.
Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which […]
Enlarging the scope for tax deduction on interest income u/s 194A of the Act Section 194A of the Act governs interest other than interest on securities. Sub-section (1) thereof provides that any person not being individual or HUF who is responsible for paying to a resident any income by way of interest other than income […]
In this article, we look at transactions that require TDS deduction and the TDS rates for AY 2020-21. In some transaction, the person making payment is required to deduct tax at source (TDS) while making payment.
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 exemption under Section taxguru.in 194A(3)(iii)(a) of the Income Tax Act.
