TDS u/s 194A - disallowance of delayed payment charges - to be ...

Section 194A TDS not required on delayed payment charges for trade liabilities under Income Tax Act.

February 7, 2023

Case Laws Income Tax AT

TDS u/s 194A - disallowance of delayed payment charges - to be treated as interest for the purpose of TDS or not - Provisions of section 194A has no application to delayed payment charges on trade liability and thus, the assessee does not require to deduct TDS u/s. 194A of the Act. - AT

View Source

← Previous Next →

TDS u/s 194A - disallowance of delayed payment charges - to be ...

Section 194A TDS not required on delayed payment charges for trade liabilities under Income Tax Act.

February 7, 2023

Case Laws Income Tax AT

You may also like:

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

TDS u/s 194A - non deduction of tds on payment of hire charge - The payment of hire charges does not fall under the term interest as defined in section 2(28A) of the Act...

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

The ITAT, an Appellate Tribunal, addressed the issue of TDS u/s 194A. The case involved delay interest charged by a broker, treated as finance cost, without TDS...

For payment of tax, no assessment order is required and only in case of short payment of tax assessment is required after due notice - but for the deferral in payment of...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Disallowance on account of interest paid on delayed payment of TDS - as the tax deducted at source (TDS) is not in the nature of the income tax which is required to be...

Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

Transitional credit - TDS was transitioned under Section 140 of the TNGST Act, 2017, along with the “purchase tax” - The High court held that there is no scope for...

The existing provisions of section 230(1A) of the Income-tax Act, 1961, require obtaining a tax clearance certificate from income-tax authorities before leaving India,...

TDS u/s 194A - non-deduction of TDS on account of interest paid to the Jammu Development Authority [JDA] - the assessee was under no obligation to deduct TDS on interest...

The High Court held that by virtue of the non-obstante clause in the Kerala General Sales Tax Act, 1963 (KGST Act), it creates a first charge on the property of the...

Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

Tax free payments - TDS liability born by the assessee - the TDS, as exigible on payments, is grossed up, and payment made accordingly - deduction on account of tax...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Quick Updates: