TDS

Countrywise Withholding tax rates / Chart as per DTAA

Income Tax - Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2018...

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TDS Rate Chart for AY 2020-21 / FY 2019-20

Income Tax - TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after consideri...

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Section 194IA -TDS

Income Tax - Legal Provision, Analysis and  Applicability of Section 194IA of Income Tax Act, 1961 Legal Provision of Section 194IA of Income Tax Act, 1961 ♠ Any person, being a transferee, responsible for paying (other than the person referred to insection 194LA) to a resident transferor any sum by way of consideration for transfer of any immovabl...

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Section 194M of Income Tax Act- Analysis

Income Tax - As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect […]...

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Revision of TDS Return in case of PAN error Notice

Income Tax - It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or […]...

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Representation on Income Tax and GST Issues faced by taxpayers

Income Tax - We take this opportunity to bring to your kind attention certain very important issues in Income Tax and GST which need to be addressed by the government to further strengthen tax payers’ confidence. ...

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Tax Deducted at Source under Section 194M of Income Tax Act, 1961

Income Tax - As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]...

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How TDS/TCS & Temp ID holder can add Bank A/c info on GST Portal

Income Tax - TDS/ TCS taxpayers & Temp ID holder can now add Bank Account details through Non-Core Amendment of Registration. This will enable them to file refund application on GST Portal....

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e-TDS/TCS Return Preparation / File Validation Utility wef 12.05.2019

Income Tax - As per the Income Tax Department notification 36/2019 dated April 12 2019, the new format to furnish the Form 24Q Quarter 4 statement is applicable with effect from May 12, 2019 onwards. Please download the new version of RPU and FVU to prepare and validate the e-TDS statements. A. e-TDS/TCS Return Preparation Utility Version 2.7 [&hellip...

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New e-TDS/TCS Return Preparation Utility Ver. 2.6 wef 12th April 2019

Income Tax - New e-TDS/TCS Return Preparation Utility Ver. 2.6 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08. This version of RPU is applicable with effect from April 12, 2019....

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TDS on Commission to foreign agents having No PE in India for services rendered outside India

Vimta Labs Limited Vs DCIT (ITAT Hyderabad) - ITAT held that the business receipts of the foreign residents are not taxable in India since the agents have no PE in India and therefore, the assessee was not required to make TDS u/s 195 of the Act. Therefore, the assessee’s appeals for all the three A.Ys are allowed....

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Payments to teachers/ lecturers/ staff is covered u/s 192 and not u/s 194J

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) - Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) Assessee college has issued appointment letters to teachers/ lecturers/ staff members from time to time to whom salary was paid. The monthwise salary sheet was also prepared by the college on the basis of the attendance register of the ...

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Discount under product distribution scheme to buy assessee’s product is not a commission for TDS U/s. 194H

CIT Vs Intervet India Pvt.Ltd. (Bombay High Court) - CIT Vs Intervet India Pvt.Ltd. (Bombay High Court)  The Assessee had undertaken sales promotional scheme viz. Product discount scheme and Product campaign as discussed herein above under which the Assessee had offered an incentive on case to case basis to its stockists/dealers/agents. An amount of ...

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Mere delay in TDS deposit in time is offense sufficient to attract Section 276B

Golden Gate Properties Ltd Vs DCIT (Karnataka High Court) - Golden Gate Properties Ltd Vs DCIT (Karnataka High Court) Section 278AA makes it clear that in order to get over the penal consequences that follow on account of non-payment of tax deducted at source, it is open for the accused persons to come clean of the said charge by showing reasonable cause for...

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No TDS on commission payment made to overseas agents

Pr. CIT Vs Komal Amin Exports Pvt Ltd (Gujarat High Court) - When the commission paid to the non-resident agents was neither received or deemed to be received in India nor accrued or was deemed to accrue in India, no income was chargeable to tax under the provisions of the Act. When the payment made by assessee to the overseas agent for services rendered abro...

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Clarification on applicability of TDS on cash withdrawals | Section 194N

NA - (30/08/2019) - Section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of ...

