TDS

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Bankruptcy Process Can Not Be Initiated Against Companies On The Basis Of TDS Dues: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that insolvency proceedings cannot be initiated against any company on the basis of tax deducted at source (TDS) arrears. The NCLAT set aside an order of the Kolkata Bench of NCLT, saying that an operating lender of the company cannot use the process of Insolvency and …

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Income tax return: Non-ITR filers? Be ready to face higher TDS

If you are among those individuals who have not filed the income tax return (ITR) for financial year 2020-21, then you will be on the list of non-tax filers and have to face higher tax deduction at source (TDS) from this financial fear. The Central Board of Direct Taxes (CBDT) has issued a circular regarding …

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How to Claim TDS Refund Online?

New rule related to TDS is changing from July 1, may have to pay more tax

From July 1, the new rule of deduction of tax linked to TDS is coming into force. Under this, a new section 194R was added in the Income Tax Act in the budget, under which if any profit of Rs 20,000 or more is given in a year, then 10 percent TDS will have to …

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TDS Rate Chart for FY 2022-23/AY 2023-24

Want To Know Applicability Of TDS On Cash Withdrawal? Follow This Simple Way

Income Tax Department has made this easier to let you know whether TDS on cash withdrawal is applicable to you or not. For this you just have to fill your PAN and mobile number. On the next page you have to fill OTP as received on mobile number entered in the website. After verifying the …

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Want To Know Applicability Of TDS On Cash Withdrawal? Follow This Simple Way

Income Tax Department has made this easier to let you know whether TDS on cash withdrawal is applicable to you or not. For this you just have to fill your PAN and mobile number. On the next page you have to fill OTP as received on mobile number entered in the website. After verifying the …

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TDS on purchase and sale house property

Tax Deducted at Source –TDS Meaning, Filing, Return & Due Dates

TDS is basically a part of income tax. It has to be deducted by a person for certain payments made by them. In this article, we will discuss in detail the TDS provisions under the Income Tax Act. TDS or Tax Deducted at Source is income tax reduced from the money paid at the time …

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Alert: Not filing ITR can result in higher TDS next year; Know more

Not filing ITR can result in higher TDS next year. The last date to file ITR for AY 2021-22 is 31st March, 2022.Let’s not wait for the last day! FileNow Pl visit: https://t.co/GYvO3n9wMf What Might Happen If You Don’t File ITR By March 31? Under Section 270 of the Income Tax Act, 1961, the I-T …

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ITR filing: Check TDS rates applicable on salary, interest, other incomes

ITR filing: Check TDS rates applicable on salary, interest, other incomes Individuals must have noticed a certain amount deducted on their incomes like salaries, interest, commission received, dividends etc. Short for ‘Tax Deducted at Source’, TDS was brought in to collect tax at the source from where an individual’s income is generated. Basically, the entity/person making a …

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TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

TDS Rate Chart For Financial Year 2022-23 (Assessment Year 2023-24)

Every year there are some changes in the rates of TDS applicable for a financial year. Now for Financial Year 2022-23, two new sections 194R and 194S are inserted in the Income Tax Act 1961 which are related to TDS (in Union Budget 2022-23). Section 194IA of the Income Tax Act 1961 related to TDS …

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Breaking: AO Should Allow TDS Credit To Employee Even if The Employer Has Not Deposited TDS

Breaking: AO Should Allow TDS Credit To Employee Even if The Employer Has Not Deposited TDS

In the case of Kartik Vijaysinh Sonavane Vs DCIT, Gujarat High Court has held that: The facts being almost identical, no separate reasoning are desirable and the petition is being ALLOWED. The department is precluded from denying the benefit of the tax deducted at source by the employer during the relevant financial years to the petitioner. …

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All about Form 16 and 16A of TDS

Know everything about Form 16 & 16A of Tax Deducted at Source Introduction Let’s discuss the importance of one of India’s most crucial paperwork for taxes. Under section 203 of income tax deducted at source, there are three different types of forms that are filed. Form 16, Form 16A, and Form 16B, are the three different …

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Read – BIG Relief for ST community – CG relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act

CG has relaxed the provisions of Income-Tax Act, 1961 Act in relation to the payment of interest regarding TDS by Scheduled Bank to a member of Scheduled Tribe (ST) community. READ the below press released issued in this regards- Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of …

Read – BIG Relief for ST community – CG relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act Read More »

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Tax implications on the amount paid to Resident Doctor

Query: Shall TDS be deducted on payments made to Resident doctors who are undergoing post-graduation? Scenario: Resident doctors (Herein after referred as Doctor) are being employed in the hospitals under the cover of an agreement. Agreement stipulates the doctor shall render his/ her full-time services to the health care unit and shall hold till agreed period. Further, …

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CBDT clarification – Businesses need not deduct TDS on share/commodity purchases via exchanges

Overview :- The I-T department has introduced a provision relating to Tax Deducted at Source (TDS) from July 1, 2021, which would be applicable to businesses with turnover of Over Rs 10 crore. Such businesses while making any payments for purchase of goods exceeding Rs 50 lakh in a financial year to a resident would …

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TDS Return Filed within Due Date but Processed with Demand on New Income Tax Portal

TDS Return Filed within Due Date but Processed with Demand on New Income Tax Portal

After the launch of new income tax portal on 7th June 2021, there are several glitches on the portal which are not resolved till date. Some are related to ITRs whereas others are related to other forms and activities. In the instant case, a professional named CA Abhas Halakhandi filed TDS return on 14th July …

