TDS

How to Automate Year End Investment Submission and Verification System

Income Tax - Employers need to deduct taxes from the salaries of their employees every month. To save these taxes, employees submit investment declarations through which they claim allowances and deductions. So, before deducting taxes, an employer computes the taxable income of his employees based on these declarations....

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Guide to Submit Investment proof to your Employer

Income Tax - The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2017-18. Since the Income tax department made it very clear to all employers to verify the geniuses of each claim made by the employee (circular 1/2017), the document verification will be more stringent [&hellip...

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Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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All about Income Tax Offences liable to prosecution

Income Tax - Section 132 empowers the tax authorities to initiate search proceedings at the premises of the taxpayer. During the course of search the tax authorities are also empowered to seize money, bullion, jewellery or other valuable article or thing found from the taxpayer. ...

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Fees & Penalty for late / Non filing of TDS Return

Income Tax - Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of a person liable to deduct/collect tax at source and due dates for filing of TDS/TCS return....

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Quarterly TDS/TCS due dates and new features of RPU version 2.2

Income Tax - Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is [&h...

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Banks demand Increase in TDS limit for Bank interest from current Rs.10,000

Income Tax - It was suggested that TDS limit for Bank interest should be raised from the current Rs.10,000/- especially for senior citizens and pensioners given the current scenario. The limit of Rs.10,000/- was last set in the year 1997. ...

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GSTN no. to be mentioned now in TDS / TCS Statements

Income Tax - Addition of new field i.e. Goods and Service Tax Number (GSTN) under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field. Applicable for regular and correction statements pertains to all forms and FYs....

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TDS Deductor Registration enabled on GST Portal

Income Tax - TDS Deductor Registration Has been enabled on GST Portal Now you can apply GST TDS Deductor Registration from today. Text of Relevant Section 51 of Central Goods and Services Tax Act, 2017 is as follows :- 51. Tax deduction at source. (1) Notwithstanding anything to the contrary contained in this Act, the Government may mandate,–– (a...

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Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

Income Tax - With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular- NSDL/TIN/2017/009.: S. No. Particulars Existing charges (Inclusive of 14% Service Tax, 0.50% Swachh Bh...

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata) - As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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AO should allow credit of TDS deducted and deposited wrongly in assessee’s erstwhile name

iGate Infrastructure Management Services Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore) - The learned Commissioner (Appeals)-3, Bengaluru has erred in not allowing credit in respect of TDS deducted and deposited by certain customers wrongly in the erstwhile name of the appellant (IT &T Technology Services Limited now known as IGATE Infrastructure Management Services Limited) of Rs. 61,84...

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Disallowance cannot be made by only giving weight age to nomenclature and without seeing real purpose for payment

Abhijit Majumder Vs. ITO (ITAT Kolkata) - Where assessee paid amount to deliveryman to deliver the newspapers and delivery persons were nothing but casually engaged labourers and they have no other work to perform and assessee had wrongly debited the amount as commission in its books, AO was not justified in making dis allowance under secti...

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Section 194C TDS not applicable on Transport Charges Reimbursed to suppliers

Assistant Commissioner of Income Tax Vs Sri Gobinda Gupta (ITAT Kolkata) - This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals), Burdwan dated 20.01.2016 and the solitary issue involved therein relates to the deletion by the ld. CIT(Appeals) of the disallowance of Rs.32,06,445/- and Rs.3,58,000/-...

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No penalty for Failure to deduct TDS due to Wrong Classification of Payments

M/s P.S.R. Associates Vs. JCIT (ITAT Visakhapatnam) - In the instant case, the tax has not deducted the TDS due to wrong classification of the payments made which was included under the heading ‘purchases’ and the purchases do not attract the TDS, whereas the sub contract payments attract TDS....

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Extension of due date of deposit of TDS/ TCS for October month to 08.11.2017

F. No. 275/38/2017-IT(B) - (13/12/2017) - CBDT hereby extends the due date of deposit of tax deducted at source/ tax collected at source during the month of October. 2017 from 7th November, 2017 to 8th November, 2017....

