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Central Government hereby specifies that no TDS shall be deducted under section 194-IA of Income Tax Act on any payment made to the Air India Limited for transfer of immovable property to Air India Assets Holding Limited under a plan approved by the Central Government. Notification No. 106/2021-Income Tax | Dated: 10th September, 2021 MINISTRY […]
1. The Government had capped the tax-free interest earned on provident fund contribution by employees to a maximum of Rs. 2.5 lakh in a year vide Budget 2021-22. 1.1 Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, […]
Integlobe Aviation Ltd. Vs ITO (ITAT Delhi) The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the bonafide assessee is not liable to pay the interest on the amount of shortfall in tax deducted at source (TDS). The Assessee, M/s. Interglobe Aviation Ltd. claimed that short deduction in case of M/s. Federal Travel […]
PRELUDE: Sec. 201(1A) of the Income-tax Act mandates Assessee to pay simple interest @ 1%/1.5% per month or part of the month in case if there is failure to deduct tax or delay in remittance of TDS amount deducted, to the Central Government. The prominent question that arises at this point is whether the interest […]
With the effect of 1. 07.2021 Finance Act, 2021 had inserted section 194Q in Income Tax Act, 1961 to provide a deduction of tax on certain purchases. Section 194Q of the Income-tax Act states that any person who buys goods of an amount exceeding 50 lakhs rupees from a resident seller in any previous year […]
Payments made by the Applicant to the Non-resident Company cannot be considered as royalty payments and hence, it does not give rise any income chargeable in India under the Indian IT Act. Held that there is no requirement to deduct TDS under Section 195 of the IT Act.
CBDT notifies new Rule 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P, Amended Rule 31 & 31A, Amended Form no. 12BBA, FORM NO. 16, FORM NO. 24Q, Form No.26QB, FORM NO. 26QC and Form No.26QD. Notification No. 99/2021 – (Income Tax) | 2nd September, 2021. MINISTRY OF FINANCE (Department […]
For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934). Notification No. 98/2021-Income-tax | Dated: 2nd September, 2021. MINISTRY OF […]
TDS on payment towards lease line charge was liable to deduct under section 194J as against under section 194I as lease line services were standard automatic services which were availed by any telecom service provider for the transmission of data and was not under any exclusive arrangement.
A Glimpse on Practical Issues of TDS on Purchase of Goods Under Section 194Q of The Income Tax Act, 1961 Applicability This section was introduced by Finance Act, 2021 and is effective from 1st of July 2021. This section applies to any buyer who is responsible for paying any sum to any resident seller for […]
