TDS

TDS on purchase of Goods- Section 194Q

Income Tax - It would be the first moment in the history of income tax that TDS is levied on the procurement of products. Section 194Q of the Act would engage numerous transactions encompassing the acquisition of products under this umbrella. In the Finance Act of 2021, the government added Section 194Q to the Income Tax Act of […]...

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TCS under Income Tax– Everything you need to know

Income Tax - The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]...

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Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

Income Tax - Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevan...

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All about Form 16 and 16A of TDS

Income Tax - Know everything about Form 16 & 16A of Tax Deducted at Source Let’s discuss the importance of one of India’s most crucial paperwork for taxes. Under section 203 of income tax deducted at source, there are three different types of forms that are filed. Form 16, Form 16A, and Form 16B, are the three different kinds […]...

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TDS implications on reimbursement of employees’ salaries in Group companies

Income Tax - Brief facts: Some employees (management as well as non-management cadre) who are in the payroll of group companies are working for Parent company. Group companies recover cost of such employees from Parent company by raising debit note on actual cost basis. Issue: Whether reimbursement of salary paid by Parent company to group companies w...

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NSDL release new e-TDS/TCS RPU & FVU wef 01.10.2021

Income Tax - NSDL releases e-TDS/TCS Return Preparation Utility (RPU) version 3.7 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 onwards i and e-TDS/TCS File validation utility (FVU) versions 2.168 for FY 2007-08 to FY 2009-10 and 7.2 for FY 2010-11 onwards  which are appliable from with effect from October 01, 2021 onwar...

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Deduction/Non-deduction of TDS in SCSS accounts in CBS post offices reg

Income Tax - No. FS-13/7/2020-FS Government of India Ministry of Communications Department of Posts (F.S.Division) Dak Bhawan New Delhi-110001 Dated: 15.09.2021. To, All Head of Circles/Regions, Sub: – Deduction/Non-deduction of TDS in SCSS accounts in CBS post offices reg. Sir/Madam, This office is receiving various representations from the SCS...

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Tax Guru & Tax Connect 2nd Webinar on Direct Taxes Updates on 10.07.2021

Income Tax - Tax Guru in association with Tax Connect is Organizing a 1 and Half Hour Workshop for discussions on 'Monthly Direct Taxes Updates' on the following topics- Issues & Challenges in Tax Audit for AY 2021-22, Issues & Challenges in Income Tax Returns for AY 2021-22...

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TCS & TDS on Buying and Selling of Bullion & Jewellery

Income Tax - Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, dated 30/06/2021 issued by Central Board of Direct Taxes, Ministry of finance, with regard to chargeability of TCS Vs TDS. Vide clause 4.9.5(v), following can be concluded....

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Representation against passing of orders & fixing of hearings in June 2021

Income Tax - Representation in respect of 1) completion of orders and fixing of hearings in June 2021 without following Instruction issued by appropriate authorities for NOT fixing hearing and NOT passing of Faceless assessment orders, penalty orders and faceless appeal Orders under Income tax act during non-operation or improper operation of ITD Port...

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Deductee eligible to avail TDS credit despite non-payment of TDS by deductor

Kartik Vijaysinh Sonavane Vs DCIT (Gujarat High Court) - It is held that the petitioner assessee deductee is entitled to credit of the tax deducted at source with respect to amount of TDS for which Form No.16A issued by the employer deductor. Also held that the department is precluded from denying the benefit of the tax deducted at source by the employer ...

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TDS not deductible on exempt supplementary rent – Section 10(15A)

InterGlobe Aviation Ltd. Vs JCIT (ITAT Delhi) - The appellant has alleged disallowance of lease rental payment treating the same as capital expenditure. Further, the appellant has also alleged that CIT(A) has erred in upholding the payment of supplementary rent to Lessors in Ireland under Lease Agreements executed after 01st April 2007 attracts l...

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ITAT disallows grossing up of TDS deducted on interest paid to AE

Lite-on Mobile India Pvt. Ltd. Vs DCIT (ITAT Chennai) - Lite-on Mobile India Pvt. Ltd. Vs DCIT (ITAT Chennai) Facts- TPO in respect of procurement of management services determined NIL arm’s length price by holding that the assessee didn’t bring any evidence on record to suggest that it was in need for services for which it has paid to its AEs. Furth...

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No TDS on commission paid to a foreign agent for service provided outside India

Evolv Clothing Company Pvt. Ltd. Vs ACIT (Madras High Court) - Section 40(a)(i) did not contemplate order wise commission based on the order value. Consequently, the expenditure on export commission payable to non-residents for services rendered outside India became an allowable expenditure....

