« Top Headlines » Open DEMAT Account in 24 hrs  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups  Result of the Information Systems Audit [ISA] Assessment Test held on 8th November 2025 is likely to be declared on late evening (around 9 pm) of 16th November 2025.  Income Tax: What is revised I-T return which you can file till the end of the calendar year?  Creating Vouchers Directly from Bank Statements in Tally Prime A Complete Step-by-Step Guide «  Net direct tax collections up by 41 pc... Taxability of fees for technical services... » No TDS on sale deals, says CBDT December, 18th 2006 The Central Board of Direct Taxes has clarified that tax deducted at source (TDS) will only apply to deals which are in the nature of contract for work and not those involving sale transactions.    For example, an individual who has purchased a car and subsequently given a contract to another entity for customising the vehicle for some amount would be liable to deduct 2 per cent as TDS on that particular amount.    In effect, any value addition to goods already owned by an individual by another party will attract the tax.    A revenue department official said the circular removed ambiguities that had crept up due to two different circulars - 681 and 715. The critical point is at what point the person assumes ownership of the goods, he said.    Stretching the car analogy, he said, if a person contracted a customisation agency to purchase the car on his behalf and make value additions like changing tyres, adding accessories, etc, the transaction would not attract TDS.    This is because it will be treated as a contract for sale and not a contract for work, he said. The clarification, the official added, had widespread implications.    The provisions of Section 194C would apply in respect of a contract for supply of any article or things as per prescribed specifications in this regard, he said.