section 195 - Page 3

TDS on sale of Immovable Property by Non-resident

Recently I was asked a question by someone that at what rate TDS is to be deducted at the time of purchasing a property in India from a non-resident. The answer to the question lies in the simple reading of the Income Tax Act’1961. Let us examine the relevant Sections of the Income Tax Act’1961. […]...

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PILCOM – A bitter pill which would hurt commerce?

A recent judgment of the Supreme Court in the case of PILCOM v. CIT is likely to create significant confusion if not examined from proper perspective. On a first blush it seeks to unsettle a settled law, viz. a person is not liable to deduct tax at source in relation to payment made to a non resident which is, in the hands of the payee, n...

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TDS Provisions related to Small Businesses & Covid 19 Relief

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. [&he...

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TDS on legal service received from outside India

Legal fees is deemed to accrue or arise in India, whether or not non-resident has place of business in india or has rendered services in India. ...

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No TDS on export freight to shipping agent of non-resident

PCIT Vs  Summit India Water Treatment (Gujarat High Court)

In the given case, the respondent assessee has filed its return of income for the assessment year 2013-­14. The Principal Commissioner of Income Tax invoked power of revision under Section 263 of the Act, 1961 on the ground that without deducting TDS on the export freight, the assessee company had paid export freight to Inter Ocean Shipp...

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CBDT clarifies on Certificates for lower rate/nil TDS/TCS certificate

F.No. 275/25/2029- IT( B) (09/04/2020)

Clarification on orders dated 31.03.2020 and 03.04.2020 issued under section 119 of the Income-tax Act, 1961 (the Act) by CBDT vide F. No. 275/25/2020-IT(B) regarding issuance of certificate for lower rate/nil deduction/collection of TDS, TCS U/s. 195, 197 and 206C(9) of the Income-tax Act. 1961...

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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.

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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...

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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. 275/25/2020-IT(B) Government of India Mini...

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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...

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September 2020