TDS

TDS Provision for FY 2017-18

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 form of self-assessment tax. However in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so […]...

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E-File TDS Statement for quarter ending on 30.09.2017 by 31.10.2017

Income Tax - e-file TDS statement for the quarter ending on 30th September, 2017 by 31st October, 2017 Delay in filing of TDS statement shall entail levy of fee of 200/- for each day of default not exceeding amount of tax deductible...

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TDS on Foreign Payment for Event to be held outside India

Income Tax - As per section 195(1) of Income Tax Act, any person responsible to for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable to tax shall, at the time of credit of such income or at the time of payment, whichever is earlier, deduct income-tax thereon at the rates as applicable....

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GST applicability on TDS portion in case of import of service

Income Tax - This article is an attempt to answer whether GST is payable on reverse charge basis on the TDS amount in case of payments made for import services where the invoice is raised net of TDS....

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14 FAQs on TDS under GST applicable from 18th September 2017

Income Tax - TDS (Tax deducted at source) is not a new concept under GST. It is also there in Income Tax Act, 1961, but associated provisions governing the same under GST are different. In this write- up, we shall discuss TDS in detail. Also Read- All about TCS (tax collected at source) under GST Introduction In a […]...

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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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Prescribe procedure & criteria for TDS returns verification: CAG

Income Tax - Criteria for verification of TDS returns-CAG recommend that the CBDT may prescribe the procedure and criteria for selection of TDS returns for verification....

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CAG detect mistakes in matching of TDS with offered income

Income Tax - CAG in its Report No. 2 of 2017 (Direct Taxes) pointed out mistake in business rules relating to matching of TDS with offered income. Full potential of CPC such as AST-CPC interface for accessing demand/refund information, information available with AO not used in processing returns, non-linking of previous years’ ITRs resulting in exc...

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TDS on IUC charges paid to foreign / non-resident telecom operators and discount to prepaid distributors

Bharat Sanchar Nigam Ltd. Vs Addl. CIT (ITAT Delhi): ITA No. 920/Del./2017 - Addition on account of discount extended to prepaid distributors Third proviso to section 194H will get attracted only when the nature of payment is “commission or brokerage”. Parties before us agree that majorly the distribution of products by BSNL and MTNL takes place through Public Call Offic...

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Assessee not in-default for non deduction of TDS if recipient was not liable to tax

CIT (TDS) Vs. Sahara India Commercial Corpn. Ltd. (Allahabad High Court) - It is an important aspect to be examined whether Recipient- Assessee has directly paid tax or has no liability of tax at all. Since this aspect was not examined by Assessing Authority, therefore, in our view, Tribunal has rightly remanded matter to Assessing Authority to examine this aspect....

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No disallowance u/s 40(a)(ia) for TDS deduction under Wrong Provision under a bonafide belief

M/s. Dish TV India Ltd. Vs ACIT (ITAT Mumbai) - Out of these four appeals two appeals are filed by the assessee while the other two appeals are filed by the Revenue for against the orders of the CIT(A) – 4, Mumbai dated 13.02.2017 and 06.02.2017 for assessment years 2011-12 and 2012-13 respectively....

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Limitation of permitting correction of only four characters of PAN in TDS return is not justified

Purnima Advertising Agency Pvt. Ltd. Vs. Dy. CIT (Gujarat High Court) - Where on account of an inadvertent error, PAN of the deductee was wrongly mentioned by assessee, in TDS return, AO was not justified in not permitting the assessee to correct PAN of the deductee, putting the limitation of permitting corrections of only four characters. The case was, therefore, reman...

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TDS deductible U/s. 194I on Composite licence fee comprising rent and royalty

CIT Vs I.T.C. Ltd. (Delhi High Court) - These are 16 appeals by the Revenue under section 260A of the Income Tax Act, 1961 (Act). 8 of them are quantum appeals and the remaining 8 are penalty appeals. As far as the quantum appeals are concerned, these are ITA Nos. 73, 75, 77, 78, 82, 86, 113 and 123 of 2005 which are directed against the ...

