Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Learn how to respond to a defective return notice under Section 139(9) of the Income Tax Act. Steps for correction and consequence...
Income Tax : Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and nee...
Income Tax : Learn about the new Section 194T, its implications on TDS for partners' remuneration, and the interplay with Section 40(b) from th...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : Budget 2024 introduces a six-year limit for filing TDS/TCS correction statements. Amendments to sections 200 and 206C will be effe...
Income Tax : Supreme Court rules Vodafone Idea is not liable for TDS on payments to foreign telecom operators. The decision aligns with earlier...
Income Tax : ITAT Hyderabad held that dismissal of appeal by CIT(A) on the ground of non-deposition of self-assessment tax by the assessee need...
Income Tax : The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessme...
Income Tax : Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the ...
Income Tax : Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source
High Court held that in the case of deposits made by the petitioner societies with the Co-operative Banks, they would be entitled to the benefit of exemption under Section 194A(3)(iii)(v) of the Income Tax Act and, in respect of the deposits made by the petitioner societies with the Treasury, they will not be entitled to the benefit of exemption under Section taxguru.in 194A(3)(iii)(a) of the Income Tax Act.
TDS return filed beyond time cannot be declared as non est in law and that the CIT(A) does not have powers of enhancement in an appeal against an order under section 200A. The CIT(A) cannot travel beyond the subject-matter of the appeal, which was as to whether fee under section 234E can be levied or not; and not the question, whether the return of TDS filed by the assessee was non est in law? The CIT(A) had no power in the appeal in the present case to declare return of TDS filed by the assessee as non est in law.
Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property following the guideline as below: (Section 194 IA of the Income Tax Act, 1961) Q.1 Who is responsible to deduct? Ans. Any person, being a transferee/purchaser, who pays to a resident transferor for transfer of any […]
In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Let’s […]
FM Nirmala Sitharaman has presented her first Union Budget on 5 July 2019. In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction […]
Consideration paid by assessee for services rendered by non-resident were purely in the nature of procurement services and could not be characterized as ‘managerial’, ‘technical’ or ‘consultancy’ services and thus, could not be classified as fee for technical services and accordingly, not liable for deduction of tax at source under section 195.
This Article give the snapshot of the newly inserted sections i.e. Section 194M and Section 194N in the Finance Act (No. 2), 2019. Also covers Income Tax Notification No. 98/2019 dated 18th November 2019 issued by CBDT.
Services rendered by foreign concern for introducing a client did not make-available any technical knowledge, experience, skill, know-how or processes to assessee, therefore, related payment did not fall within the realm of “Fees for included services” as envisaged in Article 12 of the Indo-US, DTAA and payment made to foreign concern constituted its business profits within the meaning of Article 7 Indo-USA DTAA, and in the absence of any Permanent Establishment of the said foreign concern in India no taxability arose and, therefore, assessee was not liable to withhold tax under section 195.
Assessee in instant case had purchased three properties on three different dates. This indicated that assessee had purchased the land on piece meal basis. Since value mentioned in each sale deed was less than Rs. 50 lakhs, therefore, section 194-IA would not be applicable to assessee merely because the seller and Khasra number of the three properties was same.
