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The husband would be qualified for taking the credit of TDS on the interest made on the amount gifted to his wife, Income Tax Appellate Tribunal’s (ITAT), Pune Bench ruled. The two-member bench of R.S. Syal (Vice President) and S.S. Viswanethra Ravi (Judicial Member) ruled that assessability is there in the hands of somebody other […]
This article will aware of the TDS claim process if credit is not reflected in 26AS, AIS and TIS forms. There is Section 205 of the Income Tax Act of 1961 that gives you rights in certain situations. For example, if you are paying 60% tax on your income but your adequate tax liability is […]
The payment for an employee’s contribution to the provident fund post-due date is not permissible as a deduction said the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT). The two-member bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash Kant (Accountant Member) sustained with the decision of the Supreme court for the case […]
According to a recent decision by the Pune bench of the Income Tax Appellate Tribunal (ITAT), if the tax was not deposited, the advantage of tax deduction at source shall not be granted in the intimation under section 143(1) of the Income Tax Act of 1961. According to Section 143(1) of the Income Tax Act […]
Before the Union budget, a suggestion has been incurred by the banking sector via the Indian Banks’ Association (IBA), to the Union finance ministry on direct tax along with the elimination of Section 194N of the Income Tax Act. Tax deduction at source (TDS) as per section 194N is needed to be executed when the […]
What is Form 16B? The amount of money deducted as property TDS is essentially shown by Form 16B. In this instance, the buyer must essentially deduct the TDS from the property at the time of sale. The amount deducted as TDS on the sale property that the buyer had deposited with the Income Tax Department […]
Summary of 15G and 15H Forms Form 15G and 15H are submitted to the bank by individuals requesting that their interest income not be subject to TDS. In order to do so, you must provide your PAN. Online forms are available on some banks’ websites. Form 15G Form 15H Any HUF, resident individual, trust, or […]
Simple Meaning of TDS Challan TDS challans are used to deposit TDS with the Indian government. There is only one challan that can be utilised for depositing taxes collected under each section of the Income Tax Act. Assesses who want to pay the TDS without a challan must deposit the TDS collected on the same […]
Form 15G for the provident fund (PF) withdrawal would be the self-declaration form which confirms the petitioner that there shall be no TDS deduction when they withdraw their provident fund prior to the provided fiscal year. Under the norms of income tax, when the employee withdraws via provident fund prior to completing 5 years with […]
