A COMPANY HAD DEDUCTED TDS OF RS. 50 LACS WHICH WAS PAID LATE BY 7 MONTHS DUE TO COVID 19 AND FINANCIAL CRISIS. THE SAID TDS WAS PAID LATE WITH APPLICABLE INTEREST AND LATE FEES. ALSO THE TAX WITH INTEREST AND RETURN WITH LATE FEES WAS FILED VOLUNTARILY BEFORE RECEIVING ANY NOTICE. NOW AFTER 2 YEARS, THE DIRECTOR HAS RECEIVED NOTICE FOR INIATIATING PROSECUTION AS THE COMPANY HAD COMMITTED DEFAULT AND IS A PERSON IN DEFAULT. WHAT REPLY SHOULD BE FILED TO AVOID PROSECUTION?
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*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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Facts: - 1) I have contributed Rs 1.80 cr as advance to Builder on sep 2014 and booked a flat. 2) July 2016, another payment of Rs 27.50 lacs was paid 3) July 2018, Building was completed but i didn't get the possession of premises and dispute filed in court. 4) Court decide in favour of assessee and in dec 2021 settle their dispute a sum of Rs 3.5 cr. (Rs 2.075 own contribution plus interest) Query: - Weather the amount of Rs 1,42,50,000 which is received over and above of own contribution would be consider as "Capital Gain" or…
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I want to know the TDS section for tds on videography or photography services on the basis of case laws.
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Tds deducted from bills raised on HAM Project .Bills debited to w i p account shown in assets side .No sales or revenue receipt is there .Huge amount of tds deducted .whether the Sade tds is required to carry forward to next year till we receive annuity or can be claimed as refund on current assessment year? Or whether assesee can offer the income to the extent of TDS and claim the TDS every year.pl guide .
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells go ods on Dami (Commission) on auction in Anaj Mandi. The Transaction is as follows: - Sale price = 100/- + Commission = 2/- + Market Board Fee = 1 total = 103/- . The buyer is deducting TDS u/s 194H on Rs.2/- since the insertion of section 194H. Further, Sale of Kaccha Artia is not treated as Sale u/s 44AB as per the clarification of CBDT. Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the section.…
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Our is a limited company and has agriculture land in Amritsar, the same has been acquired by NHAI in 2020-2021, will land acquisition officer levy tds on our company before making payments in case of limited company or no tds will be applicable?
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Yesterday, we purchased one residential flat for total consideration of 7912440 Rs. the builder has asked us to pay 79124 rs via TDS. Since there are 3 buyers (3 fund contributing buyers) and one seller, three FORM 26QB has to fill. After selecting "YES" in the section, are there any multiple buyers involved, in what to do next? Question 1 - What is required to fill the section of "Total Value of Consideration (Property Value)*" is it 7912440 or 7912440/3 = 26374Rs (see image 1) What is required to fill in a section of the amount paid/credited? (see image 2)…
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ABC company of USA has filed civil law suit against XYZ company of India in the court of USA alleging breach of confidentiality and misappropriation of trade secret. Now both the parties have agreed mutually to fully settle the dispute, wherein XYZ company will pay sum of USD 250000 to ABC company, and ABC company will withdraw the case. Q1. whether such payment made by XYZ company will be deductible expense from business income? Q2. Under which section TDS will be applicable and at what rate? Q3. under what expense head such payment should be booked in profit and loss…
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Public limited co making payment of Dividend to NRI share holder. This payment is credited to his NRE account in Indian Rupees. Whether in this situation Form 15 CA and CB is required. Does this amounts to remittance to NRI, even though payment is credited in bank account maintained in India.
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PROSECUTION NOTICE UNDER TDS