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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...
Since assessee was a recipient of income in India after deduction of commission by the buyer outside India and no income had been received or paid inside India, which attracted TDS deduction in India, therefore, assessee was not liable to deduct TDS in India.
TPO determined ALP on the combined accounts approach rather than the split approach adopted by assessee as assessee failed to substantiate such common material costs were properly allocated segment-wise and Transfer Pricing Adjustment made at entity level should be restricted to international transactions only.
Form 15CB FAQs Q.1 What is Form 15CB? Form 15CB is a certificate to be furnished by an Accountant in cases where any payment / aggregate of payments exceeding ₹5 Lakh in a FY, chargeable to income tax is made to a Non-Resident, not being a Company or to a Foreign Company, and a certificate from the AO u/s […]
Form 15CA FAQs 1. What is Form 15CA? As per Section 195, every person making a payment to Non-Residents (not being a Company), or to a Foreign Company shall deduct TDS if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA. A person responsible for making […]
ITAT Delhi ruling on Amarjeet Kaur vs ACIT case. Disputed capital gains on property sale. Appeal outcome explained.
A new section 194Q is proposed to be introduced effective from 1st July 2021 towards TDS on purchase of Goods. Background: As per the estimation, it is said that only 5% of the Indian population files Income Tax returns and out of which only 1% pays tax. Government has been trying relentlessly to plug the […]
Why the conflict over depreciation of goodwill: To understand this from a layman’s perspective – any deduction by way of depreciation leads to reduction in profits from Business or Profession and thus Total income. What does that lead to -For the Government – reduced tax. -For the Buyer – reduced cost of acquiring an asset […]
Understanding TDS under Section 194Q of The Income Tax Act. Learn about the new tax provisions and its impact on businesses.
TO WHOMSOEVER IT MAY CONCERN Reference : Communication on section 206AB of the Income Tax Act, 1961. Subject : Confirmation of Turnover, Pan and Income Tax Return Filing details for the purpose of determining rate of Tax Deduction at Source/Tax Collection at Source Dear Sir/M’adam, We, ‘XYZ Private Limited’ do hereby confirm that we have […]
It is for the very first time that purchases are proposed to be subject to TDS, the provisions of TDS on purchases were recently introduced vide the Finance Act, 2021 through the insertion of section 194Q. TDS on purchases is similar to other TDS provisions, except for the fact that the rate of TDS is […]
