Section 194IA- Payment on Transfer of Immovable Property
Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductor- Any person (other than a person referred to in Section 194LA- tax… Read more »
Tag: Income Tax Act
TDS on the interest income accrued to the minor is required to be deducted against PAN of the minor child– incase both the parents of minor are dead
It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/ Banks are clubbing the interest income accrued to… Read more »
Revised list of entities exempted from payment of TDS
The Central Board of Direct Taxes (CBDT) had earlier issued Circular No. 4/2002 and Circular No. 7/2015 having details of entities whose income is unconditionally exempted under section 10 of… Read more »
Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961
The Income Tax (I-T) department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the… Read more »
Tax is not to be deducted at a higher rate of 20 percent under Section206AA of the Income-tax Act when the benefit of tax treaty is available
Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) held that there is no scope for the tax deduction at source (TDS) at a higher rate of 20… Read more »
CPC (TDS) communication: TDS Defaults exist in all Six preceding Quarters, “No Correction TDS Statement filed as yet”
As per the records of the Centralized Processing Cell (TDS), there exist outstanding Defaults in “all six preceeding Quarters” with respect to the TDS Statements filed by deductors, relevant to… Read more »