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TAX

Breaking: Calcutta High Court Grants Stay on Deduction of Tax at Source Under Section 194N of the Income Tax Act

In a writ petition filed in Calcutta High Court, a petitioner has challenged the constitution validity of Section 194N of the Income Tax Act 1961. Considering the facts submitted by the petitioner, the High Court grants stay on deduction of Tax at Source under the section till 30th September 2021. Order attached for your kind …

Breaking: Calcutta High Court Grants Stay on Deduction of Tax at Source Under Section 194N of the Income Tax Act Read More »

CALCUTTA HIGH COURT

Calcutta High Court’s Landmark Interim Order in Petition Challenging Constitutional Validity of Section 194N of the Income Tax Act

Calcutta High Court passes landmark interim order in petition challenging constitutional validity of Section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals from banking company. Petitioner submitted that Section 194N of the said Act is beyond the legislative competence of …

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itr filing last datai: inakam taiks se jude ye phorm jald bhar den, 31 julaee ke baad nahin milega mauka taiksapeyar ko ek badee raahat dete hue kendreey pratyaksh kar bord chbdt ne vitt varsh 2020-21 aur esasament eeyar 2021-22 ke lie aayakar ritarn daakhil karane kee samay seema ko badha diya hai. ab koee vyakti 30 sitambar tak apana inakam taiks ritarn daakhil kar sakata hai. kampaniyon ko 31 julaee se pahale har haal mein apane karmachaariyon ko phorm 16 jaaree kar dena hai. karmachaaree kee dyootee hai ki ise vah 31 julaee tak praapt kar le. 2. inakam taiks se jude phorm nambar 64ch ke sabhee kaam 31 julaee se pahale nipata len. isamen inavestament phand kee pooree jaanakaaree hotee hai. holdar ke khaate mein 2020-21 ke dauraan kya phand jama hue ya kredit hue, isaka stetament phorm 64ch mein darj hoga. kendr sarakaar ke mutaabik yah kaam 31 julaee 2021 tak nipat jaana chaahie 3. phorm 15chch mein otharaij deelar ko timaahee ka stetament bharana hai. 30 joon 2021 tak use jo bhee kamaee huee hai, usakee jaanakaaree 31 julaee 2021 tak dena jarooree hai. baad mein isaka mauka nahin milega 4. phorm 1 mein ikvalaijeshan levee stetament kee pooree jaanakaaree denee hogee. yah kaam bhee 31 julaee tak kar dena hai 5. inakam taiks kee dhaara 9a ke antargat sab sekshan (5) mein saalaana stetament kee jaanakaaree denee hai. jo log phorm nambar 3chaik mein phand ke nivesh kee jaanakaaree dete hain, unhen 2020-21 ke lie yah phorm bharana hoga. yah kaam bhee 31 julaee tak kar dena hai 6. phorm sankhya 34bb mein inakam taiks kee dhaara 245em ke sab sekshan (1) ke tahat lambit aavedan (tatkaaleen aayakar nipataan aayog ke samaksh daayar) ko vaapas lene ka vikalp, 31 julaee, 2021 ko ya usase pahale prayog kiya ja sakata hai ye hain do aham taareekh ज़्यादा दिखाएं 1526 / 5000 अनुवाद के नतीजे ITR filing last date: Fill this form related to income tax soon, no chance will be available after July 31

Breaking: Government grants further extension in timelines of compliances

Relief to the Taxpayers !! TDS Returns has been extended now up to 15th July 2021 and generation of Form 16 would be 31st July 2021 A. Tax exemption Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no …

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Income Tax Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know the rules

Income Tax Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know Rules

Alert! If you have not filed income tax return for the Preceeding 2 financial years before 31st June, then payments made to you will be liable to be deducted at twice the previous rate. That is, you have only till 30th June to file income tax return of the Preceeding years. Preceeding year for the …

Income Tax Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know Rules Read More »

Stringent Provisions Section-194Q, 206AD and 206CCA

STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961- W.E.F. 1ST JULY, 2021

DID you KNOW? The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1stof July, 2021. TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) – W.E.F 01st-Oct-2020) TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my …

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INCOME TAX

Section 194Q of the Income Tax Act 1961: Tax Deduction on Purchase of Goods

The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller. The present article covers briefing of provisions of section 194Q section applicability with examples, rates, exemption and …

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CBDT CLARIFICATION REGARDING CARRY FORWARD OF LOSSES

IT Return Filing: These Taxpayers May Have to Pay Double TDS from Next Month

There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021. One of the important changes that will come into effect from next month is related to your income tax returns filing. Come July 1 and you may have …

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The Income Tax Department has issued income tax refunds to about 24 lakh taxpayers in the country till 30 August 2021. This includes both individual and corporate income tax payers, read full news

Tax deducted at source(TDS) U/s. 194A, 194J & 193 of Income Tax Act, 1961

Tax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called …

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LATE FILING FEES AND PENALTY FOR FAILURE TO FURNISH/DELAY IN FURNISHING THE TDS/TCS STATEMENTS

Late Filing Fees & Penalty for Late/Non Filing of TDS/TCS Return

LATE FILING FEES AND PENALTY FOR FAILURE TO FURNISH/DELAY IN FURNISHING THE TDS/TCS STATEMENTS Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known as TDS/TCS return) we shall first have a look at the few basic duties of …

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Section 193 – TDS from Interest on Securities

Section 193 – TDS from Interest on Securities Who – Any person responsible for paying any interest on securities to a resident. When – Either at the time of credit to the account of the payee or at the time of payment thereof, whichever is earlier Section 2(28B) – Interest on securities: Interest on – …

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