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Chartered Accountancy
CA Final Indirect Tax Video Lectures Updated Nov 2019 by CA Amit Jain
Course Key Features
✓Fully Amended CA Final Indirect Tax Video Lectures for November 2019 – available in Hindi/English
❖ Pendrive @ INR 7500 including colourful book
❖ Google Drive @ INR 6500 including colourful book
❖ Google Drive @ INR 5500 with soft copy of colourful book
✓ Total ~ 90 hours with 4 views (Regular Track). Validity November 2019 exam.
✓ Telegram/WhatsApp group for Doubt Clearance
✓ Doubt clearance also on phone call
✓ Short Revision Videos/Audios
CA Final Indirect Tax Video Lectures – Topic Covered
1. GST in India – An Introduction
2. Supply under GST
3. Charge of GST
4. Exemptions from GST
5. Place of Supply
6. Time of Supply
7. Value of Supply
8. Input Tax Credit
9. Registration
10. Tax Invoice, Credit & Debit Notes
11. Accounts & Records; E-way Bill
12. Payment of Tax
13. Returns
14. Import & Export under GST
15. Refunds
16. Job Work
17. Assessment & Audit
18. Inspection, Search, Seizure and Arrest
19. Demands & Recovery
20. Liability to pay tax in certain cases
21. Offences & Penalties
22. Appeals & Revisions
23. Advance Ruling
24. Miscellaneous Provisions
About the Instructor
Amit Jain
Faculty of Indirect Tax.
Rated one of the Best Faculty by students in terms of superb doubt clearance support, notes & MCQs.
Chartered Accountant (Intermediate All India 41st Rank Holder )
- CIMA – United Kingdom (All India 1st Rank and Globally 2nd Rank in Professional Gateway Exam)
- Diploma in IFRS, ACCA – United Kingdom
- Diploma in Business Finance, ICFAI
- Certificate in Derivatives, National Stock Exchange
Section 193 of Income Tax Act TDS Section
Section 193 of Income Tax Act provides that the person responsible for paying to a resident, any income by way of interest on securities , shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier , deduct income-tax at the rates in force on the amount of the interest payable.
The various aspects required to be discussed in respect of Section 193 of Income Tax Act are as under : –
- Who are liable to deduct tax u/s 193 ? Who should be the Payee ?
- Timing of Deduction
- Rate and Minimum Threshold for deduction of taxes
- Whether payment qualifies as a Interest on securities ?
- Exemptions and Non Deduction Cases
Each of these cases are discussed as under : –
Who are liable to deduct tds under Section 193 ?
TDS under Section 193 has to be deducted when the Payor is a : –
- Local authority, Corporation or company, including principal officer thereof
- Central or State Government
However, such person are liable to deduct TDS only when the recipient is a resident. Non resident recipient are not covered under Section 193.
Timing of Deduction – Section 193 of Income Tax Act
Tax u/s 193 has to be deducted at the time of credit of such interest income to the account of the payee (including credit to a Suspense Account/ Interest Payable Account or any other account , which would be considered as a credit), or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier .
Rate and Minimum Threshold for deduction of taxes under Section 193
- 10% on interest on securities ;
- 20% (if PAN is not provided by recipient) – as per the provisions of Section 206AA
- As per lower WHT certificate , if any, obtained u/s 197 .
| S.NO. | PARTICULARS | RATE |
| 1. | Person (other than a company) resident in India who pays interest on | |
| (A) | Any debentures or securities other than a security of the Central or State Government for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; | 10% |
| (B) | Any debentures issued by a Company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulations) Act, 1956 and any rules made thereunder | 10% |
| (C) | Debentures not listed on a recognised stock exchange | 10% |
| (D) | 8% / 7.75% Savings Taxable Bonds | 10% |
| 2. | Domestic company | |
| Any interest on securities | 10% |
Whether payment qualifies as a Interest on securities under Section 193?
