TDS

Guidelines issued for TDS on payment by e-commerce operator

Finance Act, 2020 requires e-commerce operators to deduct TDS @ 1% on transactions made through e-commerce platforms. E-commerce operators are required to make such deduction at the time of credit of such amount to the account of e-commerce participant or at the time of payment, whichever is earlier. The Central Board of Direct Taxes has earlier issued Guidelines for deduction of TDS under section 194-O(4) vide Circular no.17 of 2020 dated 29th September, 2020 and vide Circular No. 20 of 2021 dated 25th November, 2021.

22/01/2024

Guide to a new Annual Information Statement under Income Tax

TDS

Guide to a new Annual Information Statement under Income Tax

the Government has rolled out a new annual information statement expanding the scope of current Form 26-AS with the inclusion of various information categories like interest, mutual fund transactions, insurance, dividends, etc.

11/12/2021

Income Tax

Implication of cash transaction under Income Tax

The government is making all the efforts to promote electronic transactions by providing various tax incentives and discouraging cash transactions by imposing various penalties or increasing tax compliances for cash transactions.

17/09/2021

TDS on advertisement charges should be deducted u/s 194C @ 2% and not 194J @ 10%

TDS

TDS on advertisement charges should be deducted u/s 194C @ 2% and not 194J @ 10%

If payment is made to the advertising agency then TDS should be deducted u/s 194C @ 1%/2% irrespective of written contract.

17/08/2021

New amended of TDS & TCS provisions by Finance Act, 2021| 01.07.2021

TDS

Implementation of newly inserted/amended TDS & TCS provisions by Finance Act, 2021| 01.07.2021

Major changes in TDS & TCS provisions introduced by the Finance Act, 2021 that are becoming applicable with effect from 1st July 2021.

07/08/2021

TDS

No TDS on payment for software purchase from non-resident u/s 195

Payment made by INDIAN residents to either foreign non-resident distributor or manufacturer / supplier for further sale or use of such software through distribution agreements is not a royalty for use of copyright in the computer software. Hence are not liable to TDS under section 195 of Income tax act.

19/04/2021

TDS

TCS on sales of Goods| Section 206C(1H)| Applicable with effect from 01.10.2020

Under Section 206C, Sub-section (1H) has been inserted vide Finance Act, 2020. As per sub-section (1H), every seller of goods, who receives consideration or aggregate of consideration for sale of goods exceeding INR 50 Lacs in any year, shall collect TCS @ 0.1% of sales consideration from buyer for amount exceeding INR 50 Lacs.

24/09/2020

TDS on professional Fee, Technical Fee & Royalty

TDS

TDS on professional Fee, Technical Fee & Royalty | Section 194J of Income Tax Act

Section 194J contains provisions related to deduction of TDS on professional Fee and Technical fees which requires deduction of TDS @ 10%. However, the Finance Act, 2020 reduced the rate of TDS from 10% to 2% for few payments under section 194J.

11/08/2020

TDS

New reduced TDS Rate for Fy 2020-21 | Impact On The Tax Liability

CBDT reduce the TDS rate for fy 2020-21 & TCS rate for fy 2020-21 by 25% for the non-salaried defined payments made to residents for the period of 14th May, 2020 to March 31st, 2021.

09/06/2020

Income Tax

APPLICATION FOR NIL/LOWER RATE OF TDS DEDUCTION CERTIFICATE FOR FY 2020-21 CAN BE MADE FROM 28th FEBRUARY 2020

According to the Income Tax Act provisions, Tax deducted at Sources (TDS) deduction is mandatory while making payments. Application for lower TDS deduction rates can be made from 28th February 2020. The taxpayer who is making the payment, has to deduct the TDS and deposit it to the Income Tax Department before the assigned due date of depositing TDS. At times TDS is deducted from the total revenue/ inpayer i.e receiver whereas the taypayer’s total tax liability is computed on the profit of that financial year. It is in accordance with the prevailing Income Tax Rates/Rules, which may be less

18/02/2020

Archives

Guidelines issued for TDS on payment by e-commerce operator

Guide to a new Annual Information Statement under Income Tax

Implication of cash transaction under Income Tax

TDS on advertisement charges should be deducted u/s 194C @ 2% and not 194J @ 10%

Implementation of newly inserted/amended TDS & TCS provisions by Finance Act, 2021| 01.07.2021

No TDS on payment for software purchase from non-resident u/s 195

TCS on sales of Goods| Section 206C(1H)| Applicable with effect from 01.10.2020

TDS on professional Fee, Technical Fee & Royalty | Section 194J of Income Tax Act

New reduced TDS Rate for Fy 2020-21 | Impact On The Tax Liability

APPLICATION FOR NIL/LOWER RATE OF TDS DEDUCTION CERTIFICATE FOR FY 2020-21 CAN BE MADE FROM 28th FEBRUARY 2020

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