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Income Tax Updates

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01-Jan-2023

e-Pay Tax service is now enabled for City Union Bank with Over the Counter and Net Banking options. 
IDBI, Jammu & Kashmir Bank, UCO Bank and Union Bank has been migrated from OLTAS e-Payment of Taxes at Protean (previously NSDL) to e-Pay Tax facility at the e-Filing portal for payment of taxes henceforth.

IMPORTANT SECTIONS

1-40(a)(ia) 30% disallow if non-TDS

Section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is required to deduct TDS for payments

non-deduction or non-payment of TDS on payments made to residents as specified in section 40(a)(ia) of the Act, the disallowance shall be restricted to 30% of the amount of expenditure on which TDS is not deducted.

TDS is compulsorily required to deduct from SALARY , INTEREST , DIVIDEND , PAYMENT TO CONTRACTORS, COMMISSION ,BROKERAGE, PROFESSIONAL FEES , TECHNICAL FEES.

2-40(b) Remuneration & Interest

Over & above maximum allowed remuneration calculated based on below formula will be disallowed

(a) on the first Rs.3,00,000 of the book-profit or in case of a loss Rs.1,50,000 or at the rate of 90 per cent. of the book-profit, whichever is more;

(b) on the balance of the book-profit at the rate of 60 per cent

Interest
over & above 12% is disallowed