A new section 194M has been proposed in the Budget of 2019 wherein an individual or an HUF (those not covered in TDS), is now required to deduct TDS @ 5% for payments exceeding Rs. 50 Lakhs in a year to a resident contractor or to a professional (as defined u/s Section 194C and Section…
Same Payment Challan can be used for TDS under different Sections/ Heads Payments can be made for TDS against multiple Sections in a single challan. For example a payment against Sections 194A, 194C & 194J can be made together in a single challan. Unused Challan value can be used for future quarters/ financial years
Central Board of Direct Taxes (CBDT) has issued a circular regarding Tax Deduction at Source (TDS) on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements. The issued circular has been given below: Circular No. 05/2016 F.No.275 /06/2016-IT(8) Government of India Ministry of Finance Department of Revenue Central…
Central Board of Direct Taxes (CBDT) has issued a circular regarding Tax Deduction at Source (TDS) on payments by broadcasters or television channels to production houses for production of content or programme for telecasting. The issued circular has been given below: Circular No. 04/2016 F.No.275/07/20 16-IT(B) Government of India Ministry of Finance Department of Revenue…
Recently, the Kerala High Court (High Court) in the case of P V S Memorial Hospital Ltd1 (the taxpayer) held that if the tax is deductible under Section 194J2 of the Income-tax Act, 1961 (the Act) but is deducted under Section 194C3 of the Act, the disallowance under Section 40(a)(ia) of the Act is still…
Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of: –1% in case if the payee is an Individual or a Hindu Undivided Family (HUF), and –2% in case of other payees (i.e. partnership firm, company, trust,…
Given below are the list of changes applicable from 1st June, 2015 for TDS and TCS amendments: 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 2. TDS from premature withdrawal from Employees Provident Fund Scheme (EPFS)-Sections 192A and 197A 3. TDS from interest (other than interest on securities)-Section 194A 4. TDS from…
Several amendments have been proposed in the sections dealing with the deduction of tax at source. 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 1.1 Currently, the person responsible for paying salary has to depend upon the evidence/particulars furnished by the employee in respect of deductions, exemptions and set-off of loss claimed….
As per Income Tax rulings regarding issuing of Form-16 or 16A, deductors are not responsible for non-mention of payees PAN in it. In the other words we can say if the TDS Deductee or Taxpayee not provided his PAN before issuing Form-16 or 16A, there is no penalty on deductor for non-mention payee’s PAN in…
As per amendment through Finance Act(2) ,2009,new Section 194C has been substituted for old section 194C .New Section is applicable from the 01.10.2009.The main changes in the new section is given as under: Separate rates for contractor and subcontractor has been removed. Now the tax rate has been categorized according the status of deductee and…