section 195 - Page 5

No TDS on export commission to non-residents for services rendered outside India

ACIT Vs Goodrick Group Ltd. (ITAT Kolkata)

Where payment of commission on exports to non-resident was not taxable in India due to services rendered outside India, the same was not subject to TDS under section 195....

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Assessee in default if Not deducted TDS from payment made to non-residents on purchases of immovable property

Sri Teki Venkata Ramana Rao Vs ITO (ITAT Visakhapatnam)

Where assessee failed to deduct tax at source under section 195 from payment made to non-residents on purchases of immovable property from them and also assessee failed to obtain certificate for non-deduction of TDS, assessee was, therefore, rightly treated by AO as assessee-in-default under section 201(1)....

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Sale of Immovable Property by a Non-Resident – TDS at a glance

Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property from a non-resident following the guideline as below: Q.1 Who is a non-resident under Income Tax Act? Ana. The residential status is determined for every financial year, i.e., the period from 1st April to 31st March of the [&h...

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Posted Under: Income Tax |

TDS on Sale of Property in India – Simplified

In case of Sale of Property by Residents IN case of sale of immovable property by the residents in India buyer is required to deduct tax @ 1% u/s 194 IA of Income Tax Act, 1961 on sale consideration if value of property exceeds Rs. 50 Lacs. TDS shall also be deducted in case of […]...

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Posted Under: Income Tax |

Who is Responsible for TDS on sale of shares by NRI’s

This is an common question now a days where equity in an Indian Company is held by an NRI and the simple answer to the aforesaid question is that responsibility to deduct tax at source on payment to NRI of such payment is on the Authorised Dealer (read bank through which payments are made )....

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Posted Under: Income Tax |

TDS U/s. 195 on Grant of license for copyrighted software for internal business purposes

Reliance General Insurance Co. Ltd. Vs Income Tax Officer (ITAT Mumbai)

Reliance General Insurance Co. Ltd. Vs ITO (ITAT Mumbai) We shall first advert to the remittance of USD 100,000 made by the assessee towards licence fees to M/s Fair Isaac International Corpn. We have perused the copy of the agreement entered into by the assessee with M/s Fair Isaac International Corpn i.e “Fair Isaac Order […]...

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S. 195 TDS provisions applies only when remittance results in taxable income

Barclays Bank PLC Vs ADIT (ITAT Mumbai)

Where overseas HO was not liable to pay any tax on interest remitted by assessee, there was no obligation to deduct TDS under section 195(1) on such remittance because TDS provisions are attracted only when such remittance results in taxable income....

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Section 195 Withholding tax provision and its compliances

Any person responsible for paying to a non resident (company or non company) any sum which is chargeable under the provisions of the Act, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of cheque or draft or by any other mode , whichever is earlier, deduct income...

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Posted Under: Income Tax |

Whether TRC is required in case of import of Machines?

A new sub-section (4) to section 90 has been inserted by the Finance Act, 2012 w.e.f. 01.04.2013 wherein a non-resident assessee who claims any relief under Double Taxation Avoidance Agreement [DTAA] is required to obtain a Tax Residency Certificate [TRC] from the Government of that country of which he is resident....

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Posted Under: Income Tax |

TDS not deductible on payments on behalf of clients as C&F Agent

M/s. KGL Network (P) Ltd. Vs The ACIT (ITAT Delhi)

M/s. KGL Network (P) Ltd. Vs ACIT (ITAT Delhi) Assessee-company made payments on behalf of its clients as Clearing and Forwarding (C&F)Agent which were reimbursed to the assessee-company. The  assessee-company did not make claim of deduction in the P & L A/c. Similar claim of assessee-company has been allowed in earlier and subs...

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