tax deducted at source

TDS Rates Chart for FY 2017-18 / AY 2018-19

Income Tax - TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

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Guide to meet TDS / TCS Obligations for deductor/Collector

Income Tax - WHAT IS TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However, in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so deducted […]...

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TDS Rates Chart for FY 2016-17 / AY 2017-18

Income Tax - TDS Rate Chart: TDS/TCS Rates Chart for Financial Year 2016-17/ Assessment Year 2017-18 vide Finance Act 2016 i.e Budget 2016-17....

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FAQ – TDS on Non residents – Section 195

Income Tax - In our country the TDS on Non resident under section 195 is the unique section to identify the tax rates and deductions on our business transaction with non resident day to day basis. In this article I would like to discuss about the Frequently Asked Questions (FAQ) on TDS on Non resident payments under section 195 of Income tax act....

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Things to be done before March 31 by individual Assessee

Income Tax - Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same....

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Income Tax Department takes Several Punitive and Deterrent Steps to Unearth Unaccounted Money And Curb Tax Evasion

Income Tax - The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These include scrutiny of tax return; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases. Information Technology has also been used in a big way in collection, co...

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Income Tax department to enhance its online services

Income Tax - Taxpayers can now look forward to a faster redressal of grievances related to refunds and returns without the many visits to Income Tax offices as the department is all set to bring a number of its services online. The department is in the process of...

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IT dept surveyed Hospitals for TDS compliance

Income Tax - The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with the provisions of tax deducted at source (TDS) under the Income-Tax Act. Six high-end hospitals in South Mumbai and sub...

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CBDT put burden on Taxpayers to persuade the deductors to rectify the deficiencies in TDS returns filed by them

Income Tax - On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpayers. In this Charter, one of the commitments is to make compliance easy. In this background, one of the members of the CBDT has issued a D.O. letter dated June 18, 2010 to all Chief Commissioners of Income Tax...

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Centralised Processing Centre (CPC) At Bangalore Performing Successfully

Income Tax - Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore....

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TDS on Hotel Room Rent & Other Facilities?

The East India Hotels Ltd Vs Central Board of Direct Taxes (Bombay High Court) - TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an...

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Payments made by the assessee to the employees employed on daily wage basis cannot be said to be a contractual payment

The Commissioner of Income Tax- XVII Vs Dewan Chand (Delhi High Court) - CIT Vs Dewan Chand (Delhi High Court)- Payments made by the assessee to the employees employed by it on daily wage basis cannot be said to be a contractual payment, as such the assessee in such cases was not required to deduct tax from such payments u/s. 194 C of the Act....

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Interest ordered for delayed refund – action recommended against officers concerned

Gujarat Flourochemicals Ltd. Vs Commissioner Of Income Tax And Ors. (Gujarat High Court) - For the foregoing reasons, the petition succeeds. The three orders namely; (1) the order dated October 6, 1992 passed by the Commissioner of Income Tax, Baroda, declining to accept the claim of the petitioner for interest on refund on the ground that it is not admissible under Sections 243(1)(b), 2...

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CBDT Instructions on Income Tax Refunds for A.Y 2009-10

INSTRUCTION NO. 9/2010 - (09/12/2010) - INSTRUCTION NO. 9/2010 Reference may be made to Board’s Instruction No. 7, dated 16-8-2010 in which it has been stated, inter alia, that in cases where the return is filed in ITR-1 and ITR-2 for the A.Y. 2009-10, and where the TDS claim does not exceed Rs. three lakh and where the refund computed ...

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TDS Amendment – Payment Due Date/ Mode, Furnishing of TDS certificate

Notification No.31/2009 - Income Tax - (25/03/2009) - Notification No.31/2009 - Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishing of TDS certificate. Form No.16 shall be furnished to the deductee within one week after the date on which the sum of tax deducted at source is paid to the credit of the...

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New Income Tax Notification on Credit of TDS on the basis of info submitted by deductee

Notification No. 28/2009 - Income Tax - (16/03/2009) - Notification No. 28/2009 - Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inserted, namely:- “Credit for tax deducted at source for the purposes of section 199. 37BA. (1) Credit for tax deducted at source and paid to the Central Government in acco...

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Procedure for refund of TDS U/s. 195 to person deducting tax- reg

Circular No. 7/2007-Income Tax - (23/10/2007) - CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been receive...

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Recent Posts in "tax deducted at source"

TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

Read More
Posted Under: Income Tax |

Guide to meet TDS / TCS Obligations for deductor/Collector

WHAT IS TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However, in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so deducted […]...

Read More
Posted Under: Income Tax | ,

TDS Rates Chart for FY 2016-17 / AY 2017-18

TDS Rate Chart: TDS/TCS Rates Chart for Financial Year 2016-17/ Assessment Year 2017-18 vide Finance Act 2016 i.e Budget 2016-17....

Read More
Posted Under: Income Tax | ,

FAQ – TDS on Non residents – Section 195

In our country the TDS on Non resident under section 195 is the unique section to identify the tax rates and deductions on our business transaction with non resident day to day basis. In this article I would like to discuss about the Frequently Asked Questions (FAQ) on TDS on Non resident payments under section 195 of Income tax act....

Read More
Posted Under: Income Tax |

Things to be done before March 31 by individual Assessee

Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same....

Read More
Posted Under: Income Tax | ,

How To Recover TAN Registration Number (TRN) if Forgotten or lost?

What is the procedure to retrieve TAN - A written request on the letter head has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN. The letter should be signed by ‘Managing Director’ or ‘Chief Financial Officer’ or authorized signatory in the organization along with name and designation a...

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Posted Under: Income Tax |

TDS on Hotel Room Rent & Other Facilities?

The East India Hotels Ltd Vs Central Board of Direct Taxes (Bombay High Court)

TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an operation which produces some result. T...

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Duties of Person Deducting Tax at Source (TDS)

Deduct Tax at Correct Rate and deposit in Government Account, Electronic payment of taxes, Issue a TDS certificate, File Return/Quarterly Statement, Filing of Annual Return on Computer Readable Media, Quarterly statement of TDS...

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Posted Under: Income Tax | ,

Rights of Person from whose income (payment) the tax has been deducted

If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted(Sec.205). Moreover u/s.199 such tax deducted at source sh...

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Posted Under: Income Tax | ,

Payments made by the assessee to the employees employed on daily wage basis cannot be said to be a contractual payment

The Commissioner of Income Tax- XVII Vs Dewan Chand (Delhi High Court)

CIT Vs Dewan Chand (Delhi High Court)- Payments made by the assessee to the employees employed by it on daily wage basis cannot be said to be a contractual payment, as such the assessee in such cases was not required to deduct tax from such payments u/s. 194 C of the Act....

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