Commission paid to the credit card companies cannot be considered as falling within the purview of S.194H. Even though the definition of the term commission or brokerage used in the said section is an inclusive definition, it is clear that the liability to make TDS under the said section arises only when a person acts…
CBDT has vide Notification No. 3/2013, dated 15-1-2013 introduced Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013 for centralised processing of statements of tax deducted at source. Vide clause 4 of the notification CBDT has specified that correction statement of tax deducted at source shall be furnished under digital signature or verified…
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…
There cannot be any dispute that an assessee who is having losses cannot be compelled to pay the income-tax, as the Income-tax Act does not provide for such a situation, exception being the MAT provisions in the case of companies. What is required to be seen as per the circular issued by CBDT and which…
Existence of Efficient Financial Markets is Paramount for Achieving Economic Growth: FM The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and capital markets, is paramount for achieving economic growth. He said that without vibrant and viable financial market architecture, there cannot be any sustainable economic growth….
The Government has issued followed clarification regarding Senior Citizens Saving Scheme: An individual resident in Indian of sixty-five years of age or above may furnish a declaration in Form No. 15H to the bank/post office if the tax on his estimated income for the financial year is nil. A declaration in Form No. 15G can…
As per Section 197, TDS shall not be deducted at source in certain cases where the payee furnishes a declaration in writing that the tax on his estimated total income of the previous year will be nil. A payee cannot give such declaration, in case the income or the aggregate of incomes liable to TDS…
We are always worried about the fact that whether our TDS deductor / collector has filed quarterly TDS/TCS statement and provided our PAN while filing the TDS/TCS return. NSDL has recently launched a facility to enable deductee to know whether or not his TDS deductor/collector has filed quarterly TDS/TCS statement and provided his PAN while…
Circular No. 08/2011 dated 14.10.2011 on Tax Deduction at Source on the deposits in Banks has been issued by CBDT in the name of The Registrar / Prothonotary and Senior Master attached to the Supreme Court / High Court etc. during the pendency of litigation of cliam/compensation-reg. CIRCULAR NO. 08/2011 F.No. 275/30/2011- IT (B) Government…
Before filing the tax forms, you need to deposit the balance tax due and interest, if any. This amount is based on your tax liability for the year, after taking into account advance tax paid and tax deducted at source. Lately the scope of tax deduction at source has been increased and includes salary, rent,…