Daily Archives: October 16, 2016

194H-TDS on Commission

By | October 16, 2016

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

By | October 16, 2016

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)

By | October 16, 2016

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 »

TDS on Rent -Complete Guide

By | October 16, 2016

TDS on Rent TDS on Rent -Section 194IB w.e.f 01.06.2017 Read Section 194IB -TDS on Rent w.e.f 01.06.2017 in case of Individual and HUF not liable for Audit TDS on Rent -Section 194I Conditions to be satisfied for applicability of TDS on Rent [section 194-I ]  For applicability of TDS on Rent -section 194-I, following conditions… Read More »

Payment to Non resident ?- Statement by Tax Deductor to Income Tax deptt.

By | October 16, 2016

Furnishing of statements by tax deductor to Income tax Department in case of payment to non Resident Under sub-section (6) to section 195, inserted by the Finance Act, 2008, with effect from 1-4-2008 the payer is required to furnish information relating to payment of any sum, in such form and manner as may be prescribed by… Read More »

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

By | October 16, 2016

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 »

TDS by Govt office without production of Challan : Mode of payment

By | October 16, 2016

Mode of payment in case of TDS made by an office of Government without production of challan With effect from 1-6-2015, sub-section (2A) of section 200 provides that in case of an office of the Government, where TDS has been paid to the credit of the Central Government without the production of a challan, the… Read More »