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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

TDS - payments made to the banks on account of utilization of ...

Income Tax

August 10, 2013

TDS - payments made to the banks on account of utilization of credit card facilities would be in the nature of bank charges and not in the nature of commission within the meaning of section 194H of the Act and hence no TDS is required to be deducted u/s 194 H of the Act - AT

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  1. TDS provisions u/s 194H - credit card charges - payments to banks for utilization of credit card facilities are in the nature of bank charges and not commission and,...

  2. Section 194S : TDS on payment on transfer of virtual digital asset - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax

  3. TDS u/s 194H - credit card commission expenses - payments to banks on account of utilization of credit card facilities would be in the nature of bank charge and not in...

  4. Payments made to the banks on account of utilization of credit card facilities would be in the nature of bank charges and not in the nature of commission within the...

  5. TDS u/s 194H - “payment to Gateways” - Non deduction of tds - the “sale made on the basis of a credit card” is the transaction of the merchant establishment and that the...

  6. Non-deduction of tax u/s 194C – The expenditures were incurred towards greeting cards, stationery, visiting cards, calendars, registers, etc - being a sale and purchase...

  7. Deletion made on non-deduction of tax u/s 40(a)(ia) - TDS u/s 192 - reimbursement of salary to the deputed personnel would not attract deduction of tax at source - AT

  8. Grossing up of the expenditure with TDS amount for claiming deduction - Non reimbursable tax paid to Master Cards/Visa Cards included under the head “Operating Expenses“...

  9. Addition made – only on account of inflated statements furnished to the banking authorities for the purpose of availing of larger credit facilities, no addition can be made - HC

  10. All services related to credit card facilities taxable - benefit of extended period of limitation denied - demand confirmed with penalty... - AT

 

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