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.

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 ...
Read More

TDS on Purchase of Goods: Confusion & Clarification

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% ...
Read More

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

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 ...
Read More

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 / ...
Read More

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 ...
Read More