TDS

Submitting Form No. 15G & 15H -Points to Remember

Income Tax - Very often, readers keep enquiring about the submission of forms No. 15G/15H to the banks or others payer so that interest could be received without deduction of tax at source (TDS). In this column, I am covering all about Form No. 15G & 15H and hopefully the detailed elaboration hereunder would provide a comprehensive picture about the s...

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Form 15G / Form 15H- File details correctly in TDS return

Income Tax - Centralized Processing Cell (TDS) has observed from its records that Flag B is not being raised for 15G/ H Forms in quarterly TDS Statements filed. ...

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TDS & Tax Provisions for F.Y.2018-19

Income Tax - TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department....

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TDS on Interest other than Interest on Securities – 194A

Income Tax - Any person (not being an individual/HUF*), responsible for paying to a resident any income by way of interest other than interest on securities, is responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated. The recipient of the income (though s/he gets only the net amount after TDS) is ...

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Sec. 80C Life insurance policies and TDS

Income Tax - S V Raghunath Insurance policies are major source tax saving Instruments for Individual and Hindu undivided Families, in last few years there are lot of changes in Tax provisions related to Insurance policies, which have taken place including TDS under Section 194DA on Payments received under Life Insurance Policies. An attempt has been m...

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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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Reconciliation of each payment made by deductor to avoid duplication of work of TDS return

Income Tax - In order to make the process of claim of TDS error free, a system was devised some years ago in 2009 and published vide circular no 2/2009, dated 21.05.2009. The relevant excerpt from the said circular is as follows:...

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Make provision for Quarterly audit of TDS compliances: ICAI

Income Tax - It is suggested that a provision may be made whereby all transactions pertaining to TDS provisions are audited by a professional once every quarter before filing of TDS statement which will lead to early detection of errors and maximizing the revenue to the government....

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Section 194-IB– TDS if monthly rent increases during the previous year

Income Tax - The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a) & (b) of section 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of month during the previous year, shall deduct an amount ...

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TDS not deductible on Advance Received towards Professional Fee which is returned back

Shri A. Naga Srinivas Vs DCIT ( ITAT Hyderabad) - Advance received by the assessee towards his professional fee, when it is returned, is not covered by any of the provisions of Chapter XVIIB requiring TDS. ...

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ITAT explains law related to TDS on commission paid to non-resident agents

DCIT Vs M/S Sterling Ornament (P) Ltd (ITAT Delhi) - This appeal by the Revenue is directed against the Order of the Ld. Commissioner of Income Tax (Appeals)-XII, New Delhi dated 28.5.2014 pertaining to assessment year 2011-12 on the following grounds...

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No TDS U/s. 194H on Commission by sub-broker on Security Transactions

ACIT Vs Rajesh Falor (ITAT Kolkata) - This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-Durgapur [in short the ld CIT(A)] in Appeal No. 08/CIT(A)/DGP/2015-16 dated 31.08.2016 against the order passed by the DCIT, Circle-1, Dgp [ in short the ld AO] under section 143(3) of the Income Ta...

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TDS U/s. 195 not deductible if Commission Income of Foreign Agent not Taxable in India

DCIT Vs M/s. Gujarat Microwax Pvt. Ltd. (ITAT Ahmedabad) - DCIT Vs M/s. Gujarat Microwax Pvt. Ltd. (ITAT Ahmedabad) ITAT held that the Commission income in the hands of foreign agent is not chargeable to tax in India in the given facts & circumstances and Once an income is not chargeable to tax in India then the question of deducting TDS under the provi...

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TDS U/s. 194C is not applicable to transactions of purchase of goods

Eshan Minerals Pvt. Ltd Eshan Minerals Pvt. Ltd Vs DCIT (ITAT Pune) - TDS requirement under section 194C is not applicable to transactions of purchase of goods, therefore, no disallowance under section 40(a)(ia) could be made....

