TDS

File Your TDS Statement by 31st January 2020

Income Tax - As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]...

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Section 194M TDS on payment to resident contractors & professionals

Income Tax - The Union Budget 2019-20 for the FY 2019-2020 was presented on 05th July 2019. The Budget proposed new Sections for TDS such as 194M which is applicable from 01st September, 2019. Article explains Reason for introduction of Section 194M, Meaning of Section 194M, Person liable to deduct TDS under Section 194M, Time limit for Tax […]...

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TDS on Power Transmission & Wheeling Charges u/s 194J, 194I, 194C

Income Tax - Has the Contentious Issue of Applicability or Otherwise of TDS on Transmission & Wheeling Charges of Power Transmission Companies u/s 194J, 194I & 194C of the Income Tax Act, 1961, finally Settled???...

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Section 234E Late Fee for default in filing of TDS / TCS returns

Income Tax - The Deductor of tax (TDS) or the Collector of tax (TCS) is required to file the TDS / TCS returns within prescribed due dates. In case of any delay, the Deductor or the Collector would be liable to pay a late fee for non-filing / late filing of TDS / TCS returns as per provisions […]...

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Section 194-IB TDS on Rent of Property with FAQs

Income Tax - The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord....

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10 Useful Utilities at TRACES released by CPC (TDS) in Year 2019

Income Tax - During the past year 2019, CPC (TDS) released a host of useful utilities at TRACES, including the following- 1. DIN Verification Functionality on TRACES Homepage wherein taxpayer can verify communication received from the department. 2. Aadhar based authentication in CPC (TDS) as additional authentication mode for TRACES users. 3. Form 16...

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New e-TDS/TCS Return Preparation Utility & FUV wef 27.12.2019

Income Tax - This article explains about e-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and File Validation Utility (FVU) version 2.161 for quarterly e-TDS/TCS statemen...

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Download NSDL e-TDS / TCS RPU / FUV applicable from 16.10.2019

Income Tax - A. Key Features and download links of e-TDS/TCS Return Preparation Utility (RPU) version 2.9 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 ♣ Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highligh...

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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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No TDS on Payment to bank for Credit Card transaction processing

CIT (TDS)-1 Vs Jet Airways (India) Ltd. (Bombay High Court) - The so-called bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking services. The requirement of section 194H of the Act, therefore, would not arise....

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LTC: TDS deductible on reimbursement to staff for foreign travel leg

State Bank of Bikaner and Jaipur (Now SBI) Vs ITO (TDS) (ITAT Jaipur) - ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B....

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Payment to parent company for copyrighted software on principle to principle basis cannot be treated royalty

Aveva Information Technology India (P) Ltd. Vs DCIT (ITAT Mumbai) - Payment to parent company for copyrighted software on principle to principle basis cannot be treated royalty and TDS not applicable on payment to parent company not having PE in India....

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TDS credit allowable in A.Y. in which corresponding income is assessable

Mahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune) - The AO has relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of the Rule provides that the credit for TDS shall be given to the person to whom payment has been made or credit has been given on the basis of information relating to TDS...

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Financial stringency not justify non-remittance of TDS – Penalty Justified

KBR Infratch Ltd. Vs. ACIT (Karnataka High Court) - Financial stringency would not justify the non-remittance of TDS to the Government, in as much as, it would amount to utilization of money payable to the appropriate government. As such, by extending its benevolence....

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TDS | Cash Withdrawal above Rs. 1 Crore | National Savings Schemes

SB Order No. 02/2020 - (09/01/2020) - Now TDS @2% under section 194N will be applicable on all cash withdrawals above Rs. One Crore taken by an account holder in his/her all type of Small Savings Schemes Accounts /Certificates taken together, from 1.4.2019 onwards....

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CBDT extends due date of payment of Section 194M TDS

Circular no. 31/2019-Income Tax - (19/12/2019) - CBDT extends due date for payment of TDS under section 194M during the month of September, 2019 and October, 2019 and the due date for furnishing the challan-cum-statement in Form 26QD for the same, from 31.10.2019 and 30.11.2019 respectively to 31.12.2019. Consequently, the due date of furnishing o...

