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Income Tax - Monetary Limit under section 194J & 194C are unchanged for Individual or HUF, it is still Rs 1 crore instead of Rs 5 crores With Finance Act, 2020, tax audit total sales, turnover or gross receipts limit in case of Business has been changed to Rs 5 Crores instead of Rs 1 Crore earlier. Provided […]...
Read MoreIncome Tax - 1) Who is responsible to deduct tax u/s 194C? Any person, other than an Individual or HUF, responsible for making payment to a resident contractor or sub-contractor for carrying out any work (including supply of labour) is liable to deduct tax at source under Section 194C. However, an Individual or HUF, AOP/BOI is liable to […]...
Read MoreIncome Tax - 1. INTRODUCTION The term TDS refers to tax deducted at source. The concept of TDS was introduced with an aim to collect tax from source itself. It fulfills dual purpose of Govt. i.e. advance receipt of tax and requirement to regulate person making certain payments or receiving any sum. Govt. is using TDS as its […]...
Read MoreIncome Tax - The Tax deducted at source (TDS) is covered under chapter XVII of the Income Tax Act, 1961. There are number of sections & subsections under which TDS has to be deducted but the important which are most used by the assessee are given below:...
Read MoreIncome Tax - As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor. This new subsection 6 of 194-C makes such transport contractor to compulsorily provide PAN...
Read MoreIncome Tax - Section 194C(6) provides exemption to small good carriage contractor/transporter (owning not more than 10 goods carriage at any time during the previous year) on furnishing of PAN along with the declaration to that effect to deductor from TDS....
Read MoreIncome Tax - The Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing. The issue has been raised by the income-tax department saying that consumer electronics and home appliances manufacturer Samsung India Electronics Ltd is li...
Read MoreIncome Tax - The Central Board of Direct Taxes (CBDT) expanded the scope of professional services to cover sportspersons, umpires and referees, making them liable for a higher tax deduction at source (TDS) at the rate of 10% against 1-2%. ...
Read MoreASUS India Pvt. Ltd. Vs Asst.CIT (ITAT Mumbai) - Disallowance made by AO under section 40(a)(ia) for non deduction of TDS on discount/rebate allowed to dealers/distributors on sale of products was not justified as there was no element of work as defined under clause (iv) of Explanation to section 194C and AO had not brought on record any material ...
Read MoreArt-E-Mide Construction Pvt. Ltd. Vs DCIT (ITAT Kolkata) - Art-E-Mide Construction Pvt. Ltd. Vs DCIT (ITAT Kolkata) AO noted that the assessee has paid consolidated salary (contract pay) of Rs. 8,39,960/-. Since it was shown as contractual payment made by the assessee of Rs. 8,39,960/- according to AO, Section 194C of the Act was attracted and therefore, th...
Read MoreSri Balaji Prasanna Travels Vs ACIT (ITAT Bangalore) - Balaji Prasanna Travels Vs ACIT (ITAT Bangalore) It is observed that as agreed by and between the assessee and the cab owners, a vehicle was to be provided by the assessee to the parties and thus, the assessee was to bear the vehicle expenses actually incurred by the said cab owners and which will b...
Read MoreZephyr Biomedicals Vs JCIT (High Court of Bombay at Goa) - The issue under consideration is whether the payments made to C & F agents which is outright reimbursement of freight charges having no element of profit is liable to deduct tax at source under Section 194C of IT Act?...
Read MoreShree Choudhary Transport Company Vs ITO (Supreme Court) - Shree Choudhary Transport Company Vs ITO (Supreme Court) 1. As to whether Section 194C of the Act does not apply to the present case? Whether the appellant had specific and identified trucks on its rolls or had been picking them up on freelance basis, the legal effect on the status of parties had be...
Read MoreCircular No. 05/2016- Income Tax - (29/02/2016) - Law Related to Tax Deduction at Source (TDS) on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements....
Read MoreCircular No. 04/2016- Income Tax - (29/02/2016) - Law Relating to Tax Deduction at Source (TDS) on payments by broadcasters or television channels to production houses for production of content or programme for telecasting....
Read MoreCircular No. 9/2012-Income Tax - (17/10/2012) - Circular No. 9/2012 Representations have been received from various sections of the Industry on the difficulties faced in the matter of Tax Deduction at Source on Gas Transportation Charges paid by the purchasers of Natural gas to the sellers of gas....
Read MoreCircular No. 1/2008-Income Tax - (10/01/2008) - CIRCULAR NO. 1/2008-Income Tax Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite...
Read MoreCircular No. 715-Income Tax - (08/08/1995) - Circular No. 715-Income Tax Clarifications on various provisions relating to tax deduction at source regarding changes introduced through Finance Act, 1995 The Finance Act, 1995, has enlarged the scope of income-tax deduction at source by making various amendments. In regard to the changes introdu...
Read MoreASUS India Pvt. Ltd. Vs Asst.CIT (ITAT Mumbai) -
Art-E-Mide Construction Pvt. Ltd. Vs DCIT (ITAT Kolkata) -
Sri Balaji Prasanna Travels Vs ACIT (ITAT Bangalore) -
Zephyr Biomedicals Vs JCIT (High Court of Bombay at Goa) -
Shree Choudhary Transport Company Vs ITO (Supreme Court) -
