section 195

How to e-File Form 15CA and 15CB

Income Tax - In this article we have discussed the procedure for e-filing of form 15CA and Form 15CB by remitter and Chartered Accountant using their digital Signature on e-filing website of Income Tax Department i.e. http://incometaxindiaefiling.gov.in...

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DDT Abolition & TDS on dividend to Non-Resident Investors

Income Tax - Abolition Of Dividend Distribution Tax (DDT) – A Compliance Burdens When It Comes to TDS Of Non-Resident Investors Introduction:- Finance Act, 2020 has abolished DDT regime under which Dividends paid by Domestic Company were exempt in the hands of receivers (including Non-Residents). Thus now companies will be liable to deduct TDS under...

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Validity of lower or nil TDS certificate extended to June 30, 2020

Income Tax - CBDT Order u/s 119 of The Income Tax Act, 1961 on issue of certificates for lower rate/nil deduction/collection of TDS or TCS u/s 195, 197 and 206C(9) notifies vide Order No. F. No. 275/25/2020-IT(B) dated 31/03/2020 that Lower TDS Certificate issued under section 197 for FY 2019-20 shall be valid till 30/06/2020. Taxman to accept [&helli...

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FAQ – TDS on Non residents – Section 195

Income Tax - In our country the TDS on Non resident under section 195 is the unique section to identify the tax rates and deductions on our business transaction with non resident day to day basis. In this article I would like to discuss about the Frequently Asked Questions (FAQ) on TDS on Non resident payments under section 195 of Income tax act....

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Income Tax treatment of amount paid towards Software Purchase

Income Tax - The question as to whether the expenditure incurred towards purchase of computer software should be treated as revenue or capital in nature. Law has been well settled since 2012, still there different treatments in industry to treat the same as revenue or capital. So through this Article, I am trying to conclude whether the amount [&helli...

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Procedural & technical issues on IDS, 2016 clarified

Income Tax - Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New D...

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Section 195: 6 Suggestions made by ICAI for Rationalization of Provisions

Income Tax - Finance Act, 2012 extended the obligation to withhold taxes to non- residents irrespective of whether the non-resident has -...

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CA Certificate not required for certain remittances: Govt

Income Tax - Government has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalizing the existing guidelines. Accordingly, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000...

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Vodafone ruling effect – Exporters question TDS on foreign payment post

Income Tax - The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora's box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters' body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay T...

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Cross Boarder transactions are subject to tax in India – HC in Vodafone

Income Tax - The Bombay High Court has dismissed a petition filed by Vodafone International Holdings against the tax department, saying the transaction is chargeable to income tax and the department has the jurisdiction over cross-border mergers since the assets lies in India....

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Depreciation allowable on non-compete fees: HC

PCIT Vs Ferromatic Milacron India Pvt Ltd (Gujarat High Court) - Where non-resident agents appointed by assessee for procuring export orders did not have permanent establishment in India and their activities as commission agents are being carried out outside India, merely because a portion of the sale to the overseas purchasers took place in India, would not make...

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Payment to parent company for copyrighted software on principle to principle basis cannot be treated royalty

Aveva Information Technology India (P) Ltd. Vs DCIT (ITAT Mumbai) - Payment to parent company for copyrighted software on principle to principle basis cannot be treated royalty and TDS not applicable on payment to parent company not having PE in India....

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Section 195(1) & 40(a)(ia) talks about tax deduction where sum is chargeable to tax

JLC Electromet Pvt. Ltd. Vs ACIT (ITAT Jaipur) - Coming to the provisions of section 40(a)(ia) of the Act, the said section also provides that any interest, royalty, fees for technical services or other sum chargeable under this Act on which tax is deductible at source under chapter XVII-B and such tax has not been deducted or after deduction has ...

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Section 206AA not override provisions of section 90(2)

DCIT Vs BEML Ltd. (ITAT Bangalore) - Section 206AA does not override provisions of section 90(2) and in case of payment made to non-resident, assessee correctly applied rate of tax prescribed under concerned DTAAs and not as per section 206AA because provisions of the DTAAs were more beneficial and DTAA acquired primacy in such case....

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No TDS on Commission to non-resident agents for procuring export orders

Punjab Stainless Steel Inds. Vs ACIT (ITAT Delhi) - Commission paid to foreign agents for procuring export orders could not be treated as income taxable in India when parameters of DTAAs were applied to transactions in question. Also non-resident agents did not have PE or business connection in India. Therefore, impugned payment could not be held as ...

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Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020

F. No. 275/25/2020-IT(B) - (03/04/2020) - In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 27...

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Certificates for lower rate/nil deduction/collection of TDS or TCS- Reg.

