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Applicability of TDS under section 194-I on lease premium payment to Mumbai Metropolitan Regional Development Authority

February 22, 2021 0 Comments

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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Foreign income of an employee being a NOR can’t be taxed in India even if employer deducted TDS thereon

February 18, 2021 0 Comments

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

February 12, 2021 1 Comment

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

February 8, 2021 3 Comments

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

February 5, 2021 3 Comments

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.

January 27, 2021 0 Comments

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

November 7, 2020 0 Comments

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

October 28, 2020 0 Comments

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

October 27, 2020 0 Comments

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

October 17, 2020 0 Comments

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)

October 10, 2020 5 Comments

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

October 7, 2020 0 Comments

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

October 2, 2020 0 Comments

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

September 28, 2020 0 Comments

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

September 21, 2020 0 Comments

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

September 19, 2020 0 Comments

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

August 27, 2020 0 Comments

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).

August 25, 2020 0 Comments

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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