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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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Section 194I not applicable on remittance of Passenger Service Fees: CBDT

Circular No. 21/2017-Income Tax - (12/06/2017) - A dispute arose on applicability of the provisions of section 194-I of the Act, on payment of Passenger Service Fees (PSF) by an Airline to an Airport Operator. The Honourable High Court of Bombay in CIT vs. Jet Airways (India) Ltd.' declined to admit the ground relating to applicability of provisio...

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CBDT notifies Form no. 26QC for payment of TDS on rent u/s 194IB and Form No.16C for TDS Certificate

Notification No. 48/2017-Income Tax - (08/06/2017) - Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No.16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QC under rule 31A after generating and downloading th...

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Recent Posts in "TDS"

TDS Provision for FY 2017-18

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 form of self-assessment tax. However in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so […]...

Read More
Posted Under: Income Tax |

TDS on IUC charges paid to foreign / non-resident telecom operators and discount to prepaid distributors

Bharat Sanchar Nigam Ltd. Vs Addl. CIT (ITAT Delhi): ITA No. 920/Del./2017

Addition on account of discount extended to prepaid distributors Third proviso to section 194H will get attracted only when the nature of payment is “commission or brokerage”. Parties before us agree that majorly the distribution of products by BSNL and MTNL takes place through Public Call Office franchisees since this was an infrastr...

Read More

Assessee not in-default for non deduction of TDS if recipient was not liable to tax

CIT (TDS) Vs. Sahara India Commercial Corpn. Ltd. (Allahabad High Court)

It is an important aspect to be examined whether Recipient- Assessee has directly paid tax or has no liability of tax at all. Since this aspect was not examined by Assessing Authority, therefore, in our view, Tribunal has rightly remanded matter to Assessing Authority to examine this aspect....

Read More

E-File TDS Statement for quarter ending on 30.09.2017 by 31.10.2017

e-file TDS statement for the quarter ending on 30th September, 2017 by 31st October, 2017 Delay in filing of TDS statement shall entail levy of fee of 200/- for each day of default not exceeding amount of tax deductible...

Read More
Posted Under: Income Tax |

No disallowance u/s 40(a)(ia) for TDS deduction under Wrong Provision under a bonafide belief

M/s. Dish TV India Ltd. Vs ACIT (ITAT Mumbai)

Out of these four appeals two appeals are filed by the assessee while the other two appeals are filed by the Revenue for against the orders of the CIT(A) – 4, Mumbai dated 13.02.2017 and 06.02.2017 for assessment years 2011-12 and 2012-13 respectively....

Read More

Limitation of permitting correction of only four characters of PAN in TDS return is not justified

Purnima Advertising Agency Pvt. Ltd. Vs. Dy. CIT (Gujarat High Court)

Where on account of an inadvertent error, PAN of the deductee was wrongly mentioned by assessee, in TDS return, AO was not justified in not permitting the assessee to correct PAN of the deductee, putting the limitation of permitting corrections of only four characters. The case was, therefore, remanded....

Read More

TDS on Foreign Payment for Event to be held outside India

As per section 195(1) of Income Tax Act, any person responsible to for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable to tax shall, at the time of credit of such income or at the time of payment, whichever is earlier, deduct income-tax thereon at the rates as applicable....

Read More
Posted Under: Income Tax |

TDS deductible U/s. 194I on Composite licence fee comprising rent and royalty

CIT Vs I.T.C. Ltd. (Delhi High Court)

These are 16 appeals by the Revenue under section 260A of the Income Tax Act, 1961 (Act). 8 of them are quantum appeals and the remaining 8 are penalty appeals. As far as the quantum appeals are concerned, these are ITA Nos. 73, 75, 77, 78, 82, 86, 113 and 123 of 2005 which are directed against the common order dated 16-3-2004...

Read More

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

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....

Read More
Posted Under: Income Tax |

TDS not deductible on commission paid outside India for promotion of export sales outside India

Divya Creation Vs ACIT (ITAT Delhi)

Facts of the case, in brief, are that the assessee is a partnership firm engaged in the business of manufacturing and export of plain and studded Gold and Silver jewellery. It filed its return of income on 29.09.2010 declaring taxable income of Rs.2,83,03,490/-. During the course of assessment proceedings, the Assessing Officer observed t...

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