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TDS [5]

Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore

Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore..

Posted in articles |   10 comments |   6162 Views

CBDT's clarification on TDS provisions on mutual fund dividend

The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of share/unit holder. It was also proposed to levy TDS at the rate of 10% on the dividend/ income paid by the Company/Mutual Fund to its share/unit holder if the amount of such dividend/ income exceeds five thousand rupees in a Financial Year. Queries have been received to the effect that whether under the proposed section 194K, the Mutual Fund would be required to deduct TDS also on the capital gains arising on redemption of unit..

Posted in news |   4800 Views

FAQ's on TDS section 194-O

The Union Budget 2020 inserted TDS section 194-O to widen the scope of TDS. TDS u/s 194-O is to be paid by an e-commerce operator on payment made to e-commerce participant @1% at the time of credit or payment whichever is earlier. ..

Posted in articles |   2 comments |   4265 Views

Section 194O- TDS on payment by e-commerce operator to e-commerce participant

TDS u/s 194-O is to be paid by an e-commerce operator for sale of goods or provision of service facilitated by it through electronic facility or platform. TDS u/s 194O is paid @ 1% at the time of credit of amount of sale or service or both to the account of e-commerce participant or at the time of payment thereof to such participant by any mode, whichever is earlier. ..

Posted in articles |   2101 Views

Reducing TDS on 194J for technical services to 2%

Reducing the rate of TDS on fees for technical services (other than professional services) Section 194J of the Act provides that any person, not being an individual or a HUF, who is responsible for paying to a resident any sum by way of fees for professional services, or fees for technical services, or any remuneration or fees or commission by whatever name called (other than those on which tax is deductible under section 192 of the Act, to a director), or royalty or any sum referred to in clause (va) of section 28, shall, at the time of payment or credit of such sum to the..

Posted in news |   3 comments |   5972 Views

Section 194M - TDS on payment to resident contractors and professionals

Reason for introduction of Section 194M This section was introduced for the purpose to cover some specified high value transactions in personal nature under TDS which was previously excluded from TDS provisions...

Posted in articles |   31 comments |   16848 Views

Tax Deducted at Source (TDS) under Goods and Service Tax

Let�s try to understand TDS related procedures under GST...

Posted in articles |   5 comments |   3936 Views

New TDS Return preparation utility

Key Features - Return Preparation Utility (RPU) version 3.0 1. Addition of new section code 194N (i.e. "Payment of certain amounts in cash") for Form 27Q o Same will be applicable for regular and correction statements pertains to FY 2019-20 onwards o Value under field "Date on which Amount paid/Credited" of deductee records should not be less than September 1, 2019 2. Changes in validation for section code 194N for Form 26Q o Value under field “Date on which Amount paid/Cred..

Posted in news |   2721 Views

Section194M: TDS on payment to resident contractors and professionals

Know all about TDS Section 194M which is recently inserted in The Income Tax Act, 1961 to provide for levy of TDS at the rate of 5% on the sum paid or credited in a particular year on account of contractual work or professional fees by an individual or a Hindu undivided family...

Posted in articles |   12083 Views

Due date for payment of TDS u/s 194M extended

Circular no.31/2019  F. No. 370142/18/2019-TPL  Government of India  Ministry of Finance  Department of Revenue  Tax Policy Division  Central Board of Direct Taxes 147B-11, North Block, New Delhi  Dated 19th December, 2019  Subiect: Order under section 119(2) of the Income-tax Act, 1961- Extension of the due date of payment of tax deducted ..

Posted in news |   8232 Views

A Brief about TDS Section - 194M

A New section, 194M has been introduced vide finance act, 2019 with regard to Payment of certain sums by certain individuals or Hindu undivided family..

Posted in articles |   2 comments |   15117 Views

TDS on Payment made to the carrier engaged for road transport

The assessee-company was engaged in refining crude oil and storing, distributing and selling the petroleum products, The assessee-company required trucks for road transportation of bulk petroleum products from its various storage points to customers or other storage points. It entered into an agreement with another company for the said purpose...

Posted in articles |   4 comments |   8969 Views

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