Few TDS related Amendment by Notification No. 67/2022: An overview
Income Tax Department issued Notification number 67 of 2022 to effectuate certain TDS related amendments brought vide Finance Act 2022. For this purpose vide the said notification certain rules have ...
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Whether interest on delayed payment of TDS is deductible expenses?
Whether interest on delayed payment of TDS is deductible expenses?
One of the common question during assessment proceeding is regarding the allowability of deduction towards interest paid on GST, TDS, VAT etc. The question asked is whether this is an ...
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Whether interest on delayed payment of GST, VAT, TDS, Service tax is an allowable expenses?
Whether interest on delayed payment of GST, VAT, TDS, Service tax is an allowable expenses?
One of the common question during assessment proceeding is regarding the allowability of deduction towards interest paid on GST, TDS, VAT etc. The question asked ...
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TDS done U/s 194D in respect of payment by Life Insurance Companies & its Taxation
TDS done U/s 194D in respect of payment by Life Insurance Companies & its Taxation
Section 10(10D) provides that the assessee is not entitled to benefit u/s. 10(10D) of the Income Tax Act if the assessee’s premium payable exceeds 10% ...
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Section 44BB & the services or facilities provided by a non-resident assessee vis a vis TDS provision
Section 44BB & the services or facilities provided by a non-resident assessee vis a vis TDS provision
Here is an important case discussion about the scope of Section 44BB & the services or facilities provided by a non-resident assessee vis ...
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TDS Chart for FYs 2021-2022 & 2022-23
TDS Chart for FYs 2021-2022 & 2022-23
Nature of Payment
Section
Threshold Limit
(INR)
TDS Rate for Individual/HUF in %
TDS Rate for Others
Salaries
192
Rs. 5,00,000
According to employees’ individual slab rates
–
EPF premature withdrawal
192A
Rs.50,000
10
–
Interest of securities
193
Rs.10,000
10
10
Dividends
194
Rs.5,000
10
10
Interest (Banks)
194A
Rs.40,000
10
10
Senior Citizens
194A
Rs.50,000
10
–
Single contractor payment
194C
Rs.30,000
1
2
Aggregate contractor payment
194C
Rs.1 lakh
1
2
Insurance commission
194D
Rs.15,000
5
10
Life insurance policy
194DA
Rs.1 lakh
1
1
NSS
194EE
Rs.2500
10
10
Repurchase ...
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TDS on immovable Properties on either Agreement or Stamp Duty value, whichever is higher
TDS on immovable Properties on either Agreement or Stamp Duty value, whichever is higher
At present, section 194-IA provides for deduction of taxes (TDS) on payment of consideration to a resident seller for immovable property other than agricultural land, having ...
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Section 194R: TDS on benefits & Perquisite
Section 194R: TDS on benefits & Perquisite
Union Budget - 2022 has proposed to add Section 194R to provide for TDS on benefits & Perquisite. This is surely going to plug the revenue loopholes in the business operation. Mostly, insurance ...
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Taxation and TDS applicability on Stipend and Scholarship
Taxation and TDS applicability on Stipend and Scholarship
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Monitoring fee paid to foreign bank is liable for TDS U/s 195?
Monitoring fee paid to foreign bank is liable for TDS U/s 195?
Short Overview Monitoring fees paid by assessee to DEG Bank, Germany qualified as interest both under the Act, as well as DTAA between India and Germany and payment ...
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Commission given by the telecom Distributor directly to Retailers is not liable for TDS.
Commission given by the telecom Distributor directly to Retailers is not liable for TDS.
Issue of TDS on the sale of SIM Card, recharge voucher has always been issue of controversy and litigation in the past. Here is an important ...
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TDS mechanism cannot be put into practice until identity of the person in whose hands, it is includible as income can be ascertained.
TDS mechanism cannot be put into practice until identity of the person in whose hands, it is includible as income can be ascertained.
There are various instances when the provision for expenses is done in the books of accounts but ...
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The Controversy settled: Applicability of TDS on Purchase of Coal or Scrap after declaration in Form No. 27C
The Controversy settled: Applicability of TDS on Purchase of Coal or Scrap after declaration in Form No. 27C
Scope of TDS compliance has been widened with effect from 1st July 2021 as “Purchase of Goods” will also be subject to TDS. ...
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A Short overview of the Recent CBDT Guidelines on TDS & TCS provisions
A Short overview of the Recent CBDT Guidelines on TDS & TCS provisions- CA Naresh Jakhotia
The scope of Tax Deduction at Source (TDS) has been terribly widened by introduction of section 194Q in the Income Tax Act-1961. The newly ...
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CBDT clarification on applicability of TDS on purchase of Goods & TCS on sale of Goods
CBDT clarification on applicability of TDS on purchase of Goods & TCS on sale of Goods
The scope of Tax Deduction at Source (TDS) has widened drastically after the introduction of section 194Q in the Income Tax Act-1961. The newly ...
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Employee is eligible for TDS Credit even if employer failed to deposit the amount of TDS
Employee is eligible for TDS Credit even if employer failed to deposit the amount of TDS
Gauhati High Court in its judgment Date d 15th November, 2021 in the case of Kartik Sonavana Vs DCIT Circle-8 has held that an ...
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TDS not to be deducted on IT support charges paid to foreign company: ITAT
TDS not to be deducted on IT support charges paid to foreign company: ITAT
TDS under section of 195 is full of controversy and litigation. Often, department take a plea that all payment whatsoever outside india is liable for TDS. ...
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TDS not to be done on IT support charges paid to foreign company: ITAT
TDS not to be done on IT support charges paid to foreign company: ITAT
M/S. Hitachi Metglas (India) Pvt. ... vs Dcit, New Delhi (ITA No. 3694/Del/2016)
Facts:
1. The assessee had paid admin and Network Support service charges of Rs.35,60,212/- to ...
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