Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
Income Tax : Learn how to apply for a Lower Tax Deduction Certificate (LTDC) under Section 197 to reduce TDS, improve cash flow, and optimize t...
Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Government decriminalizes minor direct tax offences, simplifies compliance, and improves litigation management. Key changes includ...
Income Tax : Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be ...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : No tax deduction required on purchases from IFSC Units under Section 194Q of the Income-tax Act, 1961, with specific conditions fo...
Income Tax : No income tax deduction will apply to payments made to credit guarantee funds managed by NCGTCL, as notified under Section 197A(1F...
Income Tax : No income tax deduction will be made on payments to NCGTCL under Section 197A(1F) of the Income-tax Act, 1961, as notified by the ...
Corporate Law : Ministry clarifies TDS refund transfer to FCRA accounts, stating it’s not a violation and must be reported as "other income" in ...
Tds Rates for financial year 2011-12 and assessment year 2012-13 – The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same.
Supreme Court in Bhatinda District Co-op. Milk Producers Union Ltd. [2007] 9 RC 637 ; 11 SCC 363 action must be initiated by the competent authority under the Income-tax Act, where no limitation is prescribed as in section 201 of the Act within that period of four years. In Van Oord ACZ India (P) Ltd. v. Commissioner of Income-tax 323 ITR 130 (Del), the Hon’ble Delhi High Court had approved the view expressed by the Special Bench in the case of Mahindra & Mahindra Ltd. (supra).
it has been brought to the notice of Direct Taxes Committee that demand notices are being served on the Deductors on account of various possible reasons. The said matter was placed by ICAI before the Central Direct Taxes Advisory Committee in its meeting which was chaired by Hon’ble Finance Minister Shri Pranab Mukherjee.
ITO (TDS) Panchkula Vs. Bharat Electronics Ltd. (ITAT Chandigarh) it is apparent from the record that the assessee deducted TDS correctly and revised the PAN and filed revised statement in Form No. 26Q, hence there was sufficient compliance of the provisions of section 139A of the Act. Even otherwise the assessee did not derive any benefit whatsoever, by filing the wrong PANs and PAN was corrected after ascertaining the same from the respective deductees. In our view the assessee has proved that there was reasonable cause for alleged failure and hence no penalty is leviable
Recently, an opinion was sought from me by a client regarding TDS implications under Chapter XVII-B of the Income-Tax Act, 1961 (the Act), in respect of merchant service fees payable in the course of settlement of credit card transactions for the purchase of goods / services. In the aforesaid transactions, the functions of the relevant entities may be briefly discussed as follows :
Section 192 of the I.T. Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force.
If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted(Sec.205). Moreover u/s.199 such tax deducted at source shall be treated as payment of tax on behalf of the payee (assessee).
The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora’s box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters’ body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay TDS on payments made for foreign agency commissions, royalties and offshore professional services.
Key features of NSDL Return Preparation Utility (RPU) version 2.7 Correction Statements: Mandatory to import consolidated file for validating the Correction statements. Incorporated FVU: FVU version 3.3 and FVU version 2.131 are incorporated. Higher deduction deductee record: For deductee records with valid deductee PAN where tax has been deducted, update is allowed on all fields of the deductee record, except for the column “Remarks (Reason for lower deduction/ no deduction/ higher deduction/ threshold)
SRL Ranbaxy Ltd vs. ACIT (ITAT Delhi) – In the present case, no income was found credited to the account of the collection centers. The loss on account of any damage was to be borne by the collection centers. The expenditure on salary/staff of the collection centers was to be borne by the collection centers
