Category: TDS

Tax Deducted At Source

Tax deduction at source is not applicable to reasonable per diem allowances paid to employees for overseas trips

      2 Comments on Tax deduction at source is not applicable to reasonable per diem allowances paid to employees for overseas trips

Background The Income-tax Act, 1961 (the Act) provides exemption from tax in respect of allowances granted by an employer to its employees in order to meet specific expenses to the… Read more »

CPC (TDS) reminder to Deductors for Closure of Taxpayer Grievance Tickets in their In-boxes

      2 Comments on CPC (TDS) reminder to Deductors for Closure of Taxpayer Grievance Tickets in their In-boxes

Date of communication: 26/05/2016 Dear Deductor,(TAN: XXXXXXXXXXXX) The Centralized Processing Cell (TDS) has provided an integrated platform for taxpayers, deductors & assessing officer. The objective of the functionality is to… Read more »

CPC (TDS) Advisory for Tax Credits in 26AS with respect to Tax Deducted on Sale of Immovable Property (26QB Statement)

      1 Comment on CPC (TDS) Advisory for Tax Credits in 26AS with respect to Tax Deducted on Sale of Immovable Property (26QB Statement)

As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB… Read more »

Relaxation for Furnishing of UID in case of Form 15G/15H for certain quarters

      No Comments on Relaxation for Furnishing of UID in case of Form 15G/15H for certain quarters

Circular No.18/2016   F.No 142/32/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 23rd May, 2016 Sub: Relaxation for Furnishing of UID… Read more »