Income Tax : Explore the intricacies of Tax Deducted at Source (TDS) under Section 194A for interest payments other than securities. Learn abou...
Income Tax : Explore the impact of taxation on India's burgeoning online gaming sector, navigating legislative complexities and proposed Financ...
Income Tax : Explore how individuals can avoid TDS deductions under Section 194A of the Income Tax Act if their income falls below taxable thre...
Income Tax : Unravel the complexities of Section 194A TDS on interest payments to Non-Banking Financial Companies (NBFCs). Explore the legal ob...
Income Tax : Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Ea...
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 : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...
Income Tax : Andhra Pradesh High Court quashes prosecution against Aditya Institute for delayed TDS deposit, citing reasonable cause under Sect...
Income Tax : Whether interest retained by NBFCs on assets purchased by SBI falls under categories of interest, fees for professional/technical ...
Income Tax : In Tokai Sahakari Sakhar Karkhana Ltd vs ITO (ITAT Pune), ITAT rules that loan received from State Government is not subject to S....
Income Tax : ITAT Delhi held that PCIT cannot assume revisional jurisdiction under section 263 of the Income Tax Act when in case of debatable ...
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...
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.
New provisions of GST, Income Tax & Corporate Laws applicable w.e.f April 1, 2019 As we are heading towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1, 2019. The Government had made various changes under Income-tax law, GST and […]
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 interest of […]
