A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax. Tax shall be deducted at higher rates mentioned under Section 206AA, if PAN is not furnished by the recipient. Rate of TDS: A recipient who fails to furnish PAN to…
TDS shall be deducted under Sec 194LB for Interest from Infrastructure Funds if the following conditions apply- The interest income is paid by an infrastructure debt fund referred to in section 10 (47). Interest income is paid to a non-resident or to a foreign company. Time of Deduction: Deduction shall be made by payer, earlier…
The finance minister in her 2023 budget announced, that the intention of government is to maintain continuity as well as simplify taxation and reduce the burden of compliance for the taxpayers. Listed below are some of the key proposed amendments related to TDS and TCS: I. TDS Amendments Section 194BA –Tax provisions for income derived…
Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of credit or payment, whichever is earlier. Rate of TDS- 5%. In addition to the same, the Education Cess and SHE Cess is to be added…
In the TDS Return filed, the intimation for Late Payment can be received for the following reasons: Case #1: There was a delay in payment of TDS dues for which interest was not paid before filing TDS Return Case #2: The interest component was present in the Challan, but the ‘interest was not allocated’ Case…
As per Section 192 of the Income Tax Act, “any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time of payment” In case of salary is payable in foreign currency, the amount of TDS deducted is to be calculated after converting the salary payable…