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Section 194N requires banks, co-operative banks and post offices to deduct TDS on cash withdrawals above prescribed limits, with higher rates for non-filers and exemptions for specified entities....

Large cash deposits, credit card spending, FDs, and UPI transactions are monitored by tax authorities. Taxpayers must ensure their transaction volumes align with declared income to avoid scrutiny....

CBDT has identified search, survey, and reassessment cases for compulsory scrutiny in FY 2026-27. The guidelines highlight the Department’s focus on verifying issues arising from such proceedings....

Eligible individuals, non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form 15G or Form 15H when prescribed conditions are met. The rules also mandate UIN allotment, quarterly reporting, and seven-year record retention by the payer....

Resident individuals, eligible non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form 15G or Form 15H where prescribed conditions are satisfied. The rules also require quarterly reporting, UIN allotment, and seven-year preservation of declarations by the payer....

Equalisation Levy, initially imposed on online advertisements and later extended to e-commerce transactions, ceases to apply from AY 2026-27 due to the sunset clause introduced by the Finance (No. 2) Act, 2024. The amendment ends the 2% levy on e-commerce supplies and services for consideration received on or after 1 August 2024....

The Income Tax Act, 2025 expressly includes maternal as well as paternal lineal ascendants and descendants in the definition of relative. The key takeaway is that gifts from maternal grandparents and similar relatives now clearly qualify for tax exemption....

The guide explains how residents can avoid double taxation through DTAA benefits, Foreign Tax Credit, and Section 91 relief, outlining TRC, Form 67, FTC limits, filing requirements, and key compliance rules....

Distribution of assets on total or partial partition of an HUF is not regarded as a transfer under the Income-tax Act. The key takeaway is that neither capital gains tax nor gift tax generally arises on such partition....

The new Income Tax Act largely retains existing TDS rules on property transactions but significantly simplifies compliance for buyers, especially in transactions involving non-residents....