Income Tax PAN TCS TDS Traces

Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021

Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states that if the buyer deducts tax as per any other provision on the goods purchased by him, no tax shall be collected on the same […]

CBDT Income Tax NSDL Traces

TRACES – e-verification Scheme

TRACES over email Ref. No. – 02/2023, dated 16/01/2023, has explained to deductors about  the e-verification Scheme. The content & the communication is as under: Income Tax Department relies on non-intrusive means of helping taxpayers file their returns of income accurately and timely. We are grateful for the Statements of Financial Transactions/TDS/TCS filed by you. […]

CBDT Income Tax NSDL TDS Traces

TDS on Hotel Accommodation – Section 194I of the Income Tax Act

The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions […]


CBDT Issues Fresh Policies of New Section 194R to Reduce Problems

The Central Board of Direct Taxes (CBDT) issued a circular No. 18 of 2022 dated 13th September 2022, to eliminate issues in Section 194R of the Income Tax Act, 1956 which mandated an individual providing any benefit to another person to deduct TDS at 10% of the value of the benefit. What is Section 194R […]

Income Tax TDS Traces

Claim of TDS Credit deducted by the Employer but not paid to the Government

What is a tax credit? If tax has been deducted at the source (TDS) and the same deposited with the government, it would be treated as a tax paid on behalf of the individual from whom such deduction was done. In short, a tax credit would be allowed to the individual whose tax has been […]

CBDT Income Tax PAN TDS Traces

Section 194LC: TDS on Income by way of Interest from an Indian Company or a Business Trust

Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of credit or payment, whichever is earlier. Rate of TDS- 5%. In addition to the same, the Education Cess and SHE Cess is to be added […]

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