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Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : Get details on Circular No. 04/2024 by CBTD. Ex-post facto extension for Form No. 26QE due date till 30.05.2023. Waiver of fees an...
According to the Income Tax Act, the tax must be deducted by a bank before payment to the customer on payments such as interest, dividend, etc. However, in case amount of TDS (Tax deducted at Source) deducted by a bank on interest exceeds the income tax payable by such assessee, then such assessee is eligible […]
TDS Rate Chart or TDS Rate Table For Assessment year 2020-21 (AY) / Financial Year (FY) 2019-20 In the case of a person other than a company (Resident and Non-Resident) i.e. Individual, HUF, BOI, AOP, Artificial Judicial Persons. Partnership Firm (Including LLP) and for domestic company and Foreign Companies. TDS Rates are after considering the […]
Legal Provision, Analysis and Applicability of Section 194IA of Income Tax Act, 1961 Legal Provision of Section 194IA of Income Tax Act, 1961 ♠ Any person, being a transferee, responsible for paying (other than the person referred to insection 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable […]
As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect […]
It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or […]
Tax Bar Association, Guwahat has made a representation on Compliance of Income Tax Laws Regarding CPC, Regarding TDS/TCS, Regarding CIT (Appeals), Settlement of Past Disputes (TDS), Regarding ITR and Other Forms, Exempted income specially in context of N E Region & Agricultural Income, E-assessments, Compliance, Special tax incentives for NE States, Deduction u/s 80DD/ 80U, […]
Coming to the provisions of section 40(a)(ia) of the Act, the said section also provides that any interest, royalty, fees for technical services or other sum chargeable under this Act on which tax is deductible at source under chapter XVII-B and such tax has not been deducted or after deduction has not been paid on or before the due date specified in section 139(1) of the Act. We therefore find that both the provisions of section 195(1) as well as 40(a)(ia) of the Act talks about deduction of tax at source where the sum is chargeable under this Act.
There is nothing in section 40(a)(ia) to treat assessee as a defaulter where there is shortfall in deduction of TDS and if the shortfall is due to any difference of opinion as to taxability of any item or the nature of payment falling under various TDS provisions, the assessee can only be declared to be an assessee-in-default under section 201 and no disallowance could be made.
CIT Vs Intervet India Pvt.Ltd. (Bombay High Court) The Assessee had undertaken sales promotional scheme viz. Product discount scheme and Product campaign as discussed herein above under which the Assessee had offered an incentive on case to case basis to its stockists/dealers/agents. An amount of Rs.70,67,089/- was claimed as a deduction towards expenditure incurred under […]
TDS on Cash Withdrawal – Section 194N Extract of Section 194N of Income tax Act, 1961 as amended by Finance Act (No. 2) 2019. Payment of certain amounts in cash. 194N. Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred […]