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Procedure to file e-TDS/TCS statement online through e-filing portal

Notification No. 10/2019-DIT - (04/06/2019) - Procedure for Online Filing of TDS/ TCS Returns at E Filing Portal: CBDT (DIT Systems) Notification No. 10/2019 Income Tax dated 4th June 2019 CBDT has notified the procedure for online filing of TDS/ TCS Returns at e filing portal, including guidelines on registration, manner of the preparation/ s...

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TDS statement Form 24Q due date extended to 30th June 2019

F.No.275/38/2017-IT(B) - (04/06/2019) - CBDT extends the due date of filing of TDS Statement in Form 24Q for financial year 2018-19 from 31st of May, 2019 to 30th of June, 2019. F.No.275/38/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated: 4th June, 2019 OR...

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CBDT extends due date of TDS Payment, Return & Certificate in Odisha

F.No.275/38/2017-IT(B) - (24/05/2019) - CBDT Extends the due date of depositing tax deducted at source (TDS), due date of filing of Quarterly Statement of TDS and due date for issue of TDS certificates in Form 16 and 16A in respect of deductors of the state of Odisha...

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Revised procedure for issue of Part B of TDS certificate in Form No. 16

Notification No. 9/2019-Income Tax - (06/05/2019) - Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg....

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Recent Posts in "TDS"

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2018...

Read More
Posted Under: Income Tax |

TDS Rate Chart for AY 2020-21 / FY 2019-20

TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after consideri...

Read More
Posted Under: Income Tax |

Section 194IA -TDS

Legal Provision, Analysis and  Applicability of Section 194IA of Income Tax Act, 1961 Legal Provision of Section 194IA of Income Tax Act, 1961 ♠ Any person, being a transferee, responsible for paying (other than the person referred to insection 194LA) to a resident transferor any sum by way of consideration for transfer of any immovabl...

Read More
Posted Under: Income Tax |

Section 194M of Income Tax Act- Analysis

As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect […]...

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Posted Under: Income Tax |

TDS on Commission to foreign agents having No PE in India for services rendered outside India

Vimta Labs Limited Vs DCIT (ITAT Hyderabad)

ITAT held that the business receipts of the foreign residents are not taxable in India since the agents have no PE in India and therefore, the assessee was not required to make TDS u/s 195 of the Act. Therefore, the assessee’s appeals for all the three A.Ys are allowed....

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Payments to teachers/ lecturers/ staff is covered u/s 192 and not u/s 194J

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur)

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) Assessee college has issued appointment letters to teachers/ lecturers/ staff members from time to time to whom salary was paid. The monthwise salary sheet was also prepared by the college on the basis of the attendance register of the employees. The salary was paid […...

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Revision of TDS Return in case of PAN error Notice

It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or […]...

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Posted Under: Income Tax |

15 Issues and Suggestions for Compliance of Income Tax Laws

Tax Bar Association, Guwahat has made a representation on Compliance of Income Tax Laws Regarding CPC,  Regarding TDS/TCS, Regarding CIT (Appeals), Settlement of Past Disputes (TDS), Regarding ITR and Other Forms, Exempted income specially in context of N E Region & Agricultural Income, E-assessments, Compliance, Special tax incentiv...

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Posted Under: Income Tax |

Discount under product distribution scheme to buy assessee’s product is not a commission for TDS U/s. 194H

CIT Vs Intervet India Pvt.Ltd. (Bombay High Court)

CIT Vs Intervet India Pvt.Ltd. (Bombay High Court)  The Assessee had undertaken sales promotional scheme viz. Product discount scheme and Product campaign as discussed herein above under which the Assessee had offered an incentive on case to case basis to its stockists/dealers/agents. An amount of Rs.70,67,089/- was claimed as a deductio...

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TDS on Cash Withdrawal – Section 194N

TDS on Cash Withdrawal – Section 194N Extract of Section 194N of Income tax Act, 1961 as amended by Finance Act (No. 2) 2019. Payment of certain amounts in cash. 194N. Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred [&he...

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Posted Under: Income Tax |

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