Income Tax : Understand tax implications of Joint Development Agreements (JDA) under Section 45(5A). Learn how capital gains, consideration val...
Income Tax : Learn about Joint Development Agreements (JDAs), tax implications under Section 45(5A), capital gains, TDS under Section 194IC, an...
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 Rate Chart for FY 2023-2024 (AY 2024-2025) – Get complete details on Budget 2023 Amendments, Nature of Payment & Threshold L...
Income Tax : Sub-section (5A) of section 45 so as to provide that the full value of consideration shall be taken as the stamp duty value of his...
Income Tax : The Tribunal held that assets received under a compliant scheme of demerger cannot be taxed under Section 56(2)(x). Transactions c...
Income Tax : Mumbai ITAT clarified that perpetual leasehold rights are equivalent to ownership for the purpose of a specified agreement" under ...
Income Tax : ITAT Mumbai rules Section 194IC TDS doesn't apply to alternate accommodation charges, as they're not part of land/building share....
Income Tax : On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected...
Brief analysis: 1. Section 194IA and section 194IC of the Income Tax Act, 1961 are attracted on real estate transactions. 2. In simple words, as per section 194IA, if agreement value is equal to or more than Rs. 50, 00,000/- then buyer of the property has to deduct the TDS @ 1% on the agreement […]
Compliance of TDS and TCS provisions is one of the important aspects for every business. However, it is also a tricky issue since there are so many provisions and also due to frequent insertion of new provisions. Non Compliance with these provisions leads to payment of Interest, Late Filing Fee, Penalties and also punishable with […]
Background There are 3 general methods of Tax collection: 1. Tax deducted at Source (TDS) / Tax Collected at Source (TCS) 2. Advance Tax 3. Self Assessment Tax Generally Assessee pays tax at the end of Assessment Year (AY) for the Previous Year (PY), due to this practice collection & revenue income of Government is […]
Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961.
On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financial year when the growth rate at this time was 17.44%.
Prior to Finance Bill 2017 in case of JDA arrangement capital gains is chargeable to tax in the year in which transfer takes place. H’ble Courts have ruled that granting possession vide execution of agreement is part performance of contract which confers developer with the right over the property & therefore tantamount to transfer u/s 2(47) of Act
TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017.
