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Stay updated with Circular No. 20/2023 on Income Tax Section 194-O. Learn guidelines for e-commerce operators, TDS on gross sales, discounts, and more. Detailed insights here
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ITAT Jaipur held that requirement of TDS deduction u/s. 194C of the Income Tax Act on payments made to Eco Development Committee remanded back to AO with a direction to relook on various aspects.
Explore Madras High Court’s judgment on primary agricultural credit cooperative societies challenging Circulars related to tax deduction on cash withdrawals, with a focus on Section 194N.
Explore the Madras High Court’s judgment on Primary Agricultural Cooperative Credit Societies challenging Circulars related to tax deduction on cash withdrawals, with an analysis of legal provisions.
Madras High Court held that circulars dated 16.03.2021, 05.08.2021 and 01.04.2021 mandating compliance of provisions of section 194A and 194N of the Income Tax Act by co-operative societies cannot be challenged under Article 226 of the Constitution of India.
ITAT Delhi held that without pointing out any specific defect in the audited books of accounts, AO cannot and should not make any estimated addition. Accordingly, such estimated addition deleted.
TDS on Cash Withdrawals – Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank, or post office shall be required to deduct tax at source from any sum paid in cash from one or more accounts maintained by the recipient. The tax shall be deducted at the rate of 2% or 5% as the case may be
ITAT Chennai held that disallowance of interest u/s 36(1)(iii) of the Income Tax Act on loans and advances given to subsidiary company unjustified as investment in subsidiary is purely for commercial expediency.
ITAT Kolkata held that once the TDS is deducted then the liability resulting from the non-deposit of TDS by the deductor cannot be fasten on the deductee. Hence, denial of TDS credit to deductee unjustified.