Section 193 covers payments, which are in the nature of following payments : –
- Interest on debentures or other securities issued for money by or on behalf of local authority, a company or a corporation established by State Central for provincial act
- Interest on securities of Central or state government – Subject to certain exemptions
Exemptions and Non Deduction Cases
Section 193 excludes the following payments from deduction of TDS u/s 193 : –
- Central Government notified debentures issued by specified authorities
- Interest on any security issued by the Central or State Government
- Securities specified in proviso to Section 193
- Interest payable on a listed Security issued by a company in dematerialized form as per SCRA
- Interest payable to LIC, General Insurance Corporation of India, other insurer, in respect of securities owned by them beneficially
- Interest paid or payable by a widely held Company on listed/ unlisted debentures to a resident individual/ HUF by an account pay cheque not exceeding Rs. 5,000
- Interest payable on a listed company Security in dematerialized form
- Interest on 8% Saving (Taxable) Bonds 2003 / 0r 7.75% Saving (Taxable) Bonds 2018 , issued by central government it to the extent of Rs. of 10000
- Payment to new Pension System Trust referred to in Section 44F/ other Bodies notified by Central Government
TDS on consultancy charges
TDS on consultancy charges is required to be deducted under Section 194J of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under : –
- TDS shall be deducted @ 10%.
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the 10% rate.
- TDS @ 20% shall be deducted where the recipient does not provide the PAN number to the deductor.
TDS on consultancy charges shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Time of deducting TDS on consultancy charges
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of consultancy charges to the account of payee; or
- Payment of consultancy charges in cash or by way of issue of cheque/ draft/ any other mode.
Illustrations : –
For Full text of Section 194J, please refer this link
Explore our Full detailed Article on TDS.
TDS on consultancy charges is required to be deducted under Section 194J of Income Tax Act 1961 at the rate of 10% for payments to residents.
TDS on courier service
TDS on courier service is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the contractor does not provide the PAN number to the deductor.
TDS on courier service shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on courier service
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on courier service is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on payment to transporter
TDS on payment to transporter is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the transporter does not provide the PAN number to the deductor.
TDS on payment to transporter shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on payment to transporter
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on payment to transporter is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on labour charges
TDS on labour charges is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the transporter does not provide the PAN number to the deductor.
TDS on labour charges shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on labour charges
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on labour charges is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on security services
TDS on security services is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the transporter does not provide the PAN number to the deductor.
TDS on security services shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on security services
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on security services is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on job work
TDS on job work is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the transporter does not provide the PAN number to the deductor.
TDS on job work shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on job work
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on job work is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on courier charges
TDS on courier charges is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the contractor does not provide the PAN number to the deductor.
TDS on courier charges shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on courier charges
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on courier charges is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on catering services
TDS on catering services is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the contractor does not provide the PAN number to the deductor.
TDS on catering services shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on catering services
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on catering services is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
TDS on car hire charges
TDS on car hire charges is required to be deducted under Section 194C of Income Tax Act 1961.
Rate and Amount for deduction of TDS
The rate of TDS is as under: –
- TDS shall be deducted @ following rates u/s 194C depending on whether the payee is an Individual/ HUF or other than Individual/ HUF:
-
- Credit/ Payment is made to an Individual/ HUF – 1%
- Credit/Payment is made to a person other than an Individual/ HUF – 2%
- No Surcharge and Higher Education Cess (“HEC”) shall be added to the above-mentioned rates.
- TDS @ 20% shall be deducted where the transporter does not provide the PAN number to the deductor.
TDS on car hire charges shall be deducted on invoice value, excluding the value of GST (if such value is mentioned separately in the invoice) – Circular No. 23/ 2017. However, TDS shall be deducted on whole of the invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 2017
Exemption from tax deduction u/s 194C
- Where the amount credited/ paid does not exceed Rs. 30,000 in a single transaction. Further, no TDS shall be deducted, where the amount or aggregate of amounts credited/ paid during the FY does not exceed Rs. 1,00,000.
- Where consideration paid by an individual or HUF is on account of personal purpose.
- Payment made to Non-Resident contractor shall not attract TDS u/s 194C. However, it shall be governed by provisions of Section 195
Time of deducting TDS on car hire charges
The time when TDS is required to be deducted is earlier of the following two events –
- Credit of such sum to the account of payee; or
- Payment in cash or by way of issue of cheque/ draft/ any other mode
Illustrations: –
For Full text of Section 194C, please refer this link
Explore our Full detailed Article on TDS.
TDS on car hire charges is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1% or 2% (as the case may be) for payments to residents.
