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.

Majority of auditors not filing annual returns, says NFRA

Auditing regulator NFRA has published a list of auditors who have not filed annual returns for the year FY20.

Income Tax Updates:

15th October 2022 i.e Today is the due date to file TCS return for Q2 (July to Sept 22)

Do file it on time to avoid late fees.

ROC Updates:

15th October 22 i.e. Today is also the due date for completing DIR-3 KYC.

Do file it on time to avoid penalty.

You can again file DIR-3 KYC form, if this problem is persisting.

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GST Updates:

18th October 2022 i.e Today is the due date for filing Composition GST Return CMP-08 for Q2 (July to Sept 22)

Do file it on time to avoid late fees

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

Let's understand about "194Q vs 206C(1H)" in a simple way.

194Q vs 206C(1H) - 194Q is a TDS section whereas 206C(1H) is a TCS section.

If a transaction is both within the purview of TDS sec 194Q as well as TCS Sec 206C(1H), then the tax is required to be deducted u/s 194Q.

Further that transaction shall come out of the purview of TCS Sec 206C(1H) after tax has been deducted by the buyer on that transaction.

Once the buyer has deducted TDS u/s 194Q on a transaction, the seller is not required to collect TCS u/s 206C(1H) on the same transaction.

However, if, for any reason, TCS u/s 206C(1H) has been collected by the seller before the buyer could deduct TDS u/s 194Q on the same transaction, such transaction would not be subjected to TDS again by the buyer.

This has been clarified by CBDT.

Similar consequences as to other TDS section. Disallowance.

one time dispute settlement scheme like introduced for service tax dispute settlement is on its way: source

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