TDS

Duties And Responsibilities of Tax Deductor Under GST Act, 2017

Income Tax - OVERVIEW OF PROVISIONS RELATING TO TAX DEDUCTED AT SOURCE UNDER GST TDS UNDER GST  COMES INTO FORCE FROM 1ST OCTOBER, 2018 ♦ Section 51 governing tax deduction at source has come into force w.e.f 1st October, 2018. ♦ All the DDOs who are required to make payment to suppliers against procurement of taxable goods /services or both a...

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TDS Interest Calculation

Income Tax - Interest Calculation in TDS-Demystified This article aims to simplify interest calculation when TDS CPC aims processes TDS returns with interest demands. There are two sections that are constantly used in TDS interest calculation: 1. Section 201(1A)-Interest on failure to deduct tax and interest on failure to deposit deducted tax amount. ...

Read More

5 Recent Important Income Tax Changes we must know

Income Tax - Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable pro...

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Consequences for TDS non compliances

Income Tax - 1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

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TDS on payments made to government/government agencies

Income Tax - As most of you are aware, from years this issue is bothering many vendors who are dealing with either the government or with governmental agencies. I researched in many websites, but no article/discussion/query provided me the satisfaction or clarity on this debatable issue. In this article I have tried to breakdown the logic and provide ...

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Download NSDL e-TDS / TCS RPU / FUV applicable from 16.10.2019

Income Tax - A. Key Features and download links of e-TDS/TCS Return Preparation Utility (RPU) version 2.9 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 ♣ Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highligh...

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Representation on Income Tax and GST Issues faced by taxpayers

Income Tax - We take this opportunity to bring to your kind attention certain very important issues in Income Tax and GST which need to be addressed by the government to further strengthen tax payers’ confidence. ...

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Tax Deducted at Source under Section 194M of Income Tax Act, 1961

Income Tax - As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]...

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How TDS/TCS & Temp ID holder can add Bank A/c info on GST Portal

Income Tax - TDS/ TCS taxpayers & Temp ID holder can now add Bank Account details through Non-Core Amendment of Registration. This will enable them to file refund application on GST Portal....

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e-TDS/TCS Return Preparation / File Validation Utility wef 12.05.2019

Income Tax - As per the Income Tax Department notification 36/2019 dated April 12 2019, the new format to furnish the Form 24Q Quarter 4 statement is applicable with effect from May 12, 2019 onwards. Please download the new version of RPU and FVU to prepare and validate the e-TDS statements. A. e-TDS/TCS Return Preparation Utility Version 2.7 [&hellip...

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TDS Under section 194C deductible on Payment of outsourcing expenses

CIT Vs M/s Reliance Life Insurance Co. Ltd. (Bombay High Court) - Where assessee had hired the services for various works such as storage of data, scanning of documents, processing charges, call center operations, etc. and the same were basically clerical services of repetitive nature of work therefore, work outsourced was in the nature of clerical work and was ri...

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TDS not dedutible on charges paid to Banks for providing payment gateway

PCIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court) - Services provided by the payment gateway is such that the charges collected by it has to be necessarily treated as fees and not as a commission. The payment in fact is made by one principal to another and it is only being facilitated by the payment gateway by providing a service....

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Section 234E Fees for each purchased flat justified for delay in and for non-filing of Form 26QB

M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai) - M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Now, coming to the primary contention of the learned Authorised Representative that all the transactions relating to purchase of flats should be taken as a single transaction for the purpose of filing the IDS statement a...

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TDS cannot be imposed on payment made before amendment of law

DCIT (TDS) Vs M/s. Rediff. Com. India Ltd. (ITAT Mumbai) - Even though amendment was given a retrospective effect but by that time assessee had already done the transactions without complying section 194J for payment made towards data line charges, therefore, assessee could not be held to have violated the provisions of section 194J, because the law cannot ...

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TDS under GST on supply of solid waste conservancy service to a municipality

In re M/s Singh Transporl Agency (GST AAR West Bengal) - In re M/s Singh Transporl Agency (GST AAR West Bengal) Whether TDS is deductible on supply of solid waste conservancy service to a municipality under GST? The Applicant’s supply to the Howrah Municipal Corporation, as described in para 3.5, is exempt from the payment of GST under SI No. 3 of N...

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CBDT notifies Form no. 16D & 26QD for TDS Payment & Return|Section 194M

Notification No. 98/2019-Income Tax [G.S.R.858(E)] - (18/11/2019) - The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible ...

