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 : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
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 : 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 : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
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 ...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
Are you an NRI who is selling his/her property in India and are unable to recover the entire sale proceeds due to very high withholding tax/TDS (about 22-23%) on such property sale even when actual capital gains tax are much lower?
ITAT held that payment of Fees for training to Employees on soft skill & general topics cannot be treated as Fees for Technical Services (FTS)
Navigate the realm of TDS on Virtual Digital Assets (VDA) with insights into section 194S introduced in the Finance Act, 2022. Learn about applicable thresholds, tax deduction nuances, and the recent introduction of section 115BBH. Stay compliant and informed in the dynamic landscape of digital asset transactions.
Navigate the tax landscape of residential flat transactions with insights into TDS implications on purchase and sale. Understand the intricacies, compliance procedures, and consequences of non-deduction. Stay informed about GST on under constructed flats and make informed decisions.
Arvind Purseth Vs CIT(A) (ITAT Cuttack) It was submitted by the ld. Sr. DR that the only issue in the appeal of the assessee was that TDS had not been deducted in respect of payments made to M/s Sundaram Finance Ltd. and M/s Gulshan Freight Carrier. It was the submission that Form 26A had been […]
DCIT Vs Maahi Milk Producer Co. Ltd (ITAT Rajkot) The brief facts of the case the assessee is engaged in the business of selling milk and milk products. The assessee had made payment of Rs. 29,63,90,780/- to M/s. Mother Dairy and M/s. Giriraj Milk Pvt. Ltd. for conversion of raw milk into processed milk and […]
As per the provision contained in Income Tax Act, a resident payer is required to deduct TDS on sum paid to Non Resident payee, if income is chargeable to tax in India. Section 195 of Income Tax provides that payer is required to deduct TDS as per rates in force.
Payments towards professional and technical services may carry TDS provisions as covered under section 194J of the Income Tax Act. Learn what Professional Services, Fees for Technical Services, Royalty, and Non-compete Fees mean under Section 194J.
Learn about Section 194Q & Section 206C (1H) of the Income Tax act, 1961, and how they form TDS on payments for purchase of goods. 0.1% TDS rates for businesses with turnover above 10 crores explained.
N.C. Rajagopal & Co. Vs DCIT (ITAT Chennai) The assessee has claimed credit for TDS amounting to Rs. 45,59,855/-, whereas DCIT, CPC has allowed TDS credit for Rs. 33,35,055/-. We find that the assessee has claimed credit for TDS pertains to earlier financial years, because income relating to said TDS has been offered to tax […]
