Tag: TDS
Withdrawal of deposits under NSS or deferred annuity plan exempted from TDS under section 194EE Section 194EE of the Income Tax Act, 1961 (the Act) provides for deduction of tax at source (TDS) @ 10 per cent in respect of deposits under National Savings Scheme or payment to …
TDS sections for which payment threshold reduced by Budget 2025-26. See Table The Finance Bill 2025 has increased payments threshold limits for deduction of tax at source under various sections TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required …
No deduction of income-tax under Chapter XVII on payments received by a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE(Department of Revenue) Notification No. 2/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. …
No deduction of income-tax under Chapter XVII on the payments received by the National Credit Guarantee Trustee Company Limited MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2025 New Delhi, the 2nd January, 2025 (INCOME-TAX) S.O. 19(E).—In exercise of the powers conferred by sub-section (1F) of section 197A …
No deduction of tax to be made under the provisions of section 194Q of the said Act by a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre- CBDT MINISTRY OF FINANCE(Department of Revenue) Notification No. 3/2025 New Delhi, the 2nd January, …
Time limit of six years has been proposed to file TDS/TCS correction statement. The Union Budget 2024-25 has proposed a time limit of six years to file TDS/TCS correction statement. Currently, there is a time limit for furnishing statements detailing the TDS/TCS, however, there is no time limit …
FAQ on applicable TCS rates subsequent to Spending on International Credit Card on foreign trip expenses brought under FEMA Rules Finance Ministry issue Frequently Asked Questions (FAQs) on Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme (LRS) subsequent to The e-Gazette notification dated …
No furnishing transporters declaration u/s 194C(7) does not mean non compliance of section 194C(6) leading to disallowance u/s 40(a)(ia) – ITAT ABCAUS Case Law Citation:ABCAUS 3727 (2023) (05) ITAT Important Case Laws relied upon:Sunbeam Auto Ltd. 332 ITR 167 In the instant case, the assessee had challenged the …
No penalty u/s 271C on mere delay in deposit of TDS after deduction – Supreme Court No penalty can be levied u/s 271C of the Income Tax Act 1961 on mere delay in deposit of TDS after its deduction – Supreme Court In a recent judgment, the Hon’ble …
CBDT has notified e-Verification Scheme, 2021 on 13th December 2021. Presently data pertaining to FY 2019-20 is under verification. CBDT has sought cooperation of the deductors in the successful implementation of the Scheme. Presently data pertaining to FY 2019-20 is under verification. With the help of various e-statements i.e. …
