#section 195

Purchase cannot be treated Bogus based merely on the basis of statements given before Sales tax department

ITO vs. Deepak Popatlal Gala (ITAT Mumbai), I.T.A. No.5920/Mum/2013, Date of Pronouncement :27.03.2015

Purchase cannot be treated Bogus based merely on the basis of statements given before Sales tax department

The next issue relates to disallowance made out of purchases and assessed u/s 69C of the Act. We heard the parties and perused the The total purchase expenditure claimed by the assessee…

CBDT Circular No : 786 Dated- 07.02.2000

[WITHDRAWN BY CIRCULAR NO. 7/2009, DATED 22-10-2009] Circular No : 786 Date of Issue : 7.2.2000 Section(s) Referred : 195 , 5 , 9 , 40(a)(i) Statute : Income-Tax Act

Subject : Deduction of tax u/s 195 and the taxability of export commission payable to non-resident agents rendering services abroad – clarification regarding.

In the Audit Report for 1997-98 (D P No 79(I.T.) The Comptroller & Auditor…

Foreign Remittance: TDS u/s 195: Reimbursement of Expenses

CA Rohit Gupta

Taxability of Reimbursement of expenses has always been a contentious issue. In most of the cases, assessee gets away with non-taxability of reimbursement of expenses on the plea of no profit element. However, in some cases, even without profit element, tax authorities and courts have held reimbursement of expenses as income of recipient liable for TDS and taxability in India.…

TDS on sale of Immovable Property by Non-resident

CA Pratik Anand

Recently I was asked a question by someone that at what rate tds is to be deducted at the time of purchasing a property in India from a non-resident.

The answer to the question lies in the simple reading of the Income Tax Act’1961.

Let us examine the relevant Sections of the Income Tax Act’1961. (more…)

S. 195 TDS is deductible only on Taxable Portion

answers given by the High Court that (i) the assessee who made the payments to the three non-residents was under obligation to deduct tax at source under Section 195 of the Act in respect of the sums paid to them under the contracts entered into; and (ii) the obligation of the respondent-assessee to deduct tax under Section 195 is limited only to appropriate proportion of income chargeable under…

Disallowance for failure to withhold tax- Sec.195 rw Sec. 40(a)(i)

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI

Circular No. 3/2015, Dated: February 12, 2015

Subject:- Clarification regarding ‘Amounts not deductible’ under sub-clause (i) of clause (a) of section 40 of Income-tax Act, 1961 (‘Act’)-regarding.

Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head…