Category: TDS

Short Overview of the Clarification Circular issued on applicability of TDS U/s 194R   CBDT issues Circular no 18 dtd 13.9.22 clarifying issues on section 194R : one-time loan settlement with borrowers or waiver of loan granted on reaching settlement with ...

Reimbursement of Expenses by the Principal and TDS applicability on payment of expenses by the agent  Often an issue of Reimbursement of Expenses by the Principal and TDS applicability on payment of expenses by the agent is there with the ...

Rule 40G & Form No. 29D: Application before AO for refund of TDS paid (Grossed up) where it was not deductible u/s 195 (other than Interest)   The Finance Act, 2022 inserted a new section 239A in the Income-tax Act,1961 ...

Payment of interest on late deposit of TDS is not allowable as deduction: Delhi ITAT   Whether interest paid for delay in payment of TDS is an allowable expenditure or not is a question often asked. More particularly, one may note ...

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 ...

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 ...