Income Tax : This guide explains the tax exemptions, concessional tax rates, presumptive taxation schemes, and compliance benefits available to...
Income Tax : This comprehensive FAQ explains the TDS provisions applicable for AY 2026-27, including rates, thresholds, compliance obligations,...
Income Tax : This guide explains when Section 206AA requires TDS at a higher rate due to non-furnishing of PAN and the applicable exceptions. I...
Income Tax : Learn how TDS on rent is governed under Sections 194-I and 194-IB, including eligibility, deduction rates, thresholds, and complia...
Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : Introduction: The Government of India, through the Ministry of Finance’s Department of Revenue, has provided essential updat...
Income Tax : Under the current provisions of Section 206AA, tax is required to be deducted by the deductor at a higher rate as prescribed under...
Income Tax : Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encour...
Income Tax : The Finance (No.2) Act of 2009 introduced section 206AA under the Income Tax Act, 1961 (the ITA) to provide that any person who is...
Income Tax : The Finance Act, 2009 introduced new provisions (section 206AA) in the Income-tax Act, 1961 (the Act). As per these provisions any...
Income Tax : The Tribunal held that, apart from the CBDT clarification, the seller had declared the capital gains and discharged taxes. Therefo...
Income Tax : The Tribunal held that no TDS demand can survive where tax was duly deposited and PAN became operative within the CBDT-prescribed ...
Income Tax : The Tribunal examined whether tax was short-deducted on remittances to non-resident shareholders. It held that TDS at 11.54%, deri...
Corporate Law : The Court clarified that rental payments for aircraft engines fall under equipment per the India-Netherlands DTAA, and beneficial ...
Income Tax : The Delhi High Court held that TDS for non-residents without PAN should follow DTAA rates, not the 20% rate under Section 206AA. T...
Income Tax : DGIT(S)/ADG(S)-2/Compliance Check/432/2021-22 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of...
Income Tax : 37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a compa...
Infosys Limited Vs DCIT (ITAT Bangalore) Conclusion: The applicable rate of TDS on subcontracting charges paid to Infosys China should be considered at 10% as per the India-China DTAA instead of 20% as per section 206AA. Held: Assessee was an Indian company, engaged in the business of development and export of computer software and related […]
Infosys Limited Vs DCIT (ITAT Bangalore) The relevant ground with regard to the above issue are grounds 9.1 to 9.3. The Special Bench of the Tribunal in the case of Nagarjuna Fertilizders and Chemicals Ltd. v. ACIT reported in (2017) 78 taxmann.com 264 had held if rate of tax applicable under DTAA is lower than […]
TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021) Article covers Section 194Q- TDS on Purchase of Goods. ( Clarifying Guideline ), Section 206C(1H) – TCS on sale of Goods, Section 206AB/206CCA – Higher TDS/TCS Rate For Non Filer of Income Tax Return and Section 194O – TDS on Payments Made […]
Complete Guide on Section 206C(1H), Section 194Q including TDS/TCS rate in case non Pan/ Non- filer? An analysis of Section 206C(1H), Section 206CC, Section 206CCA, Section 194Q, Section 206AA and Section 206AB. All about TCS on Goods Various discussions are going on about the applicable rate of TCS and TDS on various forums in case […]
The recent amendments together with some earlier amendments have brought about confusion as regards its implications. A brief note in a summary form is prepared for a clear understanding of such provisions.
Section 194Q – TDS on PAYMENT for PURCHASE of GOODS (w.e.f. 01.07.2021) 1. Applicable on BUYER i.e. person making payment 2. On GOODS purchased – not on services 3. SELLER is RESIDENT i.e. not applicable to Non-Resident (not having any permanent establishment in India). 4. BUYER has TURNOVER from business EXCEEDING Rs.10 CRORES in the […]
Higher TDS / TCS Rates for Non-Fillers – Section 206AB / 206CCA read with 206AA Before going into the details of the subject, let me first clarify that these provisions are applicable to ALL taxpayers who are required to deduct TDS or collect TCS. There is no threshold limit nor bifurcation of small taxpayers, large […]
Air India Limited Vs ITO (ITAT Delhi) Undisputedly, the dispute in the instant appeals is qua applying the TDS rate at 12% or 10% on transfer between ELFC and the assessee for taking an engine on lease under an Agreement. It is also not in dispute that ELFC, the lessor is a foreign company having […]
Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on […]
Chapter XVIIB of the Act relates to deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very […]
