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Section 194N was inserted into Income Tax Act, 1961 (the Act) via Finance Act (No.2) 2019 which mandated that tax must be deducted at source (TDS) at the rate of 2% if cash withdrawals exceed Rupees one crore in a previous year. This section stands amended by Finance Act, 2020 which has brought in significant changes.
ITAT states that under this issue the assessee has challenged the levy of interest u/s 234B of the Act. The payer is under obligation to deduct the tax at source and on account of failure of payer to deduct the tax at source, the penalty interest u/s 234B cannot be imposed on the payee.
In this article, I am going to have a discussion on Section 40(a)(i) of the Income Tax Act, 1961. Which deals with disallowance of certain business expenditure in case of TDS default is made by the Payer at the time of making payments to a non-resident or foreign company.
o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration.
Shree Choudhary Transport Company Vs ITO (Supreme Court) 1. As to whether Section 194C of the Act does not apply to the present case? Whether the appellant had specific and identified trucks on its rolls or had been picking them up on freelance basis, the legal effect on the status of parties had been the […]
Most of the people who were happy and proud with their achievement of buying their own house in the recent past are now sleepless, thanks to the provision, called Section 194-IA of the Income Tax Act 1961.
Due to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for reduction of TDS/TSC rate. On detailed analysis, I come to know that CBDT has reduced the TDS/TCS rate in most of cases but not in all cases […]
Section 194N Payment of certain amounts in cash. As per section 194N of IT Act, Every person being the bank, Cooperative society engaged in banking business and post office is required to deduct TDS at 2% when they make cash payment of Exceeding Rs. 1 Crore to any person during the previous year. However the […]
1. Background: Finance Act 2020, has reduced withholding tax rates for fees for technical services under Section 194J of the Act to 2 percent from the existing rate of 10 percent. Memorandum to Finance Bill 2020, clarified that this amendment is introduced to reduce existing litigation on account of classification of services under section 194J […]
As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]