Tax rates for various sections.
TIN with effect from May 4, 2013, revised rates for acceptance of e-TDS/TCS, Form 24G Statements and AIR at TIN Facilitation Centres (TIN-FCs). They are as under: Basis of charges Charges* 0-100 records 35.00 100-1000 records 200.00 More than 1000 records 650.00 *Inclusive of service tax
Non deduction, late deduction and late deposit of TDS may lead you to face following consequences: Interest on late deduction /deposit of Tax at source. Dis-allowance of Expenses, on which tax has not been deducted /deposited u/s 40(a)(ia) Penalty and prosecution.(271C and 276B) I. Interest on late deduction and delayed deposit of…
Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) There is a statutory requirement under section 1 39A of the Income-tax Act read with rule 11 4B of the Income-tax Rules, 1962 to quote Permanent Account Number (PAN) in documents pertaining to purchase or sale of immovable property for…
Applicable TDS Rates are same as were in force for F.Y. 2013-13 except the changes specified below. I.Rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than – “Salaries”. The rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries”…
Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was to be paid to the vendors of M/s. Mahindra and Mahindra Ltd. This payment was a reimbursement. That being so, it could not be considered…
TDS (Tax Deducted at Source) is one of the modes of collecting income tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of…
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 How to register at TRACES,…
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…