TDS

Extension of validity of Lower or Nil Tax Deduction/Collection Certificate

Income Tax - A quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificate...

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Section 194J TDS on Fees for Professional or Technical Services

Income Tax - The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Coverage of Section 194J of the Income Tax Act Categories of the person covered under section 194J Every person, except an individual or a HUF, making payme...

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Duties of Person Deducting Tax at Source (TDS)

Income Tax - Deduct Tax at Correct Rate and deposit in Government Account, Electronic payment of taxes, Issue a TDS certificate, File Return/Quarterly Statement, Filing of Annual Return on Computer Readable Media, Quarterly statement of TDS...

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TDS on Cash Withdrawal – Amendment In Section 194N

Income Tax - TAX DEDUCTION AT SOURCE ( TDS )  ON CASH WITHDRAWL ( Amendment in Sec 194N of the Income Tax Act, 1961 ) 1. The Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 is passed by both Houses of Parliament, with few amendments  on 27th March 2020 and also received President’s assent . 2. […]...

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DDT Abolition & TDS on dividend to Non-Resident Investors

Income Tax - Abolition Of Dividend Distribution Tax (DDT) – A Compliance Burdens When It Comes to TDS Of Non-Resident Investors Introduction:- Finance Act, 2020 has abolished DDT regime under which Dividends paid by Domestic Company were exempt in the hands of receivers (including Non-Residents). Thus now companies will be liable to deduct TDS under...

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Representation on Covid 19 related hardships faced by Income Taxpayers

Income Tax - A Representation on Representation on Covid 19 related hardships faced by Direct Taxpayers around the country is made to Finance minister which focused on Prosecution for Non / delayed deduction of of TDS for month of March and April 2020, Stay of demand, Validity of Lower or Nil rate deduction certificates issued issued under section [&h...

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File TDS Return – Without any Expenses on software purchase

Income Tax - TDS Return filling – Easiest way by Government software : Free Under this article we will discuss about the way to file TDS Return without buying any software. As you know if you have to file your TDS Return ,you have to buy a Software for return preparation and FUV file Generation . There are […]...

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New TDS/TCS File Validation Utility as applicable from 28.02.2020

Income Tax - Key Features – File Validation Utility (FVU) version 6.6 1. Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added under Annexure I (Deductee details) in Form 26Q and 27Q. Newly added column will be applicable […]...

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e-TDS/TCS RPU (version 3.1) for statements from FY 2007-08

Income Tax - e-TDS/TCS Return Preparation Utility Ver. 3.1 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 Key Features – Return Preparation Utility (RPU) version 3.1 1. Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added ...

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Income Tax Surveys unearths huge defaults in TDS deduction & deposit

Income Tax - Ministry of Finance TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit Posted On: 04 MAR 2020 In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in […]...

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TDS credit allowable irrespective of deposit by deductor

Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi) - Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi) Conclusion: Credit for tax deducted at source, which was deducted from the account of the deductee, by the deductor, was to be allowed as taxes paid in the hands of the deductee, irrespective of the fact whether the same had been deposited by t...

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TDS on Payment made to jewellery market exhibition for stall at exhibition

OTM Jewellery (P) Ltd. Vs ITO (ITAT Delhi) - Where basic evidence to prove the contention of assessee was contract between assessee and organizers, which assessee failed to produce before AO and contentions as raised by assessee have not been substantiated through any evidence or material on record, therefore, space was allotted to assessee fo...

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Appellant eligible for TDS Credit if he proves deduction of the Same

Mrinal Roy Vs DCIT (ITAT Delhi) - Mrinal Roy Vs DCIT (ITAT Delhi) Once it is established that the tax has been deducted at source, the bar under Section 205 of the Act comes into operation and the revenue is barred from recovering the TDS amount once again from the employee from whose income, TDS amount has been It is pertinent to [...

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No Authority under Law to Levy Section 234E Penalty prior to 01.06.2015

Ajvin Infotech Pvt Ltd Vs DCIT (ITAT Delhi) - Therefore, according to the Finance Act, 2015, prior to 01.06.2015, your good self had no authority to levy fee, if any, under Section 234E of the Act and thus levy of fee under Section 234E of the Act while processing the statement is beyond the scope of Section 200A of the Act....

