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 : 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 : Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the t...
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 ...
In every case in which tax is to be deducted at the rates in force under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income tax Act, the rates for deduction of income-tax at source during the financial year 2008-09 have been specified in Part II of the First […]
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 Central Government if the payment in respect of which the tax so deducted is by way of crediting on the date upto which the accounts of the deductor are made;
Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]
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 accordance with the provisions of Chapter XVII, shall be given to the person to whom payment has been made or credit has been given (hereinafter referred to as deductee) on the basis of information relating to deduction of tax furnished by the deductor to the income-tax authority or the person authorised by such authority.
Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]
The income-tax department has launched a campaign against those assessees who deduct tax from various payments they make but don’t remit the same into the government treasury, Pradeep Sharma, commissioner of income-tax for tax deducted at source (TDS) said on Monday. Sharma said the department has begun checking the records of assessees to find out […]
The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department.
Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution.
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).
Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income. The Central Board of Direct Taxes is considering changes to the Act to this effect.
