Income Tax Updates:

7th October 2022 i.e Today is the due date to make monthly payment of TDS/TCS liability for the month of September 2022.

Do make the payment on time to avoid interest.

IDBI Bank News:

DIPAM will invite expressions of interest (EoIs) from potential bidders on October 7 for IDBI Bank.

The Centre will divest 30.48% stake and Life Insurance Corporation of India (LIC) will offload 30.24% in IDBI Bank. They will together divest a 60.72% stake.

The last date and time for submission of EoIs for IDBI Bank is 16 December and all the EoIs shall be valid for 180 days and can be further extended by another 180 days.

The successful bidder is also required to make an open offer to public shareholders of IDBI Bank.

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that TDS provisions are not applicable to commissions paid to banks.

If the proper officer opted for physical verification of the petitioner’s business premises, it could only be carried out in the presence of its auth rep. In other words, in such eventuality, a prior notice/intimation would have to be served by the proper officer: Delhi HC

Let's understand about TDS Section 194H in a simple way.

Explanation (i) to Sec 194H contains the meaning of the term ‘Commission or Brokerage’.

As per the said Explanation, Commission or Brokerage includes any payment received / receivable (directly or indirectly) by a person acting on behalf of another person for:

1. Services rendered (except the professional services); or

2. Any service in the course of buying / selling of goods; or

3. In relation to any transaction to any asset, thing or valuable article (except securities).

Knowledge series: Levy of taxes can have retrospective effect. Can penal provisions in tax law also have retrospective effect?

GST Update:

11th October i.e Today is the due date for filing GSTR-1 (Monthly) for the month of September 2022.

Do file it on time to avoid any late fees.

Let's understand about TDS Section 194A in a simple way.

Let's understand about TDS Section 194C in a simple way.

Specified Persons other than mentioned in the post:

a. The authority engaged either for the purpose of dealing with and satisfying the need for the housing accommodation or for planning, improvement or development of cities, town and village;

b. The university established / incorporated by Central, State or Provincial Act;

c. The Government of a foreign state / a foreign enterprise or any association / body established outside India;

Under the following situation, TDS is not required to be deducted

The amount paid to the account of the contractor engaged in the business of hiring/plying/ leasing goods carriage, where the contractor doesn’t own more than 10 goods carriage at any time during the year.
Contractor is required to furnish the declaration with PAN to the Deductor.