Home Highlights December 2012 Year 2012 This

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1. Budget 2019-20 + FINANCE (No. 2) BILL, 2019 with Focused Areas i.e Explanatory Notes

2. TDS u/s 194A - Addition u/s 40(a(ia) - TDS on factoring charges - In the nature of interest or not - The transaction entered into by the assessee is with M/s SBI Global...

3. Interest on short payment of advance tax – failure on the part of payer to deduct TDS u/s 195(2) - no interest u/s 234B - AT

4. TDS u/s 195(1) - usance charges are not interest u/s 2(28A) except where an undertaking is engaged in the business of ship breaking in view of explanation (2) to Sec....

5. Discounting charges vs Interest - merely discount of the sale consideration on sale of goods, it was not “interest” u/s 2(28A) and there was no obligation to deduct TDS...

6. Deduction of TDS - Interest u/s 2(28A) - Refund amount with interest to the flat purchasers/Petitioners as per the decree of the High Court - such a relationship does...

7. Service tax liability - Banking and other Financial services - prima facie interest earned on discounting of bills, bills of exchanges or cheques are not exempt - AT

8. TDS liability - Factoring/discounting charges cannot be treated as interest for the purpose of 194A - HC

9. TDS u/s 195 - on receiving advance payment, one may compensate the maker of advance payment by way of allowing interest or the same benefit can be given the name of...

10. TDS u/s 195 - interest u/s. 201(IA) - The levy of interest to compensate for the delay in realization of taxes, in the event of the taxability of subject income being...

11. TDS u/s 195 - interest income accrued in the hands of the foreign entity - There was no expenditure accrued during the previous year and also claimed and hence, the...

12. Definitions - Regulation 2 of the FOREIGN EXCHANGE MANAGEMENT (FOREIGN EXCHANGE DERIVATIVE CONTRACTS) REGULATIONS, 2000 as amended

13. Levy of service tax on bill discounting facility - collection of interest, against bill discounting facility - this activity is exempted from service tax - AT

14. Requirement of application of non deduction of TDS u/s 195(2) - unless person (deductor) is responsible for paying any sum chargeable under the Act - there is no...

15. Short payment of TDS u/s 195 - error in depositing TDS under the wrong challan - office of DCIT (OSD) TDS has escalated the issue to CPC – TDS for either necessitating...