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CBDT exempts from TDS cash withdraws by Authorised dealer & FFMC

Notification No. 80/2019-Income Tax [S.O. 3719(E)] - (15/10/2019) - CBDT exempts cash withdrawal by the authorised dealer and its franchise agent and sub-agent; and Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent from TDS under Section 194N subject to conditions specified in Notification No. 80/2019-Income Tax dated 15...

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No TDS on cash withdrawal u/s 194N for making payment to farmers

Notification No. 70/2019-Income Tax [S.O. 3427(E).] - (20/09/2019) - Exemption from TDS on cash withdrawal under section 194N for making payment to farmers – Central Government specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC)– Notification No. 70/2019-Income Tax Dated 20th September, 2019 MINISTRY OF FI...

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Clarification on applicability of TDS on cash withdrawals | Section 194N

NA - (30/08/2019) - Section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of ...

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Procedure to file e-TDS/TCS statement online through e-filing portal

Notification No. 10/2019-DIT - (04/06/2019) - Procedure for Online Filing of TDS/ TCS Returns at E Filing Portal: CBDT (DIT Systems) Notification No. 10/2019 Income Tax dated 4th June 2019 CBDT has notified the procedure for online filing of TDS/ TCS Returns at e filing portal, including guidelines on registration, manner of the preparation/ s...

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Recent Posts in "TDS"

CBDT notifies Form no. 16D & 26QD for TDS Payment & Return|Section 194M

Notification No. 98/2019-Income Tax [G.S.R.858(E)] (18/11/2019)

The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible for deduction […]...

Read More

Duties And Responsibilities of Tax Deductor Under GST Act, 2017

OVERVIEW OF PROVISIONS RELATING TO TAX DEDUCTED AT SOURCE UNDER GST TDS UNDER GST  COMES INTO FORCE FROM 1ST OCTOBER, 2018 ♦ Section 51 governing tax deduction at source has come into force w.e.f 1st October, 2018. ♦ All the DDOs who are required to make payment to suppliers against procurement of taxable goods /services or both a...

Read More
Posted Under: Income Tax |

TDS Interest Calculation

Interest Calculation in TDS-Demystified This article aims to simplify interest calculation when TDS CPC aims processes TDS returns with interest demands. There are two sections that are constantly used in TDS interest calculation: 1. Section 201(1A)-Interest on failure to deduct tax and interest on failure to deposit deducted tax amount. ...

Read More
Posted Under: Income Tax |

5 Recent Important Income Tax Changes we must know

Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable pro...

Read More
Posted Under: Income Tax |

TDS Under section 194C deductible on Payment of outsourcing expenses

CIT Vs M/s Reliance Life Insurance Co. Ltd. (Bombay High Court)

Where assessee had hired the services for various works such as storage of data, scanning of documents, processing charges, call center operations, etc. and the same were basically clerical services of repetitive nature of work therefore, work outsourced was in the nature of clerical work and was rightly deducted under section 194C....

Read More

Consequences for TDS non compliances

1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

Read More
Posted Under: Income Tax |

TDS not dedutible on charges paid to Banks for providing payment gateway

PCIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court)

Services provided by the payment gateway is such that the charges collected by it has to be necessarily treated as fees and not as a commission. The payment in fact is made by one principal to another and it is only being facilitated by the payment gateway by providing a service....

Read More

Section 234E Fees for each purchased flat justified for delay in and for non-filing of Form 26QB

M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai)

M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Now, coming to the primary contention of the learned Authorised Representative that all the transactions relating to purchase of flats should be taken as a single transaction for the purpose of filing the IDS statement and computing fee under section 234E of t...

Read More

TDS cannot be imposed on payment made before amendment of law

DCIT (TDS) Vs M/s. Rediff. Com. India Ltd. (ITAT Mumbai)

Even though amendment was given a retrospective effect but by that time assessee had already done the transactions without complying section 194J for payment made towards data line charges, therefore, assessee could not be held to have violated the provisions of section 194J, because the law cannot possibly compel a person to do something...

Read More

TDS on payments made to government/government agencies

As most of you are aware, from years this issue is bothering many vendors who are dealing with either the government or with governmental agencies. I researched in many websites, but no article/discussion/query provided me the satisfaction or clarity on this debatable issue. In this article I have tried to breakdown the logic and provide ...

Read More
Posted Under: Income Tax |

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