Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (the deductor) is required to file a quarterly Tax Deduction at Source (TDS) statement containing the details of deduction of tax made during…
Under the existing provisions of section 194C of the Act payment to contractors is subject to tax deduction at source (TDS) at the rate of 1% in case the payee is an individual or Hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds Rs. 30,000 or…
CPC (TDS) has issued a follow up communication to all deductors regarding substantial reduction in the amount of Tax Deposited during the period April 1 to August 31, 2014 as compared with the corresponding period in Financial Year 2013. The issued communication has been given below: Dear Deductor (TAN: ), As per the records of the Centralized…
ASSOCHAM is organizing a National Seminar on Tax Deduction at Source (TDS) at Hotel Four Seasons, Worli, Mumbai on 20th June 2014 from 9:30 am to 4:30 pm. The event is expected to cover a wide range of topics of concern to most organizations. Top officials from the Income Tax Department would be present including…
1. Last date for payment of tax deductions/collections for April-7th May 2014 2. Last date of filing of TDS/TCS returns for Q4 of F.Y. 2013-14 – 15th May, 2014 3. Last date for issuance of the TDS/TCS certificates for Q4 – 30th May, 2014 * The above is applicable for deductors other than the Office of the…
Q1. Who is responsible to deduct tax u/s 194H? Ans. Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon. However, individuals and HUF who were covered…
1. Leave allowance: An employee can use such an allowance to cover his domestic travel and can be used for air, rail, and road transport. 2.Gratuity paid to an employee also has taxation benefits. To determine the taxability of gratuity, it is important to understand whether an employee is covered by payment of gratuity act. If an…
Issue – Whether the penalty was imposed U/s 271(1)(c ) because of the reason that the deduction claimed under section 80-IB by the respondent-assessee was ultimately allowed at a lower level were valid? Held – that the mere making of a claim which is ultimately held not to be sustainable in law, would not amount…
The trained man-power deployed abroad is drawn for the employees of its member companies. However, such deployed man-power continue to be the employees of its member companies but are seconded to the projects abroad by the respondent-assessee company. In the assessment year under consideration, the assessee had claimed an amount of Rs. 3.93 crores as…
www.tdscpc.gov.in has now provided a new form 16A PDF generation utility lighter version with small size and with digital signature feature. The steps to install newer version of form 16A PDF conversion utility is provided below: