As per the press note issued by Department of Revenue, Ministry of Finance on 31/03/2020, the following has been mentioned related to TDS & TCS: “It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction…
CBDT vide Notification No. F.No.275/25/2020-IT(B) dated 31st March 2020 has provided relief to the applicants of certificates for lower or nil TDS / TCS, under section 195, 197, 206C of the Act for the FY 2020-21 owing the disruption caused by COVID-19. The date has been extended in the following cases: Assessees who have applied…
Any person (buyer) who is liable to make payment while purchasing immovable property should deduct TDS mentioned u/s 194 – IA. If amount of ‘consideration’ payable for transfer of immovable property is Rs. 50 lakhs or more TDS will be deducted u/s 194 – IA. The term ‘consideration’ is currently not described for purposes of…
If the deductor fails to deduct whole or any part of the tax or he fails to deposit the tax to credit of Central Govt. he will be considered to be assessee-in-default. The deductor will not be treated as assesse-in-default if payment is made to a resident who paid tax on such income and has…
A new Section 194N proposed to be included in Income Tax Act. If the withdrawal of cash exceeds Rs. 1 crore in a financial year a 2% of TDS will be deducted by a bank or post office from withdrawn cash of savings or current account. However no TDS will be deducted if cash is…
A new Section 194N proposed to be included in Income Tax Act. If the withdrawal of cash exceeds Rs. 1 crore in a financial year a 2% of TDS will be deducted by a bank or post office from withdrawn cash of savings or current account. However no TDS will be deducted if cash is…
If the deductor fails to deduct whole or any part of the tax or he fails to deposit the tax to credit of Central Govt. he will be considered to be assessee-in-default. The deductor will not be treated as assesse-in-default if payment is made to a resident who paid tax on such income and has…
Any person (buyer) who is liable to make payment while purchasing immovable property should deduct TDS mentioned u/s 194 – IA. If amount of ‘consideration’ payable for transfer of immovable property is Rs. 50 lakhs or more TDS will be deducted u/s 194 – IA. The term ‘consideration’ is currently not described for purposes of…
CBDT vide their Press Release dated 4th June 2019 has extended the due date of filing of TDS Returns for Form 24Q (Salary) from 31st May 2019 to 30th June 2019. This has been done owing to major structural changes in the format introduced recently. Subsequently, the issue of TDS Certificate in Form 16 to Employees for FY:18-19 has…
CBDT vide their Press Release dated 4th June 2019 has extended the due date of filing of TDS Returns for Form 24Q (Salary) from 31st May 2019 to 30th June 2019. This has been done owing to major structural changes in the format introduced recently. Subsequently, the issue of TDS Certificate in Form 16 to Employees for FY:18-19 has…