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Income Tax : Advance tax is a system under which taxpayers are required to pay their taxes in installments throughout the financial year instea...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
Income Tax : Article explains provisions related to income from house property, calculation of such income, exemptions available, and applicabl...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : ITAT Pune allows Karad Urban Co-Op Bank to claim depreciation on AFS investments as per RBI guidelines, following judicial precede...
Income Tax : Gujarat HC orders 6% interest on delayed tax refunds under DTVSV Act, citing principles of natural justice. Refund delays due to a...
Income Tax : ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be ...
Income Tax : Guwahati High Court's landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2....
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Every purchaser of goods, whose total sales, gross receipt or turnover from the business exceeds Rs. 10 crores in immediate preceding financial year. In such case, he is liable to deduct TDS under section 194Q @ 0.1% on the amount booked or paid (whichever is earlier) as consideration for the purchase of goods to a […]
M/s. QlikTech International AB Vs DCIT (ITAT Bangalore) Bangalore ITAT rules out royalty on distribution of software and holds that software payments are not taxable in India by placing reliance on landmark rulings in case of Engineering Analysis Centre of Excellence. It further held that back office services don’t qualify as Fees for Technical Services […]
Inox Air Products Private Limited Vs ACIT (ITAT Pune) The issue in the present appeal relates to the subsidy received by the assessee company is whether in the nature of capital or revenue. There is no need to extract the schemes of the subsidy policies of the respective States as the Assessing Officer had set […]
According to the learned counsel for the petitioner, the Income Tax Department has clarified the newly introduced provision of Section 194Q of the Act by their communication at Ext.P7 which unequivocally states that buyers are supposed to deduct tax at source within the sale consideration payable to the Oil Companies.
Sudarsanan P. S. Vs CIT (Kerala High Court) The last question that was argued by Adv.Arun Raj related to the claim under Section 69C of the Act for the payment of Rs.3,26,380/-. As mentioned earlier, when satisfactory explanation is not offered by the assessee, the assessing officer is entitled to draw inferences. The expenditure to […]
Who is responsible to deduct tax u/s 194H? Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon.
1) Who is responsible to deduct tax under section 194G of Income Tax Act, 1961? Any person responsible for paying any income by way of commission, remuneration or prize (by whatever name called) on stocking, distributing, purchasing or selling lottery tickets, shall be responsible to deduct tax at source. 2) When to Deduct TDS under […]
Section 194F TDS on Payments on account of repurchase of units by Mutual Fund or Unit Trust of India (UTI) 1) Who is responsible to deduct tax under section 194F of Income Tax Act, 1961? The person responsible for paying to any person any amount referred to in section 80CCB. 2) When to Deduct TDS […]
1) Who is responsible to deduct tax under section 194EE of Income Tax Act, 1961? The person responsible for paying to any person any amount standing to the credit of such person under National Savings Scheme (to which section 80CCA was applicable) together with interest accrued thereon, shall deduct income-tax thereon on such amount at […]
1) Who is responsible to deduct tax under section 194E of Income Tax Act, 1961? Any person responsible for making following payment shall deduct tax at source:- 2) When to Deduct TDS under Section 194E? Tax is to be deducted at the time of credit of such income to the account of the payee or […]
