It looks like your browser does not have JavaScript enabled. Please turn on JavaScript and try again. Page Content. In the following cases, no submission of information is required The remittance is made by an individual and it does not require prior approval of Reserve Bank of India [as per the provisions of section 5 of the Foreign Exchange Management Act, 42 of read with Schedule III to the Foreign Exchange Current Account Transaction Rules, ] There are at least 33 types of foreign remittances where you do not require any submission of Form 15CA or Form 15CB under rule 37BB: Sl.
Nature of Payment 1 Indian investment abroad — in equity capital shares 2 Indian investment abroad — in debt securities 3 Indian investment abroad- in branches and wholly owned subsidiaries 4 Indian investment abroad — in subsidiaries and associates 5 Indian investment abroad — in real estate 6 Loans extended to Non-Residents 7 Advance payment against imports 8 Payment towards imports- settlement of invoice 9 Imports by diplomatic missions 10 Intermediary trade 11 Imports below Rs.
Republished with amendments. Name : R. Member Since : 03 Feb Total Posts : View Full Profile. View More Published Posts. Disallowing finance charges, which were allowed in earlier years, needs re-consideration — Matter remanded back to AO.
Tax Audit Series-2 — Business Vs. Whether depreciation on acquired goodwill allowable under Income Tax Act, October 5, at pm. Kiran says:. September 24, at pm. Avinash Saant says:. Dear Sir, There are some expenses of my mother who is a resident Indian for the property. September 21, at pm. Gora Lal Gargi says:. September 18, at pm. Banbari Lal says:. September 22, at pm. AJAY says:. September 3, at pm.
Nagarjuna says:. August 12, at am. Vandana says:. August 5, at am. August 2, at pm. Shilpa says:. July 29, at pm. July 24, at pm. Poonam Shetty says:. It is also compatible with TDS returns of previous financial years for easy import. This initiative was implemented by the Finance Ministry to increase transparency and reduce the cases of TDS mismatches at the time of income tax filing.
Taxpayers can cross-check the information provided in the SMS with the information on the payslips to make sure that there is no mismatch. TDS mismatch could be a common reason for incorrect income tax return filing. On salary, TDS is deducted based on the income tax slab applicable to you. The tax rates are not based on your total income. Hence, you would suffer a TDS on your receipts in certain cases.
Separately, you would be required to calculate your annual income by aggregating income from all sources. Your actual tax liability would be calculated on the total taxable income. From the taxes calculated, you can claim credit for TDS deducted on your various receipts. Reduce the tax deducted at source from your actual tax liability to know the balance to be paid to the income tax department. You may have a refund too. In both cases, you have to file an income tax return and pay the tax due or claim a refund.
This is applicable when the total tax deducted or collected is more than Rs. Check out the late filing fee and interest applicable. From FY , you can choose to pay income tax under an optional new tax regime. According to Section O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.
Read in detail here. Read the article to understand the implications of section K. There are certain situations where the recipient would not have PAN. In such circumstances, the payer is required to adopt the provisions of Section AA. I want clarification regarding TDS on interest income.
This is just a Source of Deduction from payment, and the payee will get the credit for the Income Tax Deducted at Source while computing his income for Income Tax purposes. My wife would like to start investment in stock market.
Initial Money will be borrowed on interest [from. Would like to get clarification on section 54 F My client has sold long term capital asset. He is going to invest consideration in residential house and avail 54F. But, new house will be jointly in name of him and his brother. Shares will be separately mentioned in sale deed.
Consideration will be paid by them separately as per their share. Whether he can get benefit of 54F? Your email address will not be published. Post Comment. Notice: It seems you have Javascript disabled in your Browser. In order to submit a comment to this post, please write this code along with your comment: c0cff9d0aad53bb75c1bb.
User Menu. Income Tax Articles Featured. The threshold limit for deduction of tax at source under various sections is as follows: S. Particulars Section Threshold limit 1. No deduction of tax at source from salaries If net taxable income is less than the maximum amount which is not chargeable to tax i. No TDS from payment of accumulated balance of provident fund account due to an employee A If taxable premature withdrawal amount is less than Rs.
