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Strengthening of PAN quoting mechanism in the TCS regime


Statuary provisions for deduction of tax at source TDS at higher rate of 20 or the applicable rate whichever is higher in case of non quoting of Permanent Account Number PAN is provided under section 206AA of the Act and it exist since April 2010 PAN acts as a common thread for linking the informati

TDS rates reduced to 2% u/s 194J for call center business


Simplification of the provisions of tax deduction at source in case Fees for professional or technical services under section 194J The existing provisions of sub section 1 of section 194J of the Act inter alia provides that a specified person is required to deduct an amount equal to ten per cent of

Proposal to provide for grant of interest in case of refund of excess payment of TDS


Finance Minister announces several anti graft and rationalisation measures in the field of Income tax Accountants or merchant bankers furnishing incorrect information to face penalty Income of the Chief Ministers Relief Fund and the Lieutenant Governors Relief Fund to be exempt from tax Concessional

Next Level of TDS Compliance in Year 2017


Dear Deductor Centralized Processing Cell TDS wishes you Seasons Greetings and a Very Happy New Year 2017 The past year witnessed a fantastic journey for CPC TDS in many ways with your valued partnership as our key stakeholders While we observed all round healthy improvement in TDS Compliance throug

SMS service launched for salaried persons about their TDS deductions


FM Better tax payer services key to direct tax reforms Launches SMS Alert Service for about 2 5 crore private and Government salaried employees in order to directly inform them about the deposit of tax deducted at the end of every quarter The Union Finance Minister Shri Arun Jaitley said that better

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Experts Opinions

tds on individual


If a customer made payment of RS 40000 and Bill in the name of individual person and his also owner of a Pvt Ltd company can he deducted TDs of that bill if deducted what TDs rate applicable

Tds limit


Company Credited agent for 4500 s t 675 5175 do company need to deduct tds as amount of service provided is 4500 only and company providing commission to agent

Tds format for silver articles making


QUESTION 1 MR X PAID 35000 MAKING CHARGES AND GAVE METAL ALLOY MIXING TO Y LABOUR MR Y CONVERT METAL ALLOY TO ARTICLES SO MY QUESTION IS WHAT IS THE ISSUE AND RECEIPT INVOICE FORMAT WILL BE AND HOW TDS WILL BE DEDUCTED AND HOW I NEED TO TAKE IT INTO ACCOUNTS TDS IS 1 ON THE AMOUNT THAT I KNOW DO I N

Tds entry


Dear expert I am facing a problem in tds entry by mistake i forgot to deduct tds now i have to pay it any how so as tds not deducted before payment so payee will not effect how i should pass a entry for tds payable

TDS deductable on bill amount or amount payable


Dear sir I have a doubt regarding the following situation Bill amount 100000 Advance already paid 20000 TDS Deducted 80000 1 800 In this case whether TDS is to be deductable on 100000 or 80000

Discussion

Tds on works contract - tnvat (setting off)

Hi In the Form I return we have a VAT payable of Rs 20 000 and TDS credit available Rs 90 000 from 10 different deductions Can I select all the 10 deductions and set off the entire Rs 90 000 against this Rs 20 000 Will the balance of Rs 70 000 00 be available for set off next month

Income not declared and tds not claimed in belated it return

Hi An Assesse while filing his return has overlooked Income on which tds was deducted but was not yet credit to his 26Account He filed belated return The Assessment for the same has been completed and he recd 143 1 for the same Now after he got the tds credit the same was realised by him What are th

Tds on part time job

A college during exam time appoints part time invigilators to do supervision during exam The college pays them on a hourly basis Is the college liable to deduct TDS on the amount paid to them if the payment during the year exceeds Rs 30 000 Since these invigilators are mostly home makers and not giv

Tds

Tds deduction advance payment

Tds on purchase of property

I am purchasing a property under construction and have executed a sale agreement for the land uds for 28 lakhs and also registered the construction agreement for 80 lakhs Will I need to deduct TDS in my payments as the total value exceeds 50 lakhs My builder claims TDS is not applicable as the land

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Articles

TDS controversies - Top 25 rulings pronounced in 2016


Dear All We have another 6days for the wonderful year 2016 and as Sam Levenson say Dont watch the clock do what it does and Keep going Over the years the judicial forums have pronounced immense tax litigation involving issues pertaining to TDS I was just trying to recollect which ruling on TDS I sho


Transporters: Whether liable to TDS u/s 194C on Furnishing of PAN?


There were certain amendments which were made in Section 194C 6 by Finance Bill 2009 Amendment made at that time was as follows The Small Transport Operators as defined in Section 44AE of Income Tax Act 1961 not owing more than 10 goods carriages at any time during the year were not liable to TDS u


Farmers free to "sale" Commission agent / Traders in TDS "trail"


Arjuna Fictional Character Maharashtra Government has changed the working system of farmers Commission agents as well as traders What are the consequences of this in relation to income tax Krishna Fictional Character Arjuna India is agriculture oriented country For getting fair market prices and cus


Complexibility of TDS on Employees


Dear friends I want to share some problems being faced by accountants in the industry who administer TDS on employees of their employers organization U s 192 of Income Tax Act specified employer is required to deduct tax on salaries allowances paid to its employees on average rate of tax payable the


TDS on sale of property @1% under Section 194IA


TDS on sale of property The buyer of an immovable property land flat apartment shop or a bungalow which is valued at Rs 50 lakh or more is required to pay a withholding tax to the government The prevailing withholding tax is deducted at source and is 1 of the consideration payable to the seller It i


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Updated on : 2/19/2017 4:51:08 AM


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