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On this page, you will find all the articles and popular news which cover the information about the TDS (Tax Deducted at Source), which consists of notification given by the income tax department that where the tax needs to be deducted or which product attracts taxes.
The taxpayers expect a notification from the taxation council about the deduction rates or updates in TDS etc. thus we have all the TDS-related articles and news in one portal.
There are several articles that are kept in the library of the SAG infotech; this library will be favorable for the CA, taxpayer, and for company executives. All the articles were written by the tax professionals and CA so that no mistakes be there in the articles. The materials of news take from the income tax department.
The Kolkata Bench of Income Tax Appellate has released an order for the reassessment regarding a case where there was an error found in Tax Deducted at Source (TDS) reported in Form 26AS and the profit and loss account. This difference occurred because of inadequate required evidence. Regarding the AY 2015-16, the assessee filed an […]
The specific TDS/TCS statements filing deadline has been extended by the Central Board of Direct Taxes (CBDT) to September 30, 2023. The board has given a waiver in completing the following compliance standards within the authority provided under Section 119 of the Income Tax Act, 1961: Form 26QFor any payments received except salaries, Form 26Q […]
In a significant decision, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the addition made towards the short deduction of Tax Deducted at Source (TDS). The tribunal emphasised that the relationship between a professional doctor consultant and a hospital cannot be considered an employer-employee relationship unless explicitly stated in the appointment […]
The purpose of this post is to explain the process of Sections 206AB and 206CCA filing under income tax using Gen TDS Software. The income tax act inserts section 206AB after section 206AA. The latter requires the provision of a Permanent Account Number (PAN) to deduct TDS. In the Income Tax Act, section 206CCA for […]
Simple to Understand TDS Interest You would be required to file the interest Under Section 201(1A), in case of a late deposit of TDS after deduction. A 1.5% per month interest would be computed from the date on which the TDS was deducted to the actual date of deposit. The same would be computed on […]
A notification has been issued by the Central Board of Direct Taxes (CBDT) which specifies that the TDS shall be subject to be applied to the interest made on the Mahila Samman savings scheme. According to the latest notifications, the tax shall get deducted on the interest that has been made via the Mahila Samman […]
In a recent decision, the Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, ruled that TDS under Section 194IA is only applicable when the consideration for transferring immovable property is greater than Rs. 50 lacs. When the assessee filed an appeal against the judgement of the CIT(A), National Faceless Appeal Center, Delhi, dated 20-10-2021, for the […]
It was held by the Supreme Court that there will be no penalty imposed on a mere delay in the settlement of the TDS (tax deducted at source) after it has been deducted by the assessee under Section 271C of the Income Tax Act. The bench of two judges, Justices M.R. Shah and C.T. Ravikumar, […]
The concept of TDS was introduced with the aim of collecting tax from the very source of income. As per this concept, a person (deductor) liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The […]