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Penalty not leviable for non deduction of TDS due to reasonable cause

Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi) - Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi) We are of the considered view that firstly, the assessee was not required to deduct TDS as the payment of EDC was not made out of any statutory and contractual liability to HUDA with whom the assessee has no privity of contract; secondly, the asse...

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Form 15G & 15H submitted for FY 2019-20 would be valid up to 30.06.2020

F. No. 275/25/2020-IT(B) - (03/04/2020) - To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax l...

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Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020

F. No. 275/25/2020-IT(B) - (03/04/2020) - In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 27...

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Lower or nil deduction of TDS/TCS & Submission of Forms 15G & 15H

NA - (04/04/2020) - Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, o...

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Certificates for lower rate/nil deduction/collection of TDS or TCS- Reg.

F. No. 275/25/2020-IT(B) - (31/03/2020) - CBDT Order on issue of certificates for lower rate/nil deduction/collection of TDS or TCS uls 195, 197 and 206C (9) when Assesee was given such certificate for Financial year 2019-20 and when Assessee is Applying or Applied for first time for such certificate...

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No TDS by Mutual Funds on income in the nature of capital gains

NA - (04/02/2020) - t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant pr...

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Recent Posts in "TDS"

Form 15G & 15H submitted for FY 2019-20 would be valid up to 30.06.2020

F. No. 275/25/2020-IT(B) (03/04/2020)

To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax liability […]...

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Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020

F. No. 275/25/2020-IT(B) (03/04/2020)

In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 275/25/2020-IT(B) Government of India Mini...

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Lower or nil deduction of TDS/TCS & Submission of Forms 15G & 15H

NA (04/04/2020)

Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or disposal of their applications, whiche...

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Extension of validity of Lower or Nil Tax Deduction/Collection Certificate

A quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificate...

Read More
Posted Under: Income Tax |

Section 194J TDS on Fees for Professional or Technical Services

The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Coverage of Section 194J of the Income Tax Act Categories of the person covered under section 194J Every person, except an individual or a HUF, making payme...

Read More
Posted Under: Income Tax | ,

Duties of Person Deducting Tax at Source (TDS)

Deduct Tax at Correct Rate and deposit in Government Account, Electronic payment of taxes, Issue a TDS certificate, File Return/Quarterly Statement, Filing of Annual Return on Computer Readable Media, Quarterly statement of TDS...

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Posted Under: Income Tax | ,

TDS on Cash Withdrawal – Amendment In Section 194N

TAX DEDUCTION AT SOURCE ( TDS )  ON CASH WITHDRAWL ( Amendment in Sec 194N of the Income Tax Act, 1961 ) 1. The Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 is passed by both Houses of Parliament, with few amendments  on 27th March 2020 and also received President’s assent . 2. […]...

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Posted Under: Income Tax |

DDT Abolition & TDS on dividend to Non-Resident Investors

Abolition Of Dividend Distribution Tax (DDT) – A Compliance Burdens When It Comes to TDS Of Non-Resident Investors Introduction:- Finance Act, 2020 has abolished DDT regime under which Dividends paid by Domestic Company were exempt in the hands of receivers (including Non-Residents). Thus now companies will be liable to deduct TDS under...

Read More
Posted Under: Income Tax |

TDS on Cash Withdrawals -Section 194N

As it is evident that Government of India is continuously striving to discourage cash transactions and moving towards less cash economy, in this move a new section of TDS (Tax deducted at Source) 194N was introduced in income tax act through Finance act 2019. The provisions of new section were applicable from 1st September 2019.  [&helli...

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Posted Under: Income Tax |

How to rectify, calculate & avoid interest on TDS defaults

In this article we are discussing what is the rate of interest which Assessee may have to pay for delayed payment of TDS, when this interest becomes payable, what is the due date of tds payment, when tds needs to be deducted, how to calculate interest on TDS, Example of Interest Calculation, how to avoid and rectify interest default. ...

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Posted Under: Income Tax |

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