The Central Board of Direct Taxes (CBDT) has made it mandatory all deductors to issue the TDS certificate in Part B of Form no. 16 by downloading it through TRACES Portal. This will be applicable in respect of all sums deducted on or after April 1, 2018 under the provision of Section 192. CBDT Notification… Read More »
Non-resident company which did not have any permanent establishment India and the services by the said company was rendered outside India and such no services was rendered or no activity was performed in India section 195 of the Act comes into play only if the concerned recipient’s income is chargeable to tax in India.… Read More »
Rates for tax deduction at source [For Assessment year 2020-21] [As amended by Finance Act, 2019] * The rate of TDS shall be increased by applicable surcharge and Health & Education cess. Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident… Read More »
TDS on Year End Provisions Here are the Relevant Judgments on TDS on year end Provisions under Income tax Apply TDS u/s 194J on provision for Audit Fees :ITAT Chennai No TDS liability on Provisions at year end if payee not identifiable : ITAT No TDS on GST Paid / Payable on Services if Shown Seprarately… Read More »
Section wise TDS Rates / TDS Rate Chart for Financial Year 2019-20 or Assessment Year 2020-21 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Section Nature of Payment Threshold Rs Individual / HUF TDS Rate (%) Others TDS Rate… Read More »
Why do Bank Deducts TDS ? Banks must deduct TDS as per income tax act on interest income from Fixed Deposits when interest from one FD or sum of all FDs with the bank is more than Rs 10,000 in a year.Through TDS, Income tax department tracks persons who has earned interest income during the… Read More »
Ministry of Finance Central Board of Direct Taxes (CBDT) clarifies regarding issue of Prosecution Notices Posted On: 21 JAN 2019 The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading… Read More »
Section 194I Income Tax TDS on Rent Section 194I Income Tax Act deals with TDS on Rent . It is to be noted that for an Individual and HUF whose turnover from business does not exceeds Rs 1 crore in case of Business and Rs 50 Lakh in case of profession during the financial year… Read More »
TDS under Income Tax we have compiled free Study Material on TDS (Tax Deducted at source ) under Income Tax Section 194Q Income Tax : TDS on payment of certain sum for purchase of goods. Section 194R Income Tax Act TDS on benefit of perquisite in respect of business or profession w.e.f 01.07.2022 New Tax… Read More »
TDS on Provision for Audit Fees : Income Tax News [Part37]