The Tax Talk

TDS need not be paid on year end provisions for expenses not fully converting into actual expenses:

April 15, 2021 0 Comments

TDS need not be paid on year end provisions for expenses not fully converting into actual expenses: Toyota Kirloskar Motor (P) Ltd [TS-249-HC-2021(KAR)] Short overview: Provision for year end expenses was made in the books of the assessee of Rs 111.47 ...

TDS

Whether TCS on sale of Goods is applicable after introduction of TDS on Purchase of Goods?

April 12, 2021 0 Comments

Whether TCS on sale of Goods is applicable after introduction of TDS on Purchase of Goods? Section 206C(1H) was added in the Income Tax Act- 1961 in the last year which requires every “Seller” with turnover exceeding Rs. 10 Cr ...

TDS

TDS disallowance u/s 40(a)(ia) is applicable while computing income chargeable under the head “Profits and gains of business or profession” and it is not applicable to any other heads of income.

April 8, 2021 0 Comments

TDS disallowance u/s 40(a)(ia) is applicable while computing income chargeable under the head "Profits and gains of business or profession" and it is not applicable to any other heads of income. Short Overview Provision of section 40(a)(ia) is applicable for ...

TDS

TDS on Purchase of Goods & its inter play with TCS provision on sale of Goods

April 8, 2021 0 Comments

TDS on Purchase of Goods & its inter play with TCS provision on sale of Goods Section 206C(1H) was added in the Income Tax Act- 1961 in the last year which requires every “Seller” with turnover exceeding Rs. 10 Cr ...

TDS

Threshold limit for TDS to be checked contract wise if assessee entered into separate contract with each transporter

April 7, 2021 1 Comment

Threshold limit for TDS to be checked contract wise if assessee entered into separate contract with each transporter Bal Krishan Sood v. ITO - [2021] 125 taxmann.com 276 (Chandigarh - Trib.) Short Overview : Assessee was a transporter. During assessment proceedings, Assessing Officer (AO) AO ...

TDS

TDS on Purchase of Goods: Confusion & Clarification

April 5, 2021 0 Comments

TDS on Purchase of Goods: Confusion & Clarification Section 206C(1H) was added in the Income Tax Act- 1961 in the last year which requires every “Seller” with turnover exceeding Rs. 10 Cr to collect Tax at Source (TCS) @ 0.10% ...

TDS

Rates of TDS from 01/04/2021 [FY 2021-22]

April 1, 2021 1 Comment

Rates of TDS from 01/04/2021 [FY 2021-22] The rate of TDS along with relevant section, Applicable Threshold limit as effective from 01/04/2021 from the Financial year 2021- 22 is as under: Section under which TDS is applicable Nature of Payment Cut Off Limit ...

TDS

No TDS U/s 194H by Pharma co. providing travel, accommodation and other facilities to persons associated with it.

March 31, 2021 0 Comments

No TDS U/s 194H by Pharma co. providing travel, accommodation and other facilities to persons associated with it. Intas Pharmaceuticals Ltd. [2021] 123 taxmann.com 300 (Ahmedabad - Trib.) Short Overview: Section 194H of the Income-tax Act, 1961 - Deduction of tax at source Commission or brokerage ...

TDS

TDS U/s 195 : Salary would not fall within the expression ‘fees for technical services

March 12, 2021 0 Comments

TDS U/s 195 : Salary would not fall within the expression 'fees for technical services Shorty Overview When expatriate employees seconded to assessee had worked as employees of assessee-company, their salaries had been rightly subjected to TDS under section 192 and ...

TDS

TDS: Whether liability to do TDS u/s 194C on payment to travel agent for booking of airline tickets

March 10, 2021 0 Comments

TDS: Whether liability to do TDS u/s 194C on payment to travel agent for booking of airline tickets This is one of the most common questions as various businessmen are regularly making payments to travel agents for booking the airline ...

TDS

Whether TDS is payable if the agent is transferring the amount after retaining its commission amount?

March 6, 2021 0 Comments

Whether TDS is payable if the agent is transferring the amount after retaining its commission amount? Whether TDS is payable if the agent is transferring the amount after retaining its commission amount? Such situations often arise on commission payable to ...

TDS

An Overview of all the changes Related to TDS & TCS by Union Budget – 2021

March 5, 2021 0 Comments

An Overview of all the changes Related to TDS & TCS by Union Budget - 2021 Taxpayers not only have to do business but also have to work for the Government by doing TDS/TCS, which establishes the trail of the transactions. The scope ...

TDS

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 ...

TDS

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 ...

TDS

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 / ...

TDS

TCS on Sale, TDS on Purchase: All Trial & Error at the cost of the Taxpayers

February 8, 2021 6 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 ...

TDS

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 ...

TDS

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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All about Foreign Tax Credit

New Tax Regime & Deduction ...

Landmark Judgement : No reasons ...

TDS need not be paid ...

Category: TDS