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Non-resident Indians (NRIs) need to get a Tax Deduction at Source (TDS) certificate in order to avoid having taxes deducted on income generated in India. NRIs cannot utilize Form 15G/H to excuse themselves from TDS on their income as residents may. Instead, they must submit an application to the assessing officer to get a certificate […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961 does not apply to casual labour expenses incurred for activities such as road construction, crane hiring, and site machine shifting. The entity in question, Amtech Engineers, is a […]
The late payment of Tax collection at source (TCS) and Goods and Services Tax (GST) does not constitute a penalty and should, in fact, be eligible for deduction under Section 37 of the Income Tax Act, 1961, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) recently ruled. The taxpayer involved in this case […]
The Income Tax Department, in its next drive, handing over a target of 50 cases per Assessing Officer for a survey or online TDS verification. It has 16 parameters that could be followed to pick up these cases. These criteria include cases of sick units or units with negative operating margins, cases indicating a negative […]
Various long-term and short-term investment plans are been provided by the post office however one should learn that not all the investment schemes would be free from tax since some schemes where interest provided through the post office would levy tax and no deduction is available under section 80C of the Income-tax Act, 1961. Remember […]
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Co-operative society engaged in banking businesses does not fall under the category for deduction under Section 80P (2) (a) (i) of the Income Tax Act, 1961. Nil return had been filed by the assessee, M/s. Shri Basaveswar Credit Cooperative Society Ltd. […]
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 […]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has ruled in response to an appeal that if Income Tax Form 15G/ 15H is submitted by the assessee before year-end, no TDS default can be levied on interest payments. The ITAT Chennai bench has made this observation where the assessee filed an appeal with the Chennai […]
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, […]
