Income Tax : Know when higher TDS applies under Sections 206AA and 206AB for non-furnishing of PAN or non-filing of returns, and related exempt...
Income Tax : Section 194-IA mandates 1% TDS on immovable property purchases from resident sellers if consideration or stamp duty value is ₹50...
Income Tax : Learn about Tax Deducted at Source (TDS), its purpose, scope, and the applicable deduction rates for FY 2025-26 under various sect...
Income Tax : Sections 206AA and 206AB mandate higher TDS rates for recipients who fail to furnish PAN (up to 20%) or do not file an Income Tax ...
Income Tax : Know the key provisions of Sections 194Q and 206C(1H) on TDS and TCS for sale or purchase of goods, including thresholds, rates, e...
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 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 : Supreme Court dismissed SLPs, confirming that DTAA rates override Section 206AA for non-residents without PAN. The case follows th...
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...
The Finance Act, 2009 introduced new provisions (section 206AA) in the Income-tax Act, 1961 (the Act). As per these provisions any person entitled to receive any sum on which tax is deductible under the Act shall furnish its Permanent Account Number (PAN) to the deductor. In case of failure in providing PAN to the deductor, the deductor is required to withhold taxes at higher of the following rates:
PAN is the basic ‘penetrating needle’ for the Income tax Department to rope in every income earning person. It is a fact that our taxbase continues to be a major concern for policy makers. And in order to widen the taxpayers’ base the I-T Department intends to ride the vehicle of PAN in a big […]
