Answers On Topic: Tax deducted at source
*Facts:* 1. Assessee is running a Proprietorship Business of Vendor Payment Services and Gift Cards Processing. FY 2020-21 Turnover was Rs. 96.60 lk. Current year FY 21-22 Turnover is Rs. 13.50 crores. 2. Considering the turnover of previous year – No TDS applicability for Current FY 2021-22 for Section 194C/ 194H and 194J. However, it exceeded Rs. 50 lacs transactions with single parties and hence is covered under Section 194M. 3. Total two parties where the Turnover exceed Rs. 50 Lacs. a. First Party- Availed Gateway Services for vendor payment. This party has its registered domain and known for its…
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Assesseee is private limited company. In addition to Remuneration to Directors , Incentive is paid to them on the basis of profit of the company after finalization of audited accounts and immediately Tax is deducted an paid in the month of June every year. Co is received show casue Notice as to why prosecution should not be made on the ground of not deduction tax on monthly basis and delay in payment of same. Company take a stand that since the incentive is link with finalization of accounts , it can not determined the amount of incentive and therfore there…
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A public limited company has deducted tax at source on Dividend @15% for non submission of PAN. I have a PAN but it was omitted to be submitted to the Company. Is it possible to set off the TDS at the time of filing my Income tax Return? Do I Have to include the Dividend amount in my Return.
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Applicability of TDS under Income tax Act.