The Tax Talk

Discount by newspaper to vendors and advertising agencies is not ‘commission’ and not liable for TDS u/s 194H

August 19, 2021 0 Comments

Discount by newspaper to vendors and advertising agencies is not 'commission' and not liable for TDS u/s 194H Dempo Industries (P.) Ltd [2021] 126 taxmann.com 112 (Bombay) Short overview of the case: The case was regarding Deduction of tax at source as Commission or brokerage ...

TDS

TDS under section 194Q on Purchase of Goods & its applicability to APMC Broker

August 9, 2021 0 Comments

TDS under section 194Q on Purchase of Goods & its applicability to APMC Broker Query 1] Your article on sec 194Q sec 204 C (1H) was very informative. Please help us in resolving the following problem. I am Packa Adatia (i.e., Broker) ...

TDS

Failure of TDS by the deductor: Deductee cannot be denied the TDS Credit

July 30, 2021 0 Comments

Failure of TDS by the deductor: Deductee cannot be denied the TDS Credit There is a landmark judgment by the Madras HC which has held that the TDS credit cannot be denied to the taxpayers even if the payer after ...

TDS

Higher rate of TDS and TCS for Non-Filers of Income Tax Returns

July 19, 2021 0 Comments

Higher rate of TDS and TCS for Non-Filers of Income Tax Returns There may be many taxpayers who are not filing income tax returns even if the Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) is done on ...

TDS

Large credit co-operative society with turnover of Rs. 50 Cr liable for TDS on payment of interest

July 3, 2021 0 Comments

Large credit co-operative society with turnover of Rs. 50 Cr liable for TDS on payment of interest Now, all credit co-operative societies with turnover rexceeding Rs. 50 Cr will be liable to do the TDS on payment of interest to ...

TDS

The Controversy: No TCS on Purchase of Coal or Scrap because of declaration given by the buyer in Form No. 27C: Whether TDS U/s 194Q will be attracted?

July 1, 2021 2 Comments

The Controversy: No TCS on Purchase of Coal or Scrap because of declaration given by the buyer in Form No. 27C: Whether TDS U/s 194Q will be attracted? Scope of TDS compliance is all set to widen with effect from 1st July ...

TDS

Know about Fees & Penalty for late filing or Non filing of TDS Return

June 16, 2021 0 Comments

Know about Fees & Penalty for late filing or Non filing of TDS Return There are various knowledge sharing materials which are provided by the Income Tax Department for the update of the member. It acts as a guide to ...

TDS

TDS on Purchase of Goods U/s 194Q: Issues & Concerns

June 14, 2021 2 Comments

TDS on Purchase of Goods U/s 194Q: Issues & Concerns Scope of TDS compliance is all set to widen with effect from 1st July 2021 as “Purchase of Goods” will also be subject to TDS. Every buyer whose total sales, gross receipts ...

TDS

Extension of Due Dates of Filing Returns and TDS/TCS for Tax Payers for AY 2021-22

May 20, 2021 0 Comments

Extension of Due Dates of Filing Returns and TDS/TCS for Tax Payers for AY 2021-22 On Account of the surge in COVID cases, the following dates have been extended by the CBDT i) Due date for filing return of income for ...

TDS

DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION in summarize way

May 13, 2021 2 Comments

DID you KNOW - Interest, Late Fees and Penalty under TDS PROVISION in summarize way Abut By Author CA.Jayprakash Pandey Interest, Late Fees and Penalty under TDS provision This article will help you to solve your problems related to 3 areas on account ...

TDS

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 1 Comment

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 1 Comment

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 ...

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Category: TDS