Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
Income Tax : This guide explains when NRIs should use Form 128 and when payers should use Form 129 to reduce or eliminate excess TDS. It also c...
Income Tax : Sections 356-374 restructure appellate provisions with clearer drafting while retaining the existing appeal hierarchy and taxpayer...
Income Tax : Section 270 of the Income-tax Act, 2025 consolidates return processing and scrutiny assessment into one framework while introducin...
Income Tax : The law permits reassessment only where the Assessing Officer has information indicating escaped income and follows the prescribed...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
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 updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The Supreme Court set aside the NCLAT order for relying on a non-existent quasi-judicial income tax order. The key takeaway is tha...
Income Tax : Rule 81 prescribes dataset construction, weighted averages, and a 35th–65th percentile arm’s length range when multiple compar...
Income Tax : The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protectio...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Income Tax : The circular introduces mandatory Form I and Form II for SWFs to claim tax exemptions. The ruling ensures structured application a...
Income Tax : The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enh...
Income Tax : CBDT introduced Income-tax Rules, 2026 to operationalize the Income-tax Act, 2025. The rules standardize procedures on valuation, ...
Rule 206 mandates use of the telegraphic transfer buying rate with defined specified dates for different income heads to ensure uniform foreign currency conversion into rupees.
Rules 204–205 mandate specific forms and documentary evidence for salary TDS computation, ensuring proper disclosure of income, deductions, and employee claims.
Rules 201–203 streamline certification of advance rulings, align High Court appeal procedures, and prescribe detailed conditions for grant and allocation of TDS/TCS credit.
Rule 200 mandates filing of advance ruling applications in Form 120 with transaction-based fee slabs, ensuring structured and uniform compliance under section 383.
Rule 199 clarifies what constitutes a “specified order” and lays down strict eligibility conditions to determine who can approach the Dispute Resolution Committee under section 379.
Rules 197–198 prescribe Form 119 with ₹1,000 fee for DRC applications and set clear conditions for penalty waiver or prosecution immunity under section 379.
Rule 215 prescribes Forms 130–133, fixed due dates, and digital authentication requirements to ensure uniform issuance of TDS/TCS certificates under section 395(4).
FAQs on TCS under Income Tax Act, 2025 as amended by Finance Bill, 2026, covering rates, exemptions, PAN, returns, due dates, interest and penalties.
Draft Rule 146 prescribes fixed conversion formulas for slot and space charters, defines qualifying incidental shipping income, and imposes a 49% charter-in threshold—breach of which results in loss of tonnage tax scheme benefits.
Draft Rule 147 requires Board orders issued under section 239(3)(a) to be published through Gazette, official website, notice boards, and trade bodies to ensure transparency and public awareness.