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Extension of due date of deposit of TDS/ TCS for October month to 08.11.2017

F. No. 275/38/2017-IT(B) - (13/12/2017) - CBDT hereby extends the due date of deposit of tax deducted at source/ tax collected at source during the month of October. 2017 from 7th November, 2017 to 8th November, 2017....

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TDS on Salary for Financial Year 2017-18

Circular No. 29/2017-Income Tax - (05/01/2018) - DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2017-18 CIRCULAR NO : 29/2017 F.No. 275/192/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

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MVAT: TDS on work contracts executed prior to 30-6-2017

Trade Cir No. 32T of 2017 - (21/07/2017) - Tax Deduction at Source (TDS) as per section 31 of Maharashtra Value Added. Tax Act, 2002 in respect of work contracts executed prior to 30-6-2017 for which payments to be made on or after 1-7-2017 and applicability of TDS....

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TDS not deductible on GST Component: CBDT

Circular No. 23/2017-Income Tax - (19/07/2017) - Even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a r...

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Recent Posts in "TDS"

Form 15H / Form 15G to Avoid TDS deduction

Form 15G and form 15H are used for avoiding the TDS deduction at source if deductee expects his Income to be lower then the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to th...

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Posted Under: Income Tax

Submitting Form No. 15G & 15H -Points to Remember

Very often, readers keep enquiring about the submission of forms No. 15G/15H to the banks or others payer so that interest could be received without deduction of tax at source (TDS). In this column, I am covering all about Form No. 15G & 15H and hopefully the detailed elaboration hereunder would provide a comprehensive picture about the s...

Read More
Posted Under: Income Tax | ,

TDS and Form 15G/ Form 15H applicability

Some points to be taken care of while submitting Form 15G/Form 15H A. Criteria to be eligible to file form 15G i ) The assesse must be Individual, HUF, AOP ii) The assesse must be Resident iii) The assesse should be less than 60 years iv) Tax calculated on total income should be NiL...

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Posted Under: Income Tax

Form 15G / Form 15H- File details correctly in TDS return

Centralized Processing Cell (TDS) has observed from its records that Flag B is not being raised for 15G/ H Forms in quarterly TDS Statements filed. ...

Read More
Posted Under: Income Tax |

TDS not deductible on Advance Received towards Professional Fee which is returned back

Shri A. Naga Srinivas Vs DCIT ( ITAT Hyderabad)

Advance received by the assessee towards his professional fee, when it is returned, is not covered by any of the provisions of Chapter XVIIB requiring TDS. ...

Read More

TDS & Tax Provisions for F.Y.2018-19

TDS & Tax Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department....

Read More
Posted Under: Income Tax |

ITAT explains law related to TDS on commission paid to non-resident agents

DCIT Vs M/S Sterling Ornament (P) Ltd (ITAT Delhi)

This appeal by the Revenue is directed against the Order of the Ld. Commissioner of Income Tax (Appeals)-XII, New Delhi dated 28.5.2014 pertaining to assessment year 2011-12 on the following grounds...

Read More

TDS on Interest other than Interest on Securities – 194A

Any person (not being an individual/HUF*), responsible for paying to a resident any income by way of interest other than interest on securities, is responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated. The recipient of the income (though s/he gets only the net amount after TDS) is ...

Read More
Posted Under: Income Tax | ,

Sec. 80C Life insurance policies and TDS

S V Raghunath Insurance policies are major source tax saving Instruments for Individual and Hindu undivided Families, in last few years there are lot of changes in Tax provisions related to Insurance policies, which have taken place including TDS under Section 194DA on Payments received under Life Insurance Policies. An attempt has been m...

Read More
Posted Under: Income Tax | ,

No TDS U/s. 194H on discount on sale of prepaid starter kits/sim cards to distributors

DCIT Vs M/s Tata Tele Services (Mah) (ITAT Mumbai)

As the sale of starter kits/sim cards is purely a purchase/sale transaction on principal-to-principal basis and there is no relationship of agency, hence no obligation was cast upon the assessee to have deducted tax at source under Sec. 194H in respect of the discounts given to the distributors on the sale of the same....

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