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No section 195 TDS on IT support services as same is not technical services

Hitachi Metglas (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) - IT support services availed by assessee-Indian company from foreign companies were standard connectivity and networking services could not be termed as technical services within the meaning of Section 9(1)(vii) and therefore, assessee was not liable to deduct TDS on such expenditures....

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Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax - (25/11/2021) - Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

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Deduction/Non-deduction of TDS in SCSS accounts in post offices

SB Order No. 37/2021 - (22/11/2021) - i. Whenever the SCSS account holder submits form 15G/15H, the concerned post office shall ensure that the details in customers CIF and SCSS account as prescribed in the table below. ii. All CBS post offices shall ensure that all form 15G/15H already received are updated in Finacle, as TDS deducti...

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Indiscreet Show-Cause Notices issued by Service Tax Authorities

NA - (26/10/2021) - Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of demand notices by the field formations on the basis of ITR-TDS data received from Income Tax Department....

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No Section 194A TDS on Interest payment to Scheduled Tribe by Scheduled Bank

Notification No. 110/2021-Income Tax [S.O. 3815(E)] | Press Release ID: 1755937 - (17/09/2021) - CBDT notifies that no Section 194A TDS will be deducted by ‘Scheduled Bank on payment of interest, other than interest on securities to Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in section 10(26) if the p...

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No Section 194Q TDS on transfer of goods by Air India to holding company

Notification No. 107/2021-Income Tax [S.O. 3680(E)] - (10/09/2021) - Central Government hereby specifies that no TDS shall be deducted under section 194Q in case of transfer of goods by Air India Limited  to Air India Assets Holding Limited under a plan approved by the Central Government. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Ne...

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Recent Posts in "TDS"

TDS on purchase of Goods- Section 194Q

It would be the first moment in the history of income tax that TDS is levied on the procurement of products. Section 194Q of the Act would engage numerous transactions encompassing the acquisition of products under this umbrella. In the Finance Act of 2021, the government added Section 194Q to the Income Tax Act of […]...

Read More
Posted Under: Income Tax |

TCS under Income Tax– Everything you need to know

The current article clears up all the basic concepts of TCS (Tax Collection at Source) like provisions of TCS; rate of TCS; payment of TCS; filing of TCS return; issuance of TCS certificate; exemptions; interest and late fees and FAQs. What is TCS? Basics of TCS- Section 206C of the Income Tax Act deals with […]...

Read More
Posted Under: Income Tax |

Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevan...

Read More
Posted Under: Income Tax |

Deductee eligible to avail TDS credit despite non-payment of TDS by deductor

Kartik Vijaysinh Sonavane Vs DCIT (Gujarat High Court)

It is held that the petitioner assessee deductee is entitled to credit of the tax deducted at source with respect to amount of TDS for which Form No.16A issued by the employer deductor. Also held that the department is precluded from denying the benefit of the tax deducted at source by the employer during the relevant financial years to t...

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All about Form 16 and 16A of TDS

Know everything about Form 16 & 16A of Tax Deducted at Source Let’s discuss the importance of one of India’s most crucial paperwork for taxes. Under section 203 of income tax deducted at source, there are three different types of forms that are filed. Form 16, Form 16A, and Form 16B, are the three different kinds […]...

Read More
Posted Under: Income Tax |

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular No. 20/2021-Income Tax 25/11/2021

Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and sub­section (1-I) of section 206C of the Income-tax Act, 1961...

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Deduction/Non-deduction of TDS in SCSS accounts in post offices

SB Order No. 37/2021 22/11/2021

i. Whenever the SCSS account holder submits form 15G/15H, the concerned post office shall ensure that the details in customers CIF and SCSS account as prescribed in the table below. ii. All CBS post offices shall ensure that all form 15G/15H already received are updated in Finacle, as TDS deduction is based on the information available...

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TDS implications on reimbursement of employees’ salaries in Group companies

Brief facts: Some employees (management as well as non-management cadre) who are in the payroll of group companies are working for Parent company. Group companies recover cost of such employees from Parent company by raising debit note on actual cost basis. Issue: Whether reimbursement of salary paid by Parent company to group companies w...

Read More
Posted Under: Income Tax |

Draconian provisions of penalty & prosecution of TDS/TCS compliance

The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account […]...

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Posted Under: Income Tax | ,

What is TDS (Tax Deducted at Source)? TDS File, TDS Return & TDS Rates

TDS – Tax Deduction at Source TDS is the abbreviation of Tax Deduction at Source. Basically, it is an income-tax which is deducted from the money paid at the time of making particular payments like salary; interest; rent; commission; professional fees etc. The present article clears up all the basic concepts of TDS. Person liable [&hell...

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Posted Under: Income Tax |

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