Income Tax : The law places the responsibility of TDS deduction on the buyer, not the seller. Failure to comply can lead to penalties, interest...
Income Tax : The court held that tax authorities cannot rely on earlier findings already set aside by appellate bodies. Each Section 197 applic...
Income Tax : An overview o the Lower Deduction Certificate (LDC) under Section 197. Learn who can apply, the benefits for cash flow, and the on...
Income Tax : Learn how to apply for a Lower TDS Deduction Certificate under Section 197. Understand the step-by-step process, required document...
Income Tax : Learn about Section 197 of the Income Tax Act, which allows for certificates for deduction at a lower rate. Explore eligibility, a...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : The ITAT Delhi held that undisclosed income declared under IDS-2016 but unpaid within prescribed time must be taxed in the year of...
Income Tax : The case examined whether a lower TDS certificate applies prospectively or for the full year. The Court held it applies to the ent...
Income Tax : Bombay High Court held that application for NIL withholding tax certificate rightly rejected since matter of taxability of fees fo...
Corporate Law : Supreme Court held that initiation of administrative proceedings for disciplinary action against air force pilot not justifiable s...
Income Tax : The Court held that rejection of a lower withholding certificate without reasons violates Rule 28AA. It remanded the matter for fr...
Income Tax : Finance Ministry exempts ICRISAT from TDS under Section 197A(1F) of Income Tax Act, effective from publication date. Exemption ali...
Income Tax : Get details on new Income Tax Notification exempting specific payments to International Financial Services Centre (IFSC) Units fro...
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 […]
