TDS

GST: How to file details in TDS & TCS Credit Received table with FAQS

Goods and Services Tax - Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains  TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]...

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TDS Credit cannot be denied even if TDS not deposited by deductor

Goods and Services Tax - High Court of Gujarat in case of Devarsh Pravinbhai Patel v/s Asst Commissioner Of Income Tax vide order dated 24th September 2018 has held that TDS credit needs to be given by Income-tax authorities to the deductee even if TDS is not deposited by the deductor. Where employer deducted tax at source on salary payments […]...

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TDS on Buying a Property from NRI: FAQs

Goods and Services Tax - The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident. TDS part with respect to a non-resident is complex and should be complied with the help of an expert who is well aware of […]...

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TDS on G Suite

Goods and Services Tax - There are various issues with regard to the applicability of Tax Deduction at Source (TDS) on G suite transaction and the same is taken up in the current article....

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TDS on GST: FAQs, SOP, Return, Registration, Penalty, Interest & Rate

Goods and Services Tax - A ready reckoner for DDOs / other Deductors in GST on TDS (Updated as on 18th February 2019) Article explains Relevant provisions of TDS in GST and effective dates, When tax deduction is required to be made in GST, Conditions for & amount of deduction, When tax deduction is not required to be made in […]...

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TDS threshold on Rent proposed to be increased to Rs. 2.4 Lakh

Goods and Services Tax - While presenting interim Budget 2019-20 TDS threshold for deduction of tax on rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000 for providing relief to small taxpayers by Finance Minister Piyush Goyal. Proposed Amendment in section 194-I of Income Tax Act, 1961 Amendment of section 194-I. In section 194-I of the ...

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News of mass prosecution notices for small TDS default is completely misleading: CBDT

Goods and Services Tax - Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS office has issued prosecution show cause notices...

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Relief to Tax Deductors under GST: Due Date extended

Goods and Services Tax - Due date for GSTR-7 for the period October to December 2017 extended till 31st January 2019 due to issues in portal in generating TDS Certificate...

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Key Features – Return Preparation Utility (RPU) version 2.4

Goods and Services Tax - Key Features – Return Preparation Utility (RPU) version 2.4 ♦ Integration of new Encryption certificate in File Validation Utilities (FVUs) > Renewed Encryption certificate with extended validity has been integrated in FVUs ♦ Incorporation of latest File Validation Utility (FVU) version 5.9 (applicable for TDS/TCS statements pert...

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Key Features of New TDS / TCS Return Preparation / File Validation Utility

Goods and Services Tax - Key Features — Return Preparation Utility (RPU) version 2.3 ♥ A new column for ‘Deduction under Section 16 (ia)’ is added under Annexure II (i.e. Salary details) for Form 24Q-Q4 The above referred deduction is applicable for Regular and Correction statements for Form 24Q-Q4. Deduction under Section 16 (ia) will be applicab...

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Erroneous TDS claim not authorise AO to bring professional receipts to tax

Dhruv Sachdeva Vs ACIT (ITAT Delhi) - Where assessee had erroneously taken credit for prepaid taxes on account of gross professional receipts as per Form 26AS ; then having regard to Rule 37BA, Revenue would be justified in denying credit for such amount of prepaid taxes which were not assessable during the year on the basis of regular ...

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Retrospective application of CBDT Circular clarifying no TDS to be deducted for Bank Guarantee Commission

Onkareshwar Properties (P) Ltd. Vs ACIT (ITAT Delhi) - No disallowance u/s 40(a)(ia) could be made for non deduction of TDS on bank commission / guarantee fee as CBDT vide Circular No. 56/2012 had clarified that no TDS was required to be deducted on bank guarantee commission, etc. and the same was retrospective applicable....

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Section 195 TDS not to be deducted on routine support services as it is not FTS under India UK DTAA

M/s B.G. India Energy Solutions P Ltd Vs DCIT (ITAT Delhi) - Where services provided by employees of BGIL were merely in the nature of routine support services, the same could not be termed as ‘FTS’ under Article 13 of the India UK DTAA, therefore, there was no requirement for assessee to deduct taxes from such payments in India u/s 195....

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TDS not deductible on Reimbursement of Expenses for conducting Exams

CIT Vs The Registrar, Csjm University, Kalyanpur (Allahabad High Court) - The facts of the case reveal that the Assessee-University conducts examinations through various colleges affiliated to it. The affiliated colleges function as the examination centre. These affiliated colleges/centres in holding the examinations incur various types of expenditure both administrative ...

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Penalty Not Leviable U/S 271C if Reasonable Cause Shown for Non-Deduction of TDS

State Bank of India Vs ACIT (ITAT Jaipur) - Since assessee had a reasonable cause for non-deduction of TDS, penalty u/s 271C not leviable in terms of section 273B....

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TDS under section 31 of MVAT Act after 1st July, 2017

Trade Circular No. 10T of 2019 - (16/03/2019) - Certain queries have been received by this office seeking clarification with regards to applicability of TDS under MVAT Act after 1st July, 2017. The amended provisions are explained as follows:a) An employer should have deducted tax (TDS), in respect of a works contract, executed upto 30th June 201...

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Due date to file Form GSTR-7 for January extended to 28.02.2019

Notification No. 8/2019–Central Tax - (08/02/2019) - CBIC extends the time limit for furnishing the FORM GSTR-7 return by a registered person required to deduct tax at source under GST Law for the month of January, 2019 till the 28th day of February, 2019....