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CBDT notifies Form no. 16D & 26QD for TDS Payment & Return|Section 194M

Notification No. 98/2019-Income Tax [G.S.R.858(E)] - (18/11/2019) - The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible ...

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CBDT exempts from TDS cash withdraws by Authorised dealer & FFMC

Notification No. 80/2019-Income Tax [S.O. 3719(E)] - (15/10/2019) - CBDT exempts cash withdrawal by the authorised dealer and its franchise agent and sub-agent; and Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent from TDS under Section 194N subject to conditions specified in Notification No. 80/2019-Income Tax dated 15...

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No TDS on cash withdrawal u/s 194N for making payment to farmers

Notification No. 70/2019-Income Tax [S.O. 3427(E).] - (20/09/2019) - Exemption from TDS on cash withdrawal under section 194N for making payment to farmers – Central Government specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC)– Notification No. 70/2019-Income Tax Dated 20th September, 2019 MINISTRY OF FI...

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Recent Posts in "TDS"

File Your TDS Statement by 31st January 2020

As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]...

Read More
Posted Under: Income Tax |

Section 194M TDS on payment to resident contractors & professionals

The Union Budget 2019-20 for the FY 2019-2020 was presented on 05th July 2019. The Budget proposed new Sections for TDS such as 194M which is applicable from 01st September, 2019. Article explains Reason for introduction of Section 194M, Meaning of Section 194M, Person liable to deduct TDS under Section 194M, Time limit for Tax […]...

Read More
Posted Under: Income Tax |

TDS on Power Transmission & Wheeling Charges u/s 194J, 194I, 194C

Has the Contentious Issue of Applicability or Otherwise of TDS on Transmission & Wheeling Charges of Power Transmission Companies u/s 194J, 194I & 194C of the Income Tax Act, 1961, finally Settled???...

Read More
Posted Under: Income Tax |

No TDS on Payment to bank for Credit Card transaction processing

CIT (TDS)-1 Vs Jet Airways (India) Ltd. (Bombay High Court)

The so-called bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking services. The requirement of section 194H of the Act, therefore, would not arise....

Read More

TDS deductible on Payment to dealers for providing services to customers in lieu of free service coupons

Mahindra & Mahindra Ltd. Vs DCIT (ITAT Mumbai)

Payments made to dealers for providing services to ultimate customers in lieu of free service coupons surrendered by them were not in the nature of reimbursement of expenditure incurred by dealers but in the nature of payment of consideration pursuant to a contract, as per which dealer provided such services to ultimate customers, accordi...

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Section 234E Late Fee for default in filing of TDS / TCS returns

The Deductor of tax (TDS) or the Collector of tax (TCS) is required to file the TDS / TCS returns within prescribed due dates. In case of any delay, the Deductor or the Collector would be liable to pay a late fee for non-filing / late filing of TDS / TCS returns as per provisions […]...

Read More
Posted Under: Income Tax |

Section 194-IB TDS on Rent of Property with FAQs

The Finance Act, 2017 has introduced section 194-IB providing that Tenant of a property making monthly rent payment exceeding ₹ 50, 000 is required to deduct tax at the rate of 5% from the rent payable to a resident landlord....

Read More
Posted Under: Income Tax |

LTC: TDS deductible on reimbursement to staff for foreign travel leg

State Bank of Bikaner and Jaipur (Now SBI) Vs ITO (TDS) (ITAT Jaipur)

ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B....

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Procedural Aspects for Lower or NIL TDS rate on Property Sale by NRI

The benefits of obtaining a lower rate TDS certificate are enormous. It saves interest on monies that would otherwise get blocked, and also the mammoth hassle of obtaining refund at a later stage. However, there are very people who are availing this facility successfully. There is a plethora of theory on internet on this subject; however,...

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Posted Under: Income Tax |

File Your TDS Statement in time

As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]...

Read More
Posted Under: Income Tax |

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