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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
1) Who is responsible to deduct tax under Section 194BB of Income Tax Act, 1961? Any person, who is responsible for paying to any person any income by way of winnings from any horse race an amount exceeding ₹10,000 shall deduct income-tax at the rates in force. Any person here means a book maker or […]
1) Who is responsible to deduct tax under section 194B of Income Tax Act, 1961? The person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle, card game and other game of any sort in an amount exceeding ₹ 10,000 shall, deduct income-tax thereon at the […]
The Oriental Insurance Co. Ltd. Vs DCIT (ITAT Delhi) The assessee is aggrieved by the action of the AO in making a disallowance of Rs 56,59,609/- on account of Provision made for Standard Assets. It was submitted that as per the scheme of taxing income of the assessee is to be computed as per provisions […]
Finance Act, 2021 made the existing procedure of reassessment under section 147 of the Income Tax Act (‘Act’) completely redundant by substituting it with a new reassessment procedure. Memorandum Explaining the Finance Bill, 2021 makes it amply clear that such changes are killing two birds with one stone viz. 1. Less Litigations and 2. Ease of Doing business for the taxpayers.
Login in IT Reporting Portal to Check Specified Person u/s 206AB & 206CCA Specified person means a person who satisfies both of the following conditions: i. A person who has not filed ITRs for both of the Two A.Ys. relevant to the Two P.Ys. immediately prior to the P.Y. in which tax is required to be deducted/collected, for which […]
1) Who is responsible for tax deduction (payer)? Following persons are responsible to deduct tax at source on interest other than interest on securities to a resident person – Any person, other than Individual or HUF; or An individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried […]
1. Who is responsible to deduct tax u/s 194? The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of any dividend (including dividends on preference shares) to a shareholder, who is resident in India, is required to deduct tax at source. Finance Act, […]
1) Who is responsible to deduct tax under Section 193 of Income Tax Act, 1961? Any person responsible for paying any interest on securities to a resident is required to deduct tax at source. 2) When to Deduct TDS under Section 193? Tax shall be deducted under this section, either at the time of credit […]
Article discusses TDS on Purchase of Goods under section 194Q of Income Tax Act, 1961, TCS on Sale of Goods – Section 206C(1H), TCS on Scrap – Section 206C(1), TCS on Sale of Motor Section 206C(1F), TDS on Non-filers of Income Tax Return u/s 206AB [Read with Section 206AA], TCS on Non-filers of Income Tax […]
1) Who is responsible to deduct tax u/s 192A of Income Tax Act, 1961? Tax is to be deducted by the trustees of Employees’ Provident Fund Scheme, 1952 or any other person authorized under the scheme to make payment of accumulated sum to employees. 2) When to Deduct TDS under Section 192A? Tax is deductible […]
