Applicability of TDS under section 194-I on lease premium payment to Mumbai Metropolitan Regional Development Authority
Short Overview Lease premium paid by assessee to Mumbai Metropolitan Regional Development Authority did not constitute advance rent, but it was a lease premium for ...
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The Blogs
Foreign income of an employee being a NOR can’t be taxed in India even if employer deducted TDS thereon
Foreign income of an employee being a NOR can’t be taxed in India even if employer deducted TDS thereon
Dr. S. Muthian v. ACIT - [2021] 124 taxmann.com 339 (Madras)
Short Overview:
Assessee was employed in Google India Private Limited.
He was not ordinarily resident ...
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TDS & TCS Rate for the FY 2021-22
TDS & TCS Rate for the FY 2021-22
During the FY 2020-21, Concession of 25% in TDS /TCS rate was offered. This 25% concession is not available for the FY 2021-22 onward.
The new TDS / ...
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TCS on Sale, TDS on Purchase: All Trial & Error at the cost of the Taxpayers
TCS on Sale, TDS on Purchase: All Trial & Error at the cost of the Taxpayers
In the least year Union Budget- 2020, Section 206C(1H) was added in the Income Tax Act- 1961 as a result of which every seller ...
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TDS on purchase of Goods: All Trial & Error at the cost of the Taxpayers
TDS on purchase of Goods: All Trial & Error at the cost of the Taxpayers
In my weekly issue “The Tax Talk” Dated 01/02/2021 wherein the provision & difficulty related to TCS provisions u/s 206C(1H) was covered, I have concluded ...
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No TDS under section 194C on reimbursement of freight charges to C&F agent.
No TDS under section 194C on reimbursement of freight charges to C&F agent.
Zephyr Biomedicals
[2020] 122 taxmann.com 124 (Bombay)/[2020] 428 ITR 398 (Bombay)
Short overview of the case:
- Section 194C of the Income-tax Act, 1961
- Deduction of tax at source
- Contractors/sub-contractors, payments to ...
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TCS CODE FOR TDS PAYMENT & TDS CODE FOR TCS PAYMENT
TCS CODE FOR TDS PAYMENT & TDS CODE FOR TCS PAYMENT
TCS CODE FOR TDS PAYMENT & TDS CODE FOR TCS PAYMENT
0
Section
Nature of Payment
Code
192
Payment to Govt. Employees other than Union Government Employees
92A
192
Payment to Employees other than Govt. Employees
92B
193
Interest on securities
193
194
Dividend
194
194A
Interest ...
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No coercive recovery from Deductee if the TDS is not deposited by Deductor
No coercive recovery from Deductee if the TDS is not deposited by Deductor
There are judicial pronouncements which say that if the deductor fails to deposit the amount of TDS in the Government Treasury, the deductee is entitled for the ...
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TDS Credit if the amount is getting reflected in the 26AS of the next year
TDS Credit if the amount is getting reflected in the 26AS of the next year
The issue of TDS is highly tedious and there are number of issues that are still unresolved. Entire system of giving credit to the deductee ...
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Reimbursement of expenses having no element of profit for recipient are not liable for TDS
Reimbursement of expenses having no element of profit for recipient are not liable for TDS
BOMBAY HIGH COURT
M/S. ZEPHYR BIOMEDICALS, M/S. ORCHID BIOMEDICAL SYSTEMS, VERSUS THE JOINT COMMISSIONER OF INCOME TAX, RANGE-1, PANAJI GOA
TAX APPEAL NOS.47, 48, 49 OF 2015, ...
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PPT on Tax Collection at Source (TCS) Sale of Goods U/s 206C(1H)
PPT on Tax Collection at Source (TCS) Sale of Goods U/s 206C(1H)
PPT on Tax Collection at Source (TCS) Sale of Goods U/s 206C(1H)
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TDS Rates for tax deduction at source for AY 2021-22
TDS Rates for tax deduction at source for AY 2021-22
All the TDS Rates mentioned below are to be reduced by 25% in view of the relief measures announced by the Government due to Covid-19.
Particulars
TDS Rates (in %)
1. In the ...
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Few issue related to TDS on cash withdrawals u/s 194N
Few issue related to TDS on cash withdrawals u/s 194N
Originally section 194N has provided for TDS @ 2% on cash withdrawn in excess of 2%. However, Finance Act, 2020 has altogether changed the mode of collecting TDS by providing (a) different ...
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Sale of Goods liable for TCS: An Overview of the New TCS Compliance
Sale of Goods liable for TCS: An Overview of the New TCS Compliance
The scope of Tax Collection at Source (TCS) is set to increase enormously with effect from 01/10/2020. Now, every seller whose turnover in the FY 2019-20 is ...
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TDS on cash withdrawn from bank & Societies u/s 194N: Issues & Concerns
TDS on cash withdrawn from bank & Societies u/s 194N: Issues & Concerns
New & new system of tax collections and raising revenue is often explored by the tax department. Not all, but some of them are really interesting and ...
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Discount may attractsTDS under section 194H
Discount may attracts TDS under section 194H
Yes, discounts may attract TDS under section 194H. This is the issue involved in a number of cases now. Question arises as to how the discount given by the seller attracts TDS. Discount ...
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TDS / Withholding of tax under section 195, Payment of royalty to various countries & Proof of residency certificate
TDS / Withholding of tax under section 195, Payment of royalty to various countries & Proof of residency certificate
Short Overview : In the absence of any evidence even in one case that the vendor of a country of 10% withholding ...
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TDS on payment to NRI ass Fees for Technical Services or Business Income or Independent Personal services (IPS).
TDS on payment to NRI ass Fees for Technical Services or Business Income or Independent Personal services (IPS).
Foreign remittances are subject to Tax Deduction at Source (TDS) u/s. 195. There is a lot of confusion as to the applicability ...
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