F. No. 275/25/2020-IT(B) - (31/03/2020) - CBDT Order on issue of certificates for lower rate/nil deduction/collection of TDS or TCS uls 195, 197 and 206C (9) when Assesee was given such certificate for Financial year 2019-20 and when Assessee is Applying or Applied for first time for such certificate...

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CBDT proposes to inset new Income Tax rule 29BA and Form 15E

F. No. 370142/24/2019-TPL - (31/12/2019) - Public consultation on the proposal for amendment of Income-tax Rules 1962, to inset new rule 29BA and Form 15E, to give effect to the amendment in section 195 of the Income-tax Act, 1961 (the Act) vide Finance (No.2) Act 2019- reg....

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Approval of CIT (Intl. Taxation) not required for certificates U/s. 197/195 if revenue effect is less than Rs. 10 crore

Notification No. F.No.275/16/2019-IT(B) - (02/09/2019) - it has been decided to raise threshold of revenue effect for issue of certificates under section 197/195 needing approval of the Commissioner of Income Tax (Intl. Taxation) to Rs. 10 Crore. This threshold will be applicable for all stations in respect of all applications of non-resident taxpayers ei...

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Issue Lower/ Nil Rate TDS deduction Certificate within prescribed time

F. No. 275/20/2018-IT(B) - (26/07/2018) - CBDT instructed its officers to Adhere to prescribed time-line for issue of certificate of no deduction or deduction of tax at lower rate u/s 197 and 195 of the I.T. Act-1961...

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Recent Posts in "section 195"

Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020

F. No. 275/25/2020-IT(B) (03/04/2020)

In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 275/25/2020-IT(B) Government of India Mini...

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How to e-File Form 15CA and 15CB

In this article we have discussed the procedure for e-filing of form 15CA and Form 15CB by remitter and Chartered Accountant using their digital Signature on e-filing website of Income Tax Department i.e. http://incometaxindiaefiling.gov.in...

Read More
Posted Under: Income Tax | ,

DDT Abolition & TDS on dividend to Non-Resident Investors

Abolition Of Dividend Distribution Tax (DDT) – A Compliance Burdens When It Comes to TDS Of Non-Resident Investors Introduction:- Finance Act, 2020 has abolished DDT regime under which Dividends paid by Domestic Company were exempt in the hands of receivers (including Non-Residents). Thus now companies will be liable to deduct TDS under...

Read More
Posted Under: Income Tax |

Validity of lower or nil TDS certificate extended to June 30, 2020

CBDT Order u/s 119 of The Income Tax Act, 1961 on issue of certificates for lower rate/nil deduction/collection of TDS or TCS u/s 195, 197 and 206C(9) notifies vide Order No. F. No. 275/25/2020-IT(B) dated 31/03/2020 that Lower TDS Certificate issued under section 197 for FY 2019-20 shall be valid till 30/06/2020. Taxman to accept [&helli...

Read More
Posted Under: Income Tax |

Certificates for lower rate/nil deduction/collection of TDS or TCS- Reg.

F. No. 275/25/2020-IT(B) (31/03/2020)

CBDT Order on issue of certificates for lower rate/nil deduction/collection of TDS or TCS uls 195, 197 and 206C (9) when Assesee was given such certificate for Financial year 2019-20 and when Assessee is Applying or Applied for first time for such certificate...

Read More

FAQ – TDS on Non residents – Section 195

In our country the TDS on Non resident under section 195 is the unique section to identify the tax rates and deductions on our business transaction with non resident day to day basis. In this article I would like to discuss about the Frequently Asked Questions (FAQ) on TDS on Non resident payments under section 195 of Income tax act....

Read More
Posted Under: Income Tax |

Income Tax treatment of amount paid towards Software Purchase

The question as to whether the expenditure incurred towards purchase of computer software should be treated as revenue or capital in nature. Law has been well settled since 2012, still there different treatments in industry to treat the same as revenue or capital. So through this Article, I am trying to conclude whether the amount [&helli...

Read More
Posted Under: Income Tax |

Non-resident liable to deduct TDS from payments to Indian residents?

Whether a Non-resident is liable to deduct TDS from payments made to persons resident in India? Of late the Government of India has been making use of the provisions of Tax Deduction at Source (TDS) for augmenting tax revenues. Vide Finance Act 1995 the scope of TDS has been vastly enlarged. There are certain provisions […]...

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Posted Under: Income Tax |

TDS Rates for Financial Year 2020-21 & Assessment Year 2021-22

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 [&hel...

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Posted Under: Income Tax | ,

TDS implication on purchase of property from NRI

It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

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Posted Under: Income Tax | ,

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