WebJan 12, 2024 · Non-deduction and non-payment of TDS will also result in disallowance of expenditure under section 40 (a) (ia). Conclusion Section 194K is re-introduced in the Income Tax Act, 1961 to modify the incidence of tax on dividends from the AMC to the individual investors. WebJan 23, 2024 · The Ld.AR for the assessee submitted that the issue involved in the appeal regarding payment made to non-residents without deduction of TDS u/s.195 of the Act and consequent disallowance of payment u/s.40(a)(i) of the Act, is covered in favour of the assessee by the decision of ITAT Chennai Benches in the case of M/s.TVS Electronics …
Disallowance u/s 40(ia) for non-deduction on social security ...
WebMar 10, 2024 · What are the consequences of non-complying with Section 195? If TDS is not deducted, then expense will be disallowed under section 40 (a) (i) If TDS is deducted but not paid within the time limit then interest @ 1.5% per month or part of the month will be levied from the date of the deduction to the date of deposit. WebFeb 2, 2024 · Ans: As per provisions of section 271C of the Income Tax Act, in case the deductor fails to deduct the TDS, then he would be liable to pay an amount equal to TDS not deducted. Read Also:- Tags: Income Tax Penalty, Section 271C, TDS Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer. Author Bio Name : CA … fisherbrand pipette coa
Abhishek Raja "Ram" GST Litigation en LinkedIn: The issue of TDS U/s ...
WebSep 4, 2024 · Under the Income Tax Act, there are certain transactions have been specified under which TDS shall be deducted at the time of credit or payment as per the … WebMay 22, 2024 · TDS statement for TDS deducted on payment made to non-resident needs to be submitted in Form 27Q. Consequences of non-deduction or non-payment of … WebApr 24, 2024 · Under the provisions of section 195 of the Act, any person responsible for making a payment to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the provisions of the Act, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in … canada threatens truckers pets