Daily Archives: October 16, 2016

194H-TDS on Commission

Section 194H -TDS on Commission for AY 2017-18 Provision regarding TDS on Commission or brokerage is provided in Section 194H of Income tax Act After Finance Act 2016 Salient Features of  TDS on Commission or brokerage (section 194H) Threshold limit for TDS on Commission or brokerage u/s 194H .  If Commission or brokerage or the aggregate… Read More »

Deduction of Expenses of Payment to Indian Railways w.e.f AY 2017-18

Deduction of Expenses of Payment to Indian Railways Key points of Deduction of Expenses of Payment to Indian Railways Any payment made to Indian Railways for the use of railway assets made on or after 1-4-2016 would be allowable only on actual payment, irrespective of the year in which the liability is incurred; and, where the… Read More »

Disallowance for non-payment of equalization levy- Section 40(a)(ib)

Disallowance in respect of non-payment of equalization levy [Section 40(a)(ib)] Key Points about Disallowance for non-payment of equalization levy- Section 40(a)(ib) Chapter VIII of the Finance Act, 2016 provides for deduction of equalization levy for certain specified services. Read Equalisation levy Salient Features The section applies to all assessees, whether corporate or non-corporate and whether resident… Read More »

Disallowance under section 40(a)(i)/(ia)/(iii) for non Deduction of TDS

Disallowance under section 40(a)(i)/(ia)/(iii) for non Deduction of TDS Disallowance under section 40(a)(i)/(ia)/(iii) Section 40(a) provides that in the case of any assessee following amounts shall not be deducted in computing the income chargeable to tax,— (i)           any interest, royalty, fees for technical services or other sum chargeable under this Act, which is payable,—… Read More »