Section 194H – TDS on Commission or Brokerage
Persons required to deduct tax under this section Any person who is responsible for paying to a resident, commission or brokerage is required to deduct TDS. If commission is payable in respect of insurance commission under section 194D then such commission is not covered under this section. However in case of Individuals and HUF only […]
TDS on Dividend – Section 194
The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends within India is liable to deduct tax at source on dividends. Tax is to be deducted at the time of credit of such amount to account of payee or at the time […]
TDS/TCS Certificate
Certification for Tax Deducted at Source and Tax Collected at Source are to be issued in the following manner – Form no. 16 for TDS from Salary Form no. 16B for TDS under section 194-IA Form no. 16A for any other TDS Form no. 27D for TCS Time limit for issue of TDS are as […]
TDS from compensation payable on compulsory acquisition of immovable property – Section 194LA
Any person responsible for paying to a resident any compensation on account of compulsory acquisition of any immovable property (other than agricultural land) is responsible for deducting tax at source. Tax is to be deducted at the time of payment of aforesaid sum in cash or by cheque or draft whichever is earlier. Tax is […]
GST on Pure Agents
Who is a Pure Agent? In GST act, an agent is a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another. In simple […]
General Deductions – Section 37
Any expenditure not covered by section 30 to 36 is deductible under section 37, subject to the following conditions It should not be a capital expenditure It should not be personal expenses of the assesse It should be incurred wholly and exclusively for the purpose of business or profession It should not be incurred for […]
Valuation of Goods/Services under GST
Valuation at Transaction Value If the recipient and supplier of Goods/Services are not related then the price actually paid or payable is taken as value of good/services. The transaction value shall be accepted even where the supplier and recipient of supply are related, provided that the relationship has not influenced the price. Meaning of Related Persons Where […]
Certificate of no deduction of tax in case of certain entities – Rule 28AB
(1) Subject to the conditions specified in sub-rule (2), a person— (a) in receipt of income or deemed income derived from property held under trust wholly for charitable or religious purposes and who claims exemption under section 11 or section 12; or (b) required to file a return in respect of a scientific research association, news agency, […]
Deemed Ownership – Section 27
In the following cases the person is deemed to be owner of the property even if they are not the legal owners of the property:- 1) An individual who transferred his property without adequate consideration to his or her spouse (otherwise than in connection with an agreement to live apart) his minor child (not being married daughter) is […]
Taxability of Medical Facilities
The taxable value of medical facilities provided by an employer to his employee shall be calculated as under Treatment in hospital maintained by employer Medical treatment provided to employee or any of his family members in any hospital maintained by the employer is not chargeable to tax. Treatment in hospital maintained by Government, Local Authority […]