On the payments made, the assessee deducted tax at the rate of 2% under Section 194C of the Income Tax Act 1961 (herein after "Act"). However, assessment was completed on the basis that tax deductible was at 5% as prescribed under Section 194J the AO disallowed proportionate amount relatable to short deduction of tax at source, which …
DCIT Vs Murugarajendra Oil Industry (P) Ltd. (ITAT Bangalore) Assessee claimed that on obtaining of either the declaration contemplated under second proviso to the pre-amended section 194C(3) or the PAN details under the present section 194C(6), the assessee was not required to make any deduction at source on the payments made to …
Assessee has challenged levy of penalty u/s 271C mainly on the following grounds:-. I. "That the Commissioner of Income Tax Appeals ['CIT (A)'] erred on facts and in law in confirming the penalty order dated 29.01.2018 passed by the assessing officer, levying penalty of Rs.7,16,000 under section 271C of the Income Tax Act, 1961 ('the ...
For rent on the plant and machinery, the TDS rate is 2% (Section 194-I). However, for rent on land, buildings, or both, the TDS rate is 5% under Section 194-IB. Exemption limit – the minimum exemption limit is Rs 2.4 lakh per annum for Section 194-I and Rs 50,000 per month for section 194-IB.
By Gayathri C.H - On February 22, 2023 6:00 am - 3 mins read. The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held …
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently in an appeal filed before it, held that CAM charges paid as part of rent, is subject to TDS u/s 194I of Income Tax Act.. The aforesaid observation was made by the Delhi ITAT, when an appeal was filed before it by the assessee, as against the order of the CIT(A), Delhi, dated …
1. Section 194C Sec 194C provides for deduction of tax from payment of works contract made to contractor or sub-contractor. Any person carrying out any work in …
Section 194C – TDS on Payment to Contractor post amendments by Finance Act 2020 The present article briefly covers the important provisions and recent changes relating to 'TDS on Payment to Contractors', which is covered under Section 194C of the Income Tax Act 1961. Section 194C – TDS on Payments to contractors. Any …
In support of his claim, the AO has referred the Circular issued by CBDT No. 715 dated 08.08.1995 wherein the question No-15 clearly states that Sec. 194C of the Act would apply in respect of supply of printed material as per prescribed specification. The AO also contended the several case laws in support of his claim.
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In Favour of Assessee. Citation Number : TS-572-ITAT-2023 (Mum)-TP. Tax Payer : Gammon India Ltd. Show More. Receive alerts on the latest transfer pricing rulings in India with Taxsutra's Alert Rulings service.
On the aspect of observation of the learned CIT that Sections 194C(6) and Section 194C(7) have to be read together to extend the immunity from TDS, our attention is drawn to the fact that though the Finance Act, (N0.2) 2009 introduced, inter alia, Sec. 194C(6) and 194C(7), similar and analogous provision had been very much in existence …
By Fathima Karama A.M - On April 17, 2023 11:38 am - 2 mins read. The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that no disallowance shall be made under Section 40 (a) (ia) of the Income Tax Act, 1961 on compliance with the Section 194C (6) of the Income Tax Act. The assessee Quippo Oil & Gas Infrastructure Ltd filed …
Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22] CA.R.S.KALRA, 04 August 2021 Share Who is responsible to deduct tax u/s 194C? Any …
AO can't use other method prescribed in Rule 11UA(2) without finding defect in valuation method used by assessee: ITAT 06 Oct 2023 ; HC sets aside sec. 148A(b) notice as AO failed to furnish copy of affidavits based on …
Section 194C – TDS on Payments to contractors. Any person responsible for paying any sum to any resident contractor for carrying out any "work" in pursuance of a …
Johnson Watch Company Pvt. Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that assessee duly deducted TDS @2% u/s 194C Income Tax Act on payment of Common Area Maintenance (CAM) Charges as provisions of section 194I of the Income Tax Act is not applicable to this payment. Facts- This appeal is filed by the assessee against CIT (A) …
The Law of TDS u/s 194C: Controversies & Solutions Shri. K. C. Singhal, Advocate Non-compliance with s. 194C has draconian consequences for the assessee. …
Sec. 148A(b) notice issued based upon report of Invst. wing valid if copy of report made available to assessee: HC 25 Sep 2023 ; No section 263 revision for denying exemption u/s 80-IC if it was allowed in prior years based on detailed enquiry: HC 25 Sep 2023 ; FA 2021 amendment disallowing sec. 80P claim on non-filing of ITR isn't …
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The company which had entered into contract with the assessee deducted 2 per cent of the amount paid on account of TDS in terms of s. 194C (1) of the IT Act, 1961. Thereafter, the assessee society paid the amount received by it to the members of the society who had actually carried the goods.
