To encourage the assessee to carry the business undertaking, exemption under section 54D of the Income Tax Act, 1961 is provided. Let us understand in detail about section 54D.
The ITAT allowed the appeal of the assessee and held that UISPL should not be treated as a person responsible for paying for the purpose of Section 194C and therefore the provisions of section 194C cannot be made applicable thereon.
Every person deducting tax at source is required as per Section 203 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars.
Discussing Section 200(3) of the Income Tax Act which deals with the Forms And Time Limit For Submitting Quarterly Statement of Tax Deduction (TDS Returns).
Discussing the time limit for depositing tax deducted at source to the central government as per different situations u/s 200(1) & (2) of the Income Tax Act.
In pursuance of rules framed under section 199 of the Income Tax act, credit for tax deducted at source shall be given to the deductee for the assessment year for which such income is assessable.
Residential Status is to be determined for the taxability of income of a person. This term is coined under the Income Tax Act and has nothing to do with the nationality or citizenship of a person.
Section 197A provides for any individual, not being a firm or a company, to apply for an exemption of TDS deduction on his/her income from interest on deposits with the banks in India if such income is below the taxable limit.
CBDT fails to recognise that the question is not of the double taxation issue but the probable adverse taxation consequences arising out of an individual's changed residential status due to his/her forced stay of more than 182 days in India, due to COVID.
Section 197 of the Income Tax Act, permits taxpayers a facility of Nil or lower tax rate deduction of TDS or exemption of TDS. The Nil or lower TDS application is valid for the period for which it is issued or until the assessing officer cancels it.
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