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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...
TDS and TCS on Goods – Analysis The Finance Act, 2020 had introduced Section 206C (1H) for levy of Tax collected at source (TCS) on sale of goods by a seller from a buyer & thereafter the Finance Act, 2021 has introduced Section 194Q to provide for deduction of tax (TDS) by a buyer from […]
Parvati Resources Pvt. Ltd. Vs ITO (Calcutta High Court) HC finds that the contention of the respondents that it was time barring matter is not acceptable in view of the fact that the relevant assessment order to be revised was received by the petitioner on 4th February, 2020 and as per the statute, limitation is […]
Section 194Q- Businesses to have tougher luck in the world of compliances from 1st July, 2021 The world was already not a great place to live in for businessmen with all the compliances, and with introduction of yet another TDS Section 194Q, it surely has become worse. The Income Tax Act, 1961 known for its […]
PF Contributions and PF Holder Account and AADHAAR Role: Now Government is in active mode and they want to be all PF contributors and holders account should be linked with AADHAAR why??? Last two financial year budgets Finance ministry want to trap higher income side people who contribute While the excess employer contribution above Rs. 7.50 lakh p.a. is […]
Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, are being explained with the help of some easy to understand practical illustrations. Practical Examples on Section 194Q 1. Mr. Goodly purchases goods worth […]
Confederation of All India Traders (CAIT) has written a letter to Prime minister Shri Narendra Modi In the wake of expected pressure tactics of foreign funded E-commerce companies against the draft of ‘E-Commerce Rules under Consumer Protection Act’ and requested him to ensure that no dilution is made in the rules. Text of CAIT Letter […]
Old vs New tax regime: There is no single answer to this. Prima facia, it can be seen that taxpayers who do not have many deductions to claim can opt for the new regime, and those who have substantial deductions to claim resulting in lower tax can continue with the old regime. Looking at the […]
Important matters connected with TCS provision under section 206C(1H) Of Income Tax Act, 1961 1. The provision that has been brought at this time is only in relation to ‘sale of goods’ and services have been kept away from this provision. 2. This provision will be applicable to seller if the turnover is more than […]
Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) are the prime mode of collection of Income Tax by the Government. It is imperative that Government takes all such action to widen the net of TDS & TCS and we have seen a hike in this in last couple of years. Now, one […]
Tax Collected at Source – TCS Section 206C: Seller shall collect tax from Buyer at the time of Debiting the amount or Receipt of amount, whichever is earlier. Exception: In two cases, Tax Collection at Source (TCS) shall be collected on receipt of payment: 206C (1F) Sale of Motor Vehicle 206C (1H) Sale of Goods […]
