News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Direct Tax »
 Offline Retail Payments using Cards / Wallets / Mobile Devices Pilot
 CBDT issues guidance note on MAP, stipulates cases where ITAT has passed order
 CBDT issues MAP Guidance for benefit of Taxpayers, Tax Practitioners, Tax Authorities and CAs of India and of Treaty Partners
 Redeemed your MF? It s important to report capital gains or losses in ITR
  CBDT allows income tax authorities to share information with CCI
 Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen
 Know tax treatment of gains/losses from stock trading
 Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
 High value transactions, other details that your tax passbook will show Form 26AS
  Check fine for late filing and misreporting income Income Tax Return
 Income tax rules for mutual fund investment: How gains are taxed
 Don't make these mistakes while filing ITR to avoid tax noticea
 Notification No. 49/2020 CENTRAL BOARD OF DIRECT TAXES
 Going to file your Income Tax Return? Know which ITR Form to use
 TDS on Cash Withdrawals: CBDT clarifies on Validity of Exemption Notifications

Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
July, 30th 2020

Section 194N of the Act as inserted by Finance (No.2) Act 2019 provided for deduction of tax at source on payment made by a banking company, a cooperative society engaged in the business of banking or post office, in cash to a recipient exceeding Rs. I crore in aggregate during a financial year from one or more account maintained by such recipient. Clause (v) of proviso to the said section had empowered the Central Government, in consultation with the Reserve Bank of India (RBI), to exempt by way of notification in Official Gazette, persons or class of persons so that payments made to such persons or class of persons shall not be subjected to TDS under this section. Accordingly, in exercise of the said power, Central Government has issued three notifications which are as under:

For more information

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting