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April 2014

Direct Taxes

By Pinky Shah, Sonalee Godbole Chartered Accountants
Reading Time 1 mins
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TDS under section 195 of the Act relating to payments to non-residents – Instruction no. 2/2014 dated 26 .02.2014 (available on bcasonline.org)

Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 for Government deductors -Circular No. 07/2014 dated 4th March, 2014

CBDT has extended the due date of filing of the TDS/TCS statement as prescribed under Section 200(3) /proviso to Section 206C(3) of the Act read with Rule 31A/31AA of the Income-tax Rules, 1962 to 31.03.2014 for a Government deductor and mapped to a valid AIN for –

(i) FY 2012-13 – 2nd to 4th Quarter
(ii) FY 2013-14 – 1st to 3rd Quarter

CBDT extends the due date of payment of final installment of advance tax to 18th March 2014 –F.No.385/8/2013-IT(B) dated 14 th March 2014

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Article 12(5) of India-Finland DTAA — Services are performed at the place where service is used and not where services are rendered — In absence of make available clause in India-Finland DTAA, consideration is chargeable to tax in India; Article 21 of India-Finland DTAA — Since providing corporate guarantee was not business activity but shareholder obligation, corporate guarantee fee was Other Income covered under Article 21 of India-Finland DTAA.