National Securities Depository Ltd.
Depository for equity market in India
TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components: Tax information Network Automated TDS Challan Matching TDS Defaults Processing IVR/ Call Centre Web Portal New Web Portal: https://www.tdscpc.gov.in The new portal has been created…
SECTION 197A OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – NO DEDUCTION IN CERTAIN CASES – SPECIFIED PAYMENT UNDER SECTION 197A(1F) NOTIFICATION NO. 56/2012 [F. NO. 275/53/2012-IT(B)], DATED 31-12-2012 In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central…
As regards the grossing up u/s 195A of the Income-tax Act is concerned, we find that the provision reads as under: [In a case other than that referred to in subsection (1A) of sec. 192, where under an agreement] or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of…
On the facts of the present case, we have noted that there is no finding by any of the authorities below that services are rendered to non-members. There is a reference to the services rendered to the outsiders in the orders of the authorities below, but it is in the context of analysis of judicial…
Section 192 deals with the deduction of tax at source. It is computed on the estimated income of the assessee under the head salary and the liability is at the time of payment of salary, if there is a perquisite, there is responsibility to deduct tax of the employer under section 192(1), 192(1A) and 192(1B). …
The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source. “The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs…
Circular no. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012 Reference is invited to Circular No. 05/2011, dated 16-8-2011 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter the Act), during the financial year 2011-12, were intimated. The present Circular contains the …
TDS (tax deducted at source) Rate Chart for Financial year 2012-13 is given below. Sl. No. Section Of Act Nature of Payment in brief Cut Off Amount Rate % 01.04.2012 01.07.2012 HUF/IND Others 1 193 Interest on debentures 2500 5000 10 10 2 194 Deemed dividend – – 10 10 3 194A Interest other than…
Section 67 of the Act has made provision for valuation of taxable service for charging service tax. According to Section 67(1)(a) of the Act where there is a monetary consideration paid to provide taxable service, the assessable value for levy of service tax is gross amount charged by the Service provider for the taxable service…
After withdrawal of circular No. 786 of 2000, vide CBDT circular 7/2009 there is a lot of confusion in mind of exporters relating to deduction tax at source on commission paid to non-resident agents who operates outside India. Further recent ruling by Authority of Advance Rulings (AAR) against the Applicant in case of SKF Boilers…