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Sunday, March 14, 2010

Should We Deduct Tax on Payments to IAS Assocaition ?

March 5, 2010 by taxworry · Leave a Comment 

Is event sponsorship subject to tax deduction at source?My company paid a certain sum to an IAS association for their organising an event. What we paid was a certain % of total cost.This association does not have its PAN and as such, payment was made without tax deduction at source.
Vimal Kishore  Soni , Barmer
The provision [...]

Should Payment For Booking Exhibition Space Abroad Suffer TDS?

January 21, 2010 by taxworry · Leave a Comment 

We are running an educational institution and accordingly we have booked an exhibition floor space in uae as a part to promote our institution . now the question is that the company which is organizing is a foreign company say ( international exhibition llc). it is not having any permanent establishment in iIdia . do [...]

Is Sitting Fee Paid to Director Taxed as Salary or Income From Other Sources ?

January 18, 2010 by taxworry · Leave a Comment 

Sitting fees received by the director on attending the board meeting is taxable under which head . If on sitting fees t d s has been deducted under 194J ie professional will it be taxed under salary or other source.
Alka Gaglani, Mumbai
There has to be employer & employee relationship for treating a receipt by a [...]

IS TDS on Payments to Friend as Consulatncy Fee Necessary?

January 15, 2010 by taxworry · Leave a Comment 

Hi, I have a proprietorship concern. I have to pay 50% of the profits to a friend of mine who helps me in the conduct of business. He desires that that money be paid to him as consultancy fee. I do not have any registration other than PAN card. He is also not registered anywhere [...]

Download Book on TDS on Salaries by CBDT!

January 7, 2010 by taxworry · Leave a Comment 

Taxpayer series published by Income Tax Department has the title “TDS on Salaries”.The preface of the book says
The provisions of the Income T ax Act relating to Tax Deduction at Source from Salaries are of immense importance in the context of present scenario when TDS collections account for almost 30% of total collection of [...]

Should TDS From Prize Money Be Refunded To A Person Having No Taxable Income?

December 8, 2009 by taxworry · Leave a Comment 

I want to know about TDS, since I won a contest in which I got 1 Lakh cash prize and TDS of 33.6% is deducted from that amount, since I am a student with no income, so whether that amount will be refunded to me and if yes how. Atul Vohra , Shimla

No, the amount [...]

Is TDS Required If Only Provisions For Expense Made?

November 29, 2009 by taxworry · Leave a Comment 

I would like to know about TDS deductible on provision for expenses. Suppose at the end of the year, many provisions are made, say as on 31/03/09 for various payments like payments to contractors, auditors, where in normal course, TDS is applicable. In this provision case, I am simply making a provision & not crediting [...]

Can You Prevent TDS on Payments To Non Resident?

November 29, 2009 by taxworry · 1 Comment 

Yes, there is a  way to prevent TDS on the payment to Non Resident. It may be partial or full . The provision regarding relief from tax at source is provided in the same provision i.e section 195 of the I T Act. The scope is given under subsection 195(2) which  states that if the [...]

Are Individuals Foreign Citizen Exempt From TDS?

November 29, 2009 by taxworry · Leave a Comment 

Should a private ltd company in India has to deduct TDS on payments made to an individual, who is a foreign citizen of Holland? Prabha G, Chennai
Your question is very general in nature.
Section 195 of the I T Act  provides for deduction of tax at source in case of payments to non resident. It [...]

What is Rule of Filing 15G to Prevent TDS?

November 3, 2009 by taxworry · Leave a Comment 

I am a male of 60 yrs, resident, having business in Delhi. My estimated total income for FY 2009-10 is 200,000/.I have invested Rs 70,00/= in PPF. Now my taxable income is 200,000- 70000 = 130,000.  Since Rs 130,000 is below the taxable limit of Rs 160,000 this yr ,I want to invest in senior [...]

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