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TDS on Salary for Financial Year 2017-18- CBDT notifies Provisions

Circular No. 29/2017-Income Tax - (05/01/2018) - DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2017-18 CIRCULAR NO : 29/2017 F.No. 275/192/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

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MVAT: TDS on work contracts executed prior to 30-6-2017

Trade Cir No. 32T of 2017 - (21/07/2017) - Tax Deduction at Source (TDS) as per section 31 of Maharashtra Value Added. Tax Act, 2002 in respect of work contracts executed prior to 30-6-2017 for which payments to be made on or after 1-7-2017 and applicability of TDS....

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TDS not deductible on GST Component: CBDT

Circular No. 23/2017-Income Tax - (19/07/2017) - Even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a r...

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Recent Posts in "TDS"

Quarterly TDS/TCS due dates and new features of RPU version 2.2

Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is [&h...

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Posted Under: Income Tax |

TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata)

As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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AO should allow credit of TDS deducted and deposited wrongly in assessee’s erstwhile name

iGate Infrastructure Management Services Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (Appeals)-3, Bengaluru has erred in not allowing credit in respect of TDS deducted and deposited by certain customers wrongly in the erstwhile name of the appellant (IT &T Technology Services Limited now known as IGATE Infrastructure Management Services Limited) of Rs. 61,84,211....

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Disallowance cannot be made by only giving weight age to nomenclature and without seeing real purpose for payment

Abhijit Majumder Vs. ITO (ITAT Kolkata)

Where assessee paid amount to deliveryman to deliver the newspapers and delivery persons were nothing but casually engaged labourers and they have no other work to perform and assessee had wrongly debited the amount as commission in its books, AO was not justified in making dis allowance under section 40(a)(ia) for no TDS by only giving w...

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Section 194C TDS not applicable on Transport Charges Reimbursed to suppliers

Assistant Commissioner of Income Tax Vs Sri Gobinda Gupta (ITAT Kolkata)

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals), Burdwan dated 20.01.2016 and the solitary issue involved therein relates to the deletion by the ld. CIT(Appeals) of the disallowance of Rs.32,06,445/- and Rs.3,58,000/-...

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No penalty for Failure to deduct TDS due to Wrong Classification of Payments

M/s P.S.R. Associates Vs. JCIT (ITAT Visakhapatnam)

In the instant case, the tax has not deducted the TDS due to wrong classification of the payments made which was included under the heading ‘purchases’ and the purchases do not attract the TDS, whereas the sub contract payments attract TDS....

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TDS not deductible on Interest paid to a company carrying on Insurance business

I.T.O., Ward-8(1) Vs. M/s. Batram Properties Pvt. Ltd. (ITAT Kolkata)

The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also engaged in business of insurance. ...

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TDS not deductible on estimation /provision of expenses which was not paid

Apax Partners India Advisers (P.) Ltd. Vs Dy. CIT (ITAT Mumbai)

Apax Partners India Advisers (P.) Ltd. Vs Dy. CIT (ITAT Mumbai) Learned Counsel of the assessee submitted that the above is provision for legal expenses. He submitted that the said provision was reimbursed in the next year and the actual expenses booked and taxed were duly deducted at source. Learned Counsel submitted that assessee is [&h...

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TDS Payment: 2 month interest cannot be charged for delay of less than a month

Bank of Baroda Vs. Dy. Commissioner of Income-tax (ITAT Ahemdabad)

Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month....

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TDS U/s. 194H not deductible on sales to distributors on principal to principal basis

Hindustan Coca Cola Beverages Pvt. Ltd Vs. CIT (Rajasthan High Court)

Hindustan Coca Cola Beverages Pvt. Ltd Vs. CIT (Rajasthan High Court) Issues Under Consideration (i) Whether in the facts and circumstances of the case the learned Tribunal was right and justified in holding that assessee was liable to withhold tax at source under S.194H of the Income Tax Act, 1961 amounting to Rs.19,74,842/- (including i...

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