No TDS from interest paid on debentures issued by a company in which public are substantially interested. Provided interest is paid by account payee cheque to resident individual or HUF If amount of interest paid during the financial year does not exceed Rs.
Y to resident persons If amount of interest paid or likely to be paid during the financial year does not exceed Rs. No TDS from interest on 6. No TDS from dividend paid by Indian company by an account payee cheque to individual If aggregate amount of dividend paid or credited during the financial year does not exceed Rs.
No TDS from interest other than on securities if payer is any other person other than post office or banking company or co-operative society engaged on the banking. However, w. He shall deduct the tax at source at the applicable rate.
He shall file the periodic TDS statements, i. Tax is required to be deducted at higher rates in respect of every sum or income or amount from which tax is deductible under any provision of Chapter XVII-B except the sum or income or amount on which tax is deductible under any of the following provisions: Q.
At the rate or rates in force, i. Where deductee being a non-resident or a foreign company, shall in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, furnish the following details and documents to the deductor, namely:— i.
In case the payment exceeds Rs. In case the payment other than the payment referred in sub-rule 3 of Rule 37BB which is not chargeable to tax under the provisions of Income tax Act,, such information is required to be furnished in Part D of Form No. Purpose code as per RBI Nature of payment 1 S Indian investment abroad — in equity capital shares 2 S Indian investment abroad — in debt securities 3 S Indian investment abroad — in branches and wholly owned subsidiaries 4 S Indian investment abroad — in subsidiaries and associates 5 S Indian investment abroad — in real estate 6 S Loans extended to Non-Residents 7 S Advance payment against imports 8 S Payment towards imports — settlement of invoice 9 S Imports by diplomatic missions 10 S Intermediary trade 11 S Imports below Rs.
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Disallowing finance charges, which were allowed in earlier years, needs re-consideration — Matter remanded back to AO. Tax Audit Series-2 — Business Vs. Whether depreciation on acquired goodwill allowable under Income Tax Act, October 13, at am. Reshmi says:. September 15, at pm. June 16, at pm. Naman says:. June 10, at pm. S Govindaswamy says:. June 5, at pm. Jagadish padmanabhan says:. January 7, at pm.
Nitin anand says:. November 17, at pm. Vijay Raturi says:. September 16, at pm. Saahil says:. August 20, at am. July 31, at pm. July 25, at pm. June 25, at pm. Ravi Patel says:. June 24, at am. Hiten Nagda says:. June 3, at pm. B P Gupta says:. May 26, at pm. Himani Raheja says:. May 16, at am. Minal Mehta Shah says:. May 13, at pm. March 29, at pm. March 29, at am. Divya says:. March 1, at pm. Kailash Kumar Rana says:. January 30, at am.
Yogesh Khandelwal says:. November 12, at pm. July 7, at pm. Tejas Panchal says:. May 8, at pm. Suchitra Sengupta says:. January 19, at pm. N Chandrashekhar says:. November 10, at pm. Neel says:. October 13, at pm. Abubaker A says:. October 12, at pm. Murali Mohan Raju says:. Very good and comprehensive article of all the key issues. Thanks for sharing. October 12, at am. Kantilal says:.
July 5, at pm. June 6, at pm. April 26, at pm. Ramnathan says:. January 3, at am. Hardik Panchal says:. December 9, at pm. December 3, at am. November 30, at pm. Anil Grover says:. M K Singla says:. November 30, at am. Mohammad Ahmad says:. November 22, at am. May 2, at pm. Meet Pandya says:. March 3, at pm. December 20, at am. November 27, at am. September 26, at am. Jyothsna says:. August 28, at pm. Sharath says:. August 8, at pm.
Abhinandan Jain says:. July 17, at am. July 14, at am. Jim George says:. July 13, at am. July 12, at pm. Renuka says:. Please guide! Pune Office says:. July 9, at pm. Nishant says:. June 17, at am. Hema Gurbani says:. June 9, at pm. Rakesh says:. April 5, at am. Harshvardhan vaidya says:. March 21, at pm. March 12, at pm. They explained me that no interest on NRE Premature withdrawal. Please let me know if bank is Right. January 10, at pm. Only insurance companies are exempted from tds.
January 9, at pm. January 4, at pm. December 29, at pm.
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