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Towards commissions paid to the banks, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the TDS provision would not be applicable. The two-member bench of Saktijit Dey (Judicial Member) and Dr B.R.R. Kumar (Accountant Member) sees that the commission furnished to the partners would not be covered under section 194H of […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench ruled that the provisions of TDS are not applicable to recovery of late payment charges and Service Tax. The taxpayer M/s. Prithvi Outdoor Publicity LLP incurred the payment to M/s Andhra Pradesh Road Transport Corporation (APSRTC) to the tune of Rs.10,48,125/-. The AO ruled that the taxpayer […]
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
When GST was introduced last year, many skeptics seemed surprised by its complex framework. However, a year later, the GST has undergone a cosmetic makeover of some sort.
1. Section 192(A) – Payment of an accumulated balance of PF due to an employee. The threshold limit increased to Rs. 50,000 from the prior limit Rs. 30,000 for the purpose of deducting TDS. Means, no TDS applicable if PF withdrawal amount is less than Rs 50,000. 2. Section 194BB – Wining from Horse Race, […]
On March 31, 2020, the Central Board of Direct Taxes (CBDT) issued some new provisions related to Tax Deducted at Source (TDS) and TCS collections and other related works. The provisions were introduced because of the outbreak of COVID-91 in the country. The provisions were issued related to the issue of certificates of the lower […]
The Goods and Service Tax or the GST will complete one year on July 1st, 2018. In this period, a number of provisions which were part of the original draft for GST were put on hold at the behest of requests from Industry leaders and experts to reduce the burden of Tax compliance.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that as the taxpayer was a non-resident therefore the entire tax ought to be deducted at source on payment made via the payer to it, and no question was there for the advance tax payment by the taxpayer; consequently, no interest Under Section 234B can […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assesses who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
