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WITHHOLDING TAX - Budget 2015

Tax in General + Budget + Finance Acts - By: - CS Swati Dodhi - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - WITHHOLDING TAX Eligible period of concessional tax rate under section 194LD extended The existing provisions of section 194LD of the Act, provide for lower withholding tax at the rate of 5 percent in case of interest payable at any time on or after the June 1, 2013 but before the June 1, 2015 to FIIs and QFIs on their investments in Government securities and rupee denominated corpo .....

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der the section will now be available on interest payable upto June 30, 2017. This amendment shall take effect from June 1, 2015. Clarification regarding deduction of tax from payments made to transporters Section 194C of the Act prior to October 1, 2009, provided for exemption from TDS to an individual transporter who did not own more than two goods carriage at any time during the previous year. Subsequently, Finance (No.2) Act, 2009 substituted section 194C of the Act with effect from October .....

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transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN. This amendment will take effect from June 1, 2015. Provisions relating to deduction of tax on interes .....

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redit society or a primary credit society or a co-operative land mortgage bank or a co-operative land development bank from deduction of tax in respect of interest paid on deposit shall continue to apply. Further, the existing exemption provided under section 194A(3)(v) of the Act from deduction of tax from interest paid by a cooperative society to another co-operative society shall continue to apply to the co-operative bank and, therefore, a co-operative bank shall not be required to deduct tax .....

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ion 194A of the Act to provide that the computation of interest income for the purposes of deduction of tax under section 194A of the Act should be made with reference to the income credited or paid by the banking company or the co-operative bank or the public company which has adopted core banking solutions. It is proposed to amend the provisions of section 194A of the Income-tax Act, 1961 to provide that deduction of tax under section 194A of the Act from interest payment on the compensation a .....

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e Act does not provide for determination of fee payable under section 234E of the Act at the time of processing of TDS statements. It is, therefore, proposed to amend the provisions of section 200A of the Act so as to enable computation of fee payable under section 234E of the Act at the time of processing of TDS statement under section 200A of the Act Currently, there is no provision for allowing a collector to file correction statement in respect of TCS statement which has been furnished. It .....

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ed after processing of TCS statement shall also be subject to rectification under section 154 of the Act; appealable under section 246A of the Act; and deemed as notice of demand under section 156 of the Act Proposal to provide where interest is charged for any period under section 206C (7) of the Act on the tax amount specified in the intimation issued under proposed provision, then, no interest shall be charged under section 220(2) of the Act on the same amount for the same period. Proposal .....

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y such authority by verifying the same in the prescribed manner and setting forth prescribed particulars. Proposal to amend the provisions of section 272A of the Act so as to provide for a penalty of ₹ 100 for each day of default during which the default continues subject to the limit of the amount deductible or collectible in respect of which the statement is to be furnished. It is proposed to amend the provisions of section 192 of the Act to provide that the person responsible for payin .....

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