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There should be a Tax deduction at source (TDS) on the interest exceeding a specific level earned on the fixed deposits. W.e.f 1 June 2015 recurring deposits have also been brought under the net of TDS. However, no TDS is there on interest made from a savings account of an individual or a Hindu Undivided […]
On October 13, 2024, the Goods and Services Tax Network ( GSTN ), vide its advisory issued, notified to allow the registration utility in the GST portal for Tax Deduction at Source ( TDS ) u/s 51 of the GST Act for the scrap dealers. GST Notification 25/2024-Central Tax “The government has issued Notification 25/2024-Central […]
The reassessment of the assessee has been quashed by the Delhi Bench of Income Tax Appellate Tribunal ( ITAT ), which held that an assessment u/s 147 of the I-T Act,1961 cannot be reopened based on mere modification of opinion. Bhartiya Samruddhi Investments and Consulting Services Limited, the appellant-assessee, asserted ₹91,47,928 as ‘sundry advances/assets written […]
The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to […]
If due to any unavoidable situation the factory gets closed then it is not obligated to pay the excise duty, the Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) cited. The Bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has marked that “the closure of the factory was not on […]
A demand notice has been received before various TCS employees from the income tax department for the alleged discrepancies in their tax deduction at source (TDS) claims. The IT giant TCS has asked its employees to wait for additional instructions before paying the sought amount. Between Rs. 50000 to Rs. 1.5 lakh, the tax demand […]
The Punjab & Haryana High Court has set aside the hefty penalty of Rs.128 Crores levied on the Land Acquisition Officer (LAO) for failing to deduct Tax Deduction At Source (TDS) on the interest on the surged compensation disbursed under the Land Acquisition Act. It was remarked by the court that the officer followed the […]
What is the New TDS Section 194T? The Finance Bill, 2024, presents a significant change for partnership firms with the proposal to insert a new TDS section 194T of the Income Tax Act, 1961. The same move has the motive to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the […]
The Supreme Court is ready to investigate the problem of the applicability of the provisions of tax deduction at source (TDS) on the allowances furnished before judicial officers under the Second National Judicial Pay Commission (SNJPC). The same issue has been analyzed via the Court in the All India Judges Association case in which it […]
