Section: 194J
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When Tax Is Required To Be Deducted On Interest?
S. 2(28A) defines – Interest. “Interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including deposit, claim or other similar right or obligation) and includes any service fee or
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How To Reconcile Mismatch Of TDS In Case Of Assessee Maintaining Books Of Account On Cash Basis?
As clarified by CBDT and prudent accounting practices, you should account TDS in the fees only. Any difference between actual TDS claimed by you and from AS 26 may be informed to the Assessing Officer for corrective action for issuing refund/
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Whether TDS Is Required To Be Deducted On Directors Remuneration?
– Non-executive Independent Directors are providing managerial services. Hence, Explanation 2 to section 9(1)(vii) would be applicable, which reads as under: “Fee for technical services” means any consideration (including any lump sum
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How To Calculate Tax From Salary Income?
– As per S. 192(2B), where an employee having any income chargeable under the head “Salaries” has in addition, any income chargeable under any other head of income for the financial year, he may send to his employer, a statement of particulars of such other income and the tax, if any, deducted thereon and also the loss, if any, under the head “Income from house property”
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Whether Advocate Is Liable For TDS On Interest Payment?
1. Section 194(C) provides that no individual or HUF shall be liable to TDS on the sum credited or paid to the account of the contractor where such sum is credited or paid exclusively for personal purpose of such individual or any member of HUF.