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TDS

  • TDS on Expense Provision by Manish Agarwal

    One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications.

    Following are the views expressed by the author in this respect.

    01. The assessee must prepare his books of accounts following the mercantile system of

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  • Non- Compliance of TDS might discontinue your business

    Opening :

    The entire economy of the world revolves around one universal statement – “Somebody’s income is somebody’s payment”. TDS drives it origin from this universal phenomenon. A school of thought struck upon the idea of taxing assessees the other way round. You may be smart enough to conceal income, but how about concealing

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  • TDS for the works contract tax liability under TN VAT act

    In Tamilnadu, The Tamilnadu Value Added Tax, 2006 received the accent of the Governor of Tamilnadu on the 14th of December, 2006 and was enacted in the Legislature as Act No. 36 of 2006. This act repealed TNGST Act, 1959 and TNAST Act, 1970.

    Detailed Analysis of TDS for Contractor 194C Updated till 2020

    Detailed Analysis of TDS for Contractor 194C by K.C. Singhal, Advocate

    Download TDS Certificate From TIN

    As CBDT has issued an important circular [CIRCULAR NO. 01/2012 [F.No. 276/34/2011-IT(B)], DATED 9-4-2012] regarding issuance of TDS certificate in Form 16A in respect of all sums deducted on or after 01-04-2012.

    As per this circular:-

    1)

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  • Transporters Details in TDS Returns

    Further as per Section 197 of Income tax act Assessing officer can issue a nil rate Certificate to parties under specified section on application of form 13 with prescribed details and if such parties produce “nil” rate certificate to deductor, deductor is not required to deduct TDS. So in both the cases tax deduction is nil.

     

    Third type of nil transaction is “where amount paid is less than cut-off amount given in

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  • TDS on Expense Provision by Manish Agarwal

    One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications.

    Following are the views expressed by the author in this respect.

    01. The assessee must prepare his books of accounts following the mercantile system of

    ...
  • Delhi High Court Decision on Refund of TDS

    We have examined the counter affidavit filed by the Revenue/Income Tax Department. In the counter affidavit it has been acknowledged and accepted that the tax payers are facing difficulties in receiving credit of Tax Deducted at Source (TDS for short). It is also accepted that tax payers are facing difficulties in getting refunds on account of adjustment towards arrears.
    2. In the counter affidavit steps taken by the Revenue to

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  • Guide On TDS

    Honorable Finance Minister, could you please boot out tedious TDS?

     

     

     

    It’s that time of the year when you are preparing next year’s budget for presentation in parliament. Hopefully this Budget is not just an annual exercise but an effort to

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  • TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14

    The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below.

    Posts Related to Below Given Amended Chart:-

    Threshold for TDS on payment of interest on debentures

    Section 194J of the Act – Tax deduction at source from payment to director

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  • Download, know, FAQ on Form 15G & 15H

    Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the

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  • Non-compliance with TDS provisions

    1. Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act).

     

    2. Raising of demand u/s. 201(1) of the Act.

     

    Reason:Where any person who is required to deduct any sum in accordance with the provisions of this Act does not deduct, or does not

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  • TDS is applicable U/s. 194C on Warehousing charges paid to clearing and forwarding agents & Not U/s.

    CIT(Appeals) and the ITAT had the benefit of examining the entire documentary evidence which consisted of the various lease deeds and the c & fagents agreements. The conclusions drawn by these authorities on the basis of such scrutiny are concurrent. Even otherwise,

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  • Consequences of Default in TDS Compliance

     

    Under section 201(1), any person who is liable to deduct tax at source fails to deduct whole or any part of such amount or after deducting fails to deposit the tax to the department, he shall be deemed to be assesse in default in respect of the tax liable to interest u/ 220 and penalty u/s 221.

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  • Credit for TCS or TDS for electronic Returns

    Credit for TCS or TDS for electronic returns: Since no documents are required to be furnished along with the return
    of income, the credit for Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax and selfassessment
    tax (hereinafter collectively referred to as ‘pre-paid taxes’) shall be allowed on the basis of information
    relating to pre-paid taxes furnished in the relevant schedules of the return forms

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  • TDS Rate Chart for A Y 2014-15

    Section No.

    Nature of Payment

    Threshold
    Total Payment During the

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  • TDS Certificates

    Form 16 for financial year 2012-13 in case of salaried employees should have been provided by May 31, 2013 and Form 16A should have been provided within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A.

     

    Although, Form 26AS is also of help, but it should be used to match the amounts

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  • No TDS On Service Tax

    In earlier article author has expressed his view that circulars issued by CBDT in respect of TDS on professional and technical fees under section 194J clarifying to deduct tax on element of service tax is wrong and need reconsideration. Author had pointed out that in circular relating to TDS from rent, CBDT has considering nature of service tax as a levy which is just collected by landlord, clarified that tax is to be deducted only from rent

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  • “TDS for the works contract tax liability under TN VAT act”

    “TDS for the works contract tax liability under TN VAT act”

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