1. TDS shall be deducted on basic
amount & not on GST. TDS certificate will be issued in 5 days of
deposit of TDS. Late fee of depositing TDS shall be Rs. 100 per day up to a
maximum of Rs. 5,000.
2. DVAT Filing of online return
for 3rd quarter of 2016-17 has been extended up to 28th February 2017.
3. Certificate for lower TDS is
‘person specific’ and not ‘income specific’. Meaning thereby it cannot be
extended to the amounts specified by the recipient of the payment while making
an application for grant of certificate u/s 197 - Levy of interest u/s 201(1A)
cannot be sustained
4. Taxpayer
cannot pay the tax liabilities for current period without clearing the payment
of tax for previous period in full. Section 35(8) prescribes the order of
payment where the taxpayer has tax liability beyond the current return
period. In such a situation, the order of payment to be followed is: First
self -assessed tax and interest for the previous period; thereafter
self-assessed tax and interest for the current period; and thereafter any other
amounts payable including any confirmed demands under section 51. This sequence
has to be mandatorily followed.
5. Rent cannot be taxed in the hand
of co-owner if his name is added merely to avoid succession problems in future.
6. If the studios would charge the
hire charges for using the studios setup on hourly basis and provides their
studios room with furniture and equipment on rent to the music directors then
the question of TDS deduction u/s 194C does not arise.
Have a great day ahead!
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