Income Tax : Explore the intricacies of Tax Deducted at Source (TDS) under Section 194A for interest payments other than securities. Learn abou...
Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...
Income Tax : For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of gene...
Corporate Law : Introduction: Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is a kind of advance tax that needs to be deposited wi...
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 for...
Income Tax : Addressing glitches in ITD portal, the Association of Tax Lawyers requests an extension for the ITR filing deadline due to signifi...
Income Tax : The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These incl...
Income Tax : The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with ...
Income Tax : On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpa...
Income Tax : Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed an...
Income Tax : Madras High Court dismisses Absolute Homes' writ petition against TDS prosecution notice, citing delayed remittance of tax and pre...
Income Tax : 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...
Income Tax : CIT Vs Dewan Chand (Delhi High Court)- Payments made by the assessee to the employees employed by it on daily wage basis cannot be...
Income Tax : For the foregoing reasons, the petition succeeds. The three orders namely; (1) the order dated October 6, 1992 passed by the Comm...
Income Tax : Applicants can now apply for lower/nil deduction certificate from 28th February of the immediately preceding Financial Year. For i...
Income Tax : 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 al...
Income Tax : Notification No.31/2009 - Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishin...
Income Tax : Notification No. 28/2009 - Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inser...
Income Tax : CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund ...
Applicants can now apply for lower/nil deduction certificate from 28th February of the immediately preceding Financial Year. For instance, applications for the certificates for F.Y .2020-21 shall be allowed to be filed on or after 28.02.2020. Instructions No. 01/2020 Dated: 24/01/2020.
TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after considering the […]
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.
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.
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.
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. The facilities/amenities made available by a hotel to its customers is not covered under any of the categories specified in the term ‘work’ in Explanation III to section 194C; consequently, the Circular No.681, dated 08-03-1994 to the extent it holds that the services made available by a hotel to its customers are covered u/s 194C must be held to be bad in law.
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 shall be treated as payment of tax on behalf of the payee (assessee).
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.
In this Article we are discussing below the frequently asked question by taxpayers on Income Tax related to Taxable Income, General Question, Tax on Income, Return of income, PAN, Salary Income, Income from House property, Income from business and Profession, Capital Gains, Tax Deduction at Source and Assessment which will provide an insight to the laymen on income tax provisions.
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, collation and dissemination of taxpayer information. Tax Information Network (TIN) has been set up as a depository of important tax related information which can be accessed by the Department. The basic components of TIN are information relating to Tax Deduction at Source (TDS), payment of taxes and high value transactions reported in Annual Information Returns (AIR).
