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Income Tax : This guide explains when Section 206AA requires TDS at a higher rate due to non-furnishing of PAN and the applicable exceptions. I...
Income Tax : Learn how TDS on rent is governed under Sections 194-I and 194-IB, including eligibility, deduction rates, thresholds, and complia...
Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The ITAT upheld deletion of the Section 69A addition after finding that the bank credits were satisfactorily explained as insuranc...
Income Tax : Tribunal held that final assessment order was time-barred because it was passed after mandatory period prescribed under Section 14...
Income Tax : The ITAT held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...
Income Tax : The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year's income tax return r...
Income Tax : The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting t...
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...
Hyundai Construction Equipment India Private Ltd. Vs ACIT (ITAT Pune) Ground no.8 of the appeal is against making transfer pricing adjustment on entity level rather than restricting it to the AE transactions. The TPO computed the transfer pricing addition by considering revenues from Manufacturing segment‘ in totality at the entity level The DRP did not […]
FAQs on How to update My Profile on Income Tax Website Q.1 How will I know if my profile has been updated on the e-Filing portal? Ans. If any information is updated on your profile, you will receive an email on the primary email ID registered with the e-Filing portal. Q.2 I am an NRI […]
FAQs on How to Add Prescribed Payment Modes on Income Tax Website Q. 1 Why do I need to provide details of my payment modes? Ans. As per section 269SU of the Income Tax Act, 1961, every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to the […]
FAQs on How to Register a Company for e-Filing on Income Tax Website Q. 1 Why do I need to register as Company? Ans. Registration service helps in creating a user account in the e-Filing Portal. A Company has to be registered in the portal to avail services such as filing of ITR, tax deducted […]
The Hon’ble ITAT, Ahmedabad in Swatiben Anilbhai Shah v. DCIT [Income Tax Appeal Nos. 1513, 1514 and 1515/Ahd/2019 decided on January 29, 2021] held that where assessee purchased shares and recorded them in investment portfolio and it was justified that the intention of the assessee was to purchase the shares as capital asset, then income […]
M/s. NCR Corporation India Pvt. Ltd. Vs. Commissioner of GST and Central Excise (Madras High Court) The power of judicial review of the High Court under Article 226 of the Constitution of India is to scrutinize the processes through which a decision is taken by the competent authority, by following the procedures as contemplated, but […]
FAQ ON TDS & TCS ON PURCHASE/SALE OF GOODS & HIGHER TDS/TCS RATES IN CASE OF NON-FILERS OF ITR (Section 194Q, 206C, 206AB & 206CCA of the Income Tax Act, 1961) This FAQ covers provisions relating to (A) TDS on purchase of goods (194Q) and a comparison with TCS on sale of goods (206C(1H)) and (B) […]
The hot topic of discuss in all tax forums is deduction of tax on purchase of goods. Why is this provision in place now when already TCS was being collected by Suppliers from their buyers from October 2020? TCS all this while was applicable all sellers whose turnover was above 10 Crores and the responsibility […]
Section – 194Q Deduction of Tax at Source on Payment of Certain Sum for Purchase of Goods Applicable Date: Provisions of Section 194Q are applicable from 01-07-2021. Who is liable and when to deduct tax under Section 194Q? The tax shall be deducted from the purchases made by a buyer if the following conditions are […]
Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of Income Tax Return. Section 206AB deals with […]