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Form GSTR 7 Due Date extended to 28th February 2019

Notification No. 07/2019–Central Tax - (31/01/2019) - Due date for furnishing of FORM GSTR – 7- TDS Return for the months of October, 2018 to December, 2018 Further extended till 28.02.2019. Form GSTR 7 (TDS Return Filing Under GST) Due Date extended to 28th February 2019 from earlier due date of 31st day of January, 2019 MINISTRY OF FINANCE (Departm...

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TDS on Salary for FY 2018-19 – Major/important Points to Remember

CBDT Circular No.1 of 2019 - (04/01/2019) - CBDT’s Circular No. 1 of 2019 dated 01.01.2019– Major/important Points to Remember The CBDT has issued circular No. 1 on 01.01.2019 in respect of the Deduction of tax at Source from Salaries u/s 192 of the Income Tax Act, 1961. Some of the major / important points to remember are; 1. Standar...

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TDS on Salary for Financial Year 2018-19

Circulars No. 1/2019 - (01/01/2019) - CBDT issued Circular No. 01/2019 on Deduction Of Tax At Source (TDS)-Income-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961 During The Financial Year 2018-19 / Assessment Year 2019-20. Circular Covers Deduction Of Tax At Source (TDS)-Income-Tax Deduction From Salaries Under...

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Recent Posts in "TDS"

GST: How to file details in TDS & TCS Credit Received table with FAQS

Article contains FAQs and Manual on GST TDS and TCS Credit Received. It explains  TDS and TCS Credit Received comprises of which tables, Who needs to file TDS and TCS Credit Received, Is it mandatory to file TDS and TCS Credit Received for every tax period, From where can I as a taxpayer file TDS […]...

Read More

Erroneous TDS claim not authorise AO to bring professional receipts to tax

Dhruv Sachdeva Vs ACIT (ITAT Delhi)

Where assessee had erroneously taken credit for prepaid taxes on account of gross professional receipts as per Form 26AS ; then having regard to Rule 37BA, Revenue would be justified in denying credit for such amount of prepaid taxes which were not assessable during the year on the basis of regular method of accounting followed by the ass...

Read More

TDS under section 31 of MVAT Act after 1st July, 2017

Trade Circular No. 10T of 2019 (16/03/2019)

Certain queries have been received by this office seeking clarification with regards to applicability of TDS under MVAT Act after 1st July, 2017. The amended provisions are explained as follows:a) An employer should have deducted tax (TDS), in respect of a works contract, executed upto 30th June 2017, even if the amount is payable after 3...

Read More

TDS Credit cannot be denied even if TDS not deposited by deductor

High Court of Gujarat in case of Devarsh Pravinbhai Patel v/s Asst Commissioner Of Income Tax vide order dated 24th September 2018 has held that TDS credit needs to be given by Income-tax authorities to the deductee even if TDS is not deposited by the deductor. Where employer deducted tax at source on salary payments […]...

Read More

Retrospective application of CBDT Circular clarifying no TDS to be deducted for Bank Guarantee Commission

Onkareshwar Properties (P) Ltd. Vs ACIT (ITAT Delhi)

No disallowance u/s 40(a)(ia) could be made for non deduction of TDS on bank commission / guarantee fee as CBDT vide Circular No. 56/2012 had clarified that no TDS was required to be deducted on bank guarantee commission, etc. and the same was retrospective applicable....

Read More

Section 195 TDS not to be deducted on routine support services as it is not FTS under India UK DTAA

M/s B.G. India Energy Solutions P Ltd Vs DCIT (ITAT Delhi)

Where services provided by employees of BGIL were merely in the nature of routine support services, the same could not be termed as ‘FTS’ under Article 13 of the India UK DTAA, therefore, there was no requirement for assessee to deduct taxes from such payments in India u/s 195....

Read More

TDS not deductible on Reimbursement of Expenses for conducting Exams

CIT Vs The Registrar, Csjm University, Kalyanpur (Allahabad High Court)

The facts of the case reveal that the Assessee-University conducts examinations through various colleges affiliated to it. The affiliated colleges function as the examination centre. These affiliated colleges/centres in holding the examinations incur various types of expenditure both administrative and procedural. The Assessee-University ...

Read More

Penalty Not Leviable U/S 271C if Reasonable Cause Shown for Non-Deduction of TDS

State Bank of India Vs ACIT (ITAT Jaipur)

Since assessee had a reasonable cause for non-deduction of TDS, penalty u/s 271C not leviable in terms of section 273B....

Read More

TDS on Buying a Property from NRI: FAQs

The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident. TDS part with respect to a non-resident is complex and should be complied with the help of an expert who is well aware of […]...

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No TDS on Payment to Amazon for Web-Hosting as same is not Royalty

EPRSS Prepaid Recharge Services India Pvt. Ltd. Vs ITO (ITAT Pune)

EPRSS Prepaid Recharge Services India Pvt. Ltd. Vs ITO (ITAT Pune) Tribunal further observed that there was no amendment in the DTAA between the two countries analogous to the Explanation 5 to section 9(1) of the Act and accordingly Amazon was not chargeable to tax in respect of Web hosting charges received from the assessee […]...

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