Budget 2019 – TDS on gross amount including incidental charges while purchasing of immovable property

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…

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Budget 2019 – Relaxation of Section 201 in respect of payments to non-residents

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…

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7th December – due date for TDS & TCS payment for November

7th December, 2019 is the due date for TDS and TCS payments for the deductions made in November 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…

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7th December – due date for TDS & TCS payment for November

7th December, 2019 is the due date for TDS and TCS payments for the deductions made in November 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…

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Form 26A/27BA – Rationale and Brief Analysis

What is Form 26A/27BA? As per Notification No. 11/2016 and 12/2016 a procedure for furnishing and verification of Form 26A/27BA is introduced for removing of default of Non Deduction/Collection Transaction of tax at source. User may request for Non Deduction/Collection transactions from  FY 2016-17 onwards. This request will be raised on or after 1st April,…

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