Income Tax : This guide explains the tax deductions, TDS relief, advance tax exemption, and return filing benefits available to senior and supe...
CA, CS, CMA : A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST ret...
Income Tax : The Income-tax Act mandates TDS on specified payments because tax collection is intended to occur at the source of income generati...
Income Tax : Understand Section 194I for TDS on rent, including applicable rates, thresholds, and clarifications for various rent types. Stay i...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Income Tax India, through its X account post dated 30.03.2026, has clarified the applicability of tax deduction at source (TDS) on...
Income Tax : TDS THRESHHOLD INCREASED While presenting interim Budget 2019-20 FM has raised TDS threshold on interest earned on bank/post offic...
Income Tax : ITAT Visakhapatnam remanded the assessment after holding that documentary evidence relating to cash deposits, members' records and...
Income Tax : The ITAT found that provisions for identified legal and professional expenses represented crystallized liabilities requiring TDS d...
Income Tax : Although the applicants highlighted the prolonged pendency of the case, the Court found that factual and legal issues remained to ...
Income Tax : The Tribunal ruled that a flat 15% profit estimation was excessive where all contract receipts were received through banking chann...
Income Tax : The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revea...
Finance : All TDS deductions under Sections 194A, 194H, 194EE, and 194N will now be recorded at CPRC, streamlining reporting and compliance....
Income Tax : Changes in TDS deductions under Finance Act 2025 include revised thresholds for Sections 194A, 194H, and 80CCA. Effective from Apr...
Income Tax : No section 194A TDS on interest from Mahila Samman Savings Certificate – Notification No. 27/2023-Income Tax | Dated: 16th...
Income Tax : CBDT notifies that no Section 194A TDS will be deducted by ‘Scheduled Bank on payment of interest, other than interest on securi...
Finance : In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pa...
Court ruled that the funds in the Term Deposit Accounts were the income of the Government of India and exempt from TDS under Section 196 of the Act. Moreover, the JKSRRDA, being wholly financed by the Central Government, was also eligible for exemption under Notification No. 3489 dated 22.10.1970, despite not being registered under the Central Societies Registration Act.
ITAT Chennai held that deduction of TDS vis-à-vis amortization of discount on debentures needs fresh adjudication in the light of additional evidences filed by the revenue. Accordingly, matter restore back.
Gain a comprehensive understanding of Tax Deducted At Source (TDS) provisions under the Income Tax Act, 1961. Explore key sections such as 192, 193, 194, and 195, which cover various payment scenarios where tax deduction is required. Learn about TDS rates, thresholds, and implications for different types of income.
ITAT Delhi advocates for re-adjudication in the case of KMP Expressways Ltd vs ACIT, focusing on the assessee’s status as ‘Assessee in default’ due to non-deposition of TDS in the company’s accounts.
CESTAT Chennai held that the provisions made in the books of account by the appellant as per the GAAP towards sharing the expenditure on account of receipt of sponsorship services cannot be subjected to tax.
Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the hands of a minor child will be added to the parent’s total income.
Unlock the intricacies of Income Tax Section 194A: TDS on interest payments beyond specified thresholds, excluding interest on securities. Learn about the applicability, rates, and compliance under this section. Dive into detailed insights on interest from fixed deposits, bonds, unsecured loans, loans and advances, and payments to Non-Banking Financial Companies (NBFCs). Understand the obligations of the payer, including TDS deduction, deposit, issuing certificates, and reporting in income tax returns. Stay tax-compliant with this comprehensive guide.
No section 194A TDS on interest from Mahila Samman Savings Certificate – Notification No. 27/2023-Income Tax | Dated: 16th May, 2023 Introduction: The Mahila Samman Savings Certificate is a financial instrument that aims to empower and provide financial security to women in India. This government-backed scheme not only encourages women to save but also offers attractive interest […]
ITAT Delhi held that as per partnership deep, partners shall be entitled to interest on their loan accounts with the firm at the prescribed rates, hence disallowance of the same is unjustified.
In the case of the assessee, it is an admitted fact that minors and unregistered firms cannot become members of the society. Thus, assessee had paid interest to minor and unregistered firms who were not members of the assessee. This is violation of section 194A of the Act.
