TDS

Parity missing – NBFCs under Income Tax

Income Tax - In this era of economy, Non-Banking Finance Companies (NBFCs) have been playing an important role in the Indian financial system by complementing and competing with banks, and by bringing in efficiency and diversity into financial intermediation. NBFCs have evolved considerably in terms of operations, asset quality and profitability, and ...

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New Procedure for Lower Deduction / Collection of Tax at Source

Income Tax - With effect from the Financial year  2018-19 (AY 2019-20) The CBDT vide Notification No. 08/2018 dated 31.12.2018 had laid down new Procedure for application and issuance of lower deduction / collection of Certificates u/s 197/206C (9), which is applicable for sections 192,193,194,194A,194C,194D, 194G,194H,194I,194J,194K, 194LA 194LBB,19...

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

Income Tax - A ready reckoner for DDOs / other Deductors in GST on TDS (Updated as on 27th December 2018) 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 Under GST – Section 51 of CGST Act, 2017

Income Tax - SECTION 51 : CHAPTER X  :PAYMENT OF TAX OF CGST ACT , 2017 (1) Latest Update  TDS under GST will be applicable from 1st October 2018. Under the GST regime we have the basic 3 kinds of taxes. – (1)  CGST, (2)   SGST (3)  and IGST. In addition, as per the GST law, certain categories […]...

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TDS on Rent paid by Individuals and HUF to Residents & Non-Residents

Income Tax - In the case of rent paid to residents, Section 194IB has been inserted with effect from 1st June, 2017, which is related to TDS on Rent paid by Individuals and HUF to Residents. Article discusses Provisions related to TDS  under Section 194IB on Rent paid by Individuals and HUF to Residents. 1. Who is liable […]...

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

Income 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

Income 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

Income 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

Income 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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GST: Provisions of TDS and TCS suspended till 30.09.2018

Income Tax - The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018....

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Default in issuing Form 16 Salary TDS certificates makes employer liable to prosecution

Ramprakash Biswanath Shroff  Vs CIT (TDS) (Bombay High Court) - The petitioner says that he is a senior citizen of 65 years of age and because he is not in possession of Form No.16, he has suffered at the hands of the Department. Let, therefore, the necessary steps be taken in law so that such occurrences are avoided in future....

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No Liability to Deduct TDS U/S 194H on Credit Card Charges And Conversion Charges of Foreign Currency Paid to Bank

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai) - Hon’ble ITAT Mumbai in recent case of Airport Retail P. Ltd. vs. DCIT ITA No. 4816/Mum/2015 date of decision 09.01.2019 has decided that TDS u/s 194H is not application on bank charges paid for credit card payments and conversion charges of foreign exchange into cash. Hon’ble tribunal has examin...

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Company established by Govt notification liable to deduct TDS under GST

In re WEBFIL Ltd (GST AAR West Bengal) - In re WEBFIL Ltd (GST AAR West Bengal) The Applicant- WEBFIL Ltd, is established by government notification, is liable to deduct tax at source under section 51(1) read with Notification No. 1344-FT dated 13/09/2018, being a company controlled by the Central and the State Governments. FULL TEXT OF O...

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TDS not deductible on issue of recharge vouchers by cellular service provider at discount

Idea Cellular Ltd. Vs ACIT (ITAT Kolkata) - No commission element was embedded in sale of prepaid SIM cards/ prepaid vouchers/ recharge coupons and, therefore, assessee was not liable to deduct tax under section 194H....

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No TDS u/s. 194G on Sale of Lottery Ticket by Agent to Sub-Agent

The Assistant Commissioner of Income-tax Vs Smt. Biji Suresh (ITAT Cochin) - ACIT Vs Smt. Biji Suresh (ITAT Cochin) The provisions contained in section 194G of the Act provides for deduction of TDS by any person who is responsible for paying to any person, who is stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or p...

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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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Supply between Govt Depts & PSUs exempted from GST TDS

Notification No. 73/2018-Central Tax - (31/12/2018) - TDS Applicability for supplies from Govt/PSUs to Govt/PSUs Supplies made by Government Departments, local governments, government agencies and PSUs to one another Exempted from TDS. Thus, all persons who are required to deduct TDS, when receiving supply amongst themselves, will not have to deduct TD...

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Procedure for filing of Form 13 for Lower or no deduction of tax

Notification No. 08/2018-DIT (Systems) - (31/12/2018) - Procedure, format and standards for filing an application for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of Section 197/collection of the tax at any lower rate under sub-section (9) of Section 206C of the Income-tax Act, 196...

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No TDS on Interest to Senior Citizen if not exceeds Rs. Fifty Thousand

Notification No. 06/2018-DGIT - (06/12/2018) - Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees....

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Recent Posts in "TDS"

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

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...

Read More

Parity missing – NBFCs under Income Tax

In this era of economy, Non-Banking Finance Companies (NBFCs) have been playing an important role in the Indian financial system by complementing and competing with banks, and by bringing in efficiency and diversity into financial intermediation. NBFCs have evolved considerably in terms of operations, asset quality and profitability, and ...

Read More

Default in issuing Form 16 Salary TDS certificates makes employer liable to prosecution

Ramprakash Biswanath Shroff  Vs CIT (TDS) (Bombay High Court)

The petitioner says that he is a senior citizen of 65 years of age and because he is not in possession of Form No.16, he has suffered at the hands of the Department. Let, therefore, the necessary steps be taken in law so that such occurrences are avoided in future....

Read More

No Liability to Deduct TDS U/S 194H on Credit Card Charges And Conversion Charges of Foreign Currency Paid to Bank

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai)

Hon’ble ITAT Mumbai in recent case of Airport Retail P. Ltd. vs. DCIT ITA No. 4816/Mum/2015 date of decision 09.01.2019 has decided that TDS u/s 194H is not application on bank charges paid for credit card payments and conversion charges of foreign exchange into cash. Hon’ble tribunal has examined the nature of transaction has conclud...

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New Procedure for Lower Deduction / Collection of Tax at Source

Notification No.08/2018 (09/01/2019)

With effect from the Financial year  2018-19 (AY 2019-20) The CBDT vide Notification No. 08/2018 dated 31.12.2018 had laid down new Procedure for application and issuance of lower deduction / collection of Certificates u/s 197/206C (9), which is applicable for sections 192,193,194,194A,194C,194D, 194G,194H,194I,194J,194K, 194LA 194LBB,19...

Read More

Company established by Govt notification liable to deduct TDS under GST

In re WEBFIL Ltd (GST AAR West Bengal)

In re WEBFIL Ltd (GST AAR West Bengal) The Applicant- WEBFIL Ltd, is established by government notification, is liable to deduct tax at source under section 51(1) read with Notification No. 1344-FT dated 13/09/2018, being a company controlled by the Central and the State Governments. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, WES...

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

A ready reckoner for DDOs / other Deductors in GST on TDS (Updated as on 27th December 2018) 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 not deductible on issue of recharge vouchers by cellular service provider at discount

Idea Cellular Ltd. Vs ACIT (ITAT Kolkata)

No commission element was embedded in sale of prepaid SIM cards/ prepaid vouchers/ recharge coupons and, therefore, assessee was not liable to deduct tax under section 194H....

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Presentation on Online Application for Lower Rate Deduction Certificate

Presentation on Online Application for Lower Rate Deduction Certificate Under Section 195/197 of Income Tax Act, 1961 Section 197(1) [Subject to rules made under sub-section (2A), where, in the case of any income of any person [or sum payable to any person, income-tax is required to be deducted at the time of credit or, as […]...

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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. Standard Deduction u/s 16(ia). […]...

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