Income Tax : Learn about Section 197 of the Income Tax Act, which allows for certificates for deduction at a lower rate. Explore eligibility, a...
Corporate Law : Allahabad HC rules no prior sanction needed for FIR against a public servant. Analysis of recent judgment in Ranjeet vs State of U...
Income Tax : Explore the impact of the Finance Act, 2023 on non-resident and not ordinarily resident individuals in India. Changes in tax deduc...
Company Law : According to u/s 149(9) of companies act, an independent director shall not be entitled to any stock option and receive any remune...
Income Tax : Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, i...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Patna High Court held that compounding charge should be deposited by the petitioner abiding his statement and issue of apportionme...
Income Tax : Delhi High Court quashes order denying Lufthansa Cargo's 'nil' TDS certificate, citing prior rulings and DTAA. Read the court's fu...
Income Tax : Delhi High Court held that reassessment under section 148 of the Income Tax Act entirely based on course of survey not sustainable...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : Whether or not a permanent establishment existed in a State during a given period must be determined on the basis of the circumsta...
Income Tax : Get details on new Income Tax Notification exempting specific payments to International Financial Services Centre (IFSC) Units fro...
(1) What is Section 197 of Income Tax Act, 1961? Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to submit Form 13 to the assessing officer. Also, this section strikes a delicate balance […]
Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the […]
Tata Teleservices (Maharashtra) Ltd. Vs DCIT (Bombay High Court) Before issuance of certificates under section 197 of the Act, the same must be preceded by an order. That order must disclose reasons and is an order passed in exercise of quasi-judicial powers. Such an order can be assailed in revision under section 264 of the […]
The issue under consideration is whether the AO’s order for rejecting the application for issuance of a certificate for lower deduction or nil deduction u/s 197 is justified in law?
Section: 197 of the Companies Act, 2013 Remuneration to Key Managerial Personnel 1. Maximum ceiling for payment of Managerial Remuneration Section 197 of the Companies Act, 2013 prescribed the maximum ceiling for payment of managerial remuneration by a public company to its managing director whole-time director and manager which shall not exceed 11% of the […]
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. […]
Actions to be taken by the deductor on receipt of the certificate: Please validate the PAN of the deductee submitting the certificate. The Certificate should be valid for the PAN, Section and Rate which has been mentioned in the statement filed. Check that the certificate is valid for the relevant Financial Year.
With the advent of time, all the processes ranging from our day to day life to corporate models (work from home as observed recently), everything is becoming digital. There were the days when the process of applying Nil/lower withholding certificate (or order) under section 197 of the Income-tax Act, 1961 (‘the Act’) was manual. The […]
