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Section 194O of the Income Tax Act, 1961 (Act), introduced by the Finance Act, 2020, effective from October 1, 2020 mandates the following, which warrants a definite relook into the provisions for appropriate amendments/deletions thereof :-
The issue under consideration is whether the provisions of deduction of tax at source (TDS) would be applicable in case of payments made to non-resident Indian for the purchase of raw materials?
Applicability, rate of tax & Tome of Deduction for TDS under Section 194IA on Sale of Immovable Properties -Any transferee responsible for paying any sum of consideration to a resident transferor on transfer of immovable property (other than agricultural land) -Need to deduct TDS on such sum. -Rate of Tax – 1% -TDS is need […]
The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advance, which means such persons shall be required to pay tax even before they got to know their full income and the TDS applicable to it. The new rules shall apply to the taxpayers, whose self -assessment tax […]
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers. In this context, government has been extended the due date for filing of income tax return for financial year 2018-19 (2019-20) to 30th September, 2020 via notification no. 56/2020 dated 29.07.2020. It should be noted that […]
Step by step process of registration for online TDS/TCS return filing and upload 1. First of all, allow the pop-ups in your browser (following is the screenshot of chrome browser). Afterwards, don’t forget to block it again. 2. Now open http://tdscpc.gov.in/ and make login as usual. You will find a link with words “Register at […]
DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING: 1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020 2. Always double check TAN and […]
Sec 194N: Tds on cash withdrawal of more than 1 crore Intro: To discourage the cash transaction and move to cash less economy, income tax department has introduced a new section 194N deduction of TDS on cash withdrawal exceeding Rs. 20 Lakh In case the individual receiving the money has not filed income tax returns […]
1. INTRODUCTION The Govt. in Budget 2019 introduced section 194N in Income-tax Act, 1961 to promote digital payments and discourage the practice of making business payments in cash. In Budget 2020 the scope and applicability of this section has been increased to discourage delay in filing of return of income. The Govt. wants people to […]
Shri Suresh Khatri Vs ITO (ITAT Lucknow) Ground Nos. 1 to 3 of the appeal relate to the disallowance of Rs.6,42,437/- for non deduction of tax at source u/s 40(a)(ia) of the Act on payment of ocean freight, made to non-resident shipping companies. The assessee is a proprietary concern and engaged in the business of […]