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The rate of deduction of tax at source under Section 194C is 2...per cent under, whereas under Section 194J it is 5 per cent. An order was made by the Assistant Commissioner of Income Tax (ACIT) on 29.11.2002 under Sections 201/201(1A) of the Act holding that the...operative portion of Section 194J relevant for the present purpose reads …
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WebPayment To Contractors – Section 194C. ♦ As per Section 194C, Any person responsible for paying any sum to any resident for carrying out any work (including supply of labour …
The Karnataka High Court in the case of Smt. J. Rama v. CIT [2010] 194 Taxman 37 (Karnataka) held that Law does not stipulate the existence of a written contract as a condition precedent for invoking the provisions of section 194C with respect to payment of TDS. The cab owners had received the payments from assessee towards the hiring …
The provisions of Sec.271-C reads thus:-. "Section: 271C. a) deduct the whole or any part of the tax as required by or under the provisions of Chapter XVIIB; Or. then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.
PCIT Vs ATC Telecom Infrastructure Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that security charges involve supply of manpower only and the same does not involve "carrying on of any work". Accordingly, provisions of section 194C are not attracted for expenses claimed as 'security charges'. Hence, disallowance u/s 40 (a) (ia) unjustified.
The A.O being of the view that the assessee had defaulted by not deducting tax at source under Sec. 194C of the IT Act on the aforesaid hiring charges aggregating to Rs. 9,50,600/-, thus called upon the assessee to explain as to why the said amount claimed as an expenditure may not be disallowed under Sec. 40(a)(ia) of the IT Act.
There is a Circular issued by the CBDT. The said Circular No. 723, dt. 19th Sept., 1995 states that where the provisions of s. 172 are to apply, the provisions of ss. 194C and 195 relating to tax deduction at source are not applicable. Acting on the above Circular, Tribunal, Ahmedabad Bench 'C' has held in the case of CIT v.
194C (1) Any person responsible for paying any sum to any resident (hereafter in this section referred to as the contractor) for carrying out any work …
The requirement of Sec. 194C (2) is that the sub-contractor should carry out the whole or any part of the work undertaken by the contractor. Q. 116 X a co-operative society was formed by the truck owners and it entered into contract with company for transportation. The company deducted TDS u/s. 194C (2).
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Oct 03, 2023. In Favour of Both, Partially. Citation Number : TS-564-ITAT-2023 (Mum) Tax Payer : Pfizer Limited. Access the latest tax rulings in India and stay informed with Taxsutra's extensive database.
Penalty u/s 271(1)(c): A Comprehensive Analysis 1.
Payment To Contractors – Section 194C ♦ As per Section 194C, Any person responsible for paying any sum to any resident for carrying out any work (i. ... (ITAT) in the case of Bharat Forge Ltd. v. Addl. CIT [2013] 36 taxmann 574 considered this issue on an assessee's appeal. In this case the CIT(A) had concluded the case against the ...
ITAT Delhi held that disallowance u/s 40(a)(ia) of the Income Tax Act unjustified as there was due compliance with provisions of section 194C(6). Violation of p ... Apart from the same as per provision of Sec. 194C(6), no tax needs to be deducted at the time of making payments to the transporters, if the transporter furnished his PAN to the ...
