Goods and Services Tax : This update highlights all major compliance due dates for April 2026 under Income Tax and GST laws. It helps taxpayers stay on tra...
Income Tax : Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanc...
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 : Amendments to Section 194A of the Income-tax Act increase TDS thresholds on interest income for various payers and senior citizens...
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 : The case examined whether contract receipts reflected in Form 26AS but not disclosed as income could be taxed. The Tribunal upheld...
Income Tax : ITAT Panaji refused to condone an 803-day delay in filing appeals against TDS default orders. The Tribunal held that the appellant...
Income Tax : The ruling reiterates that adjudication based on incorrect material vitiates the entire order. The matter was remanded to ensure p...
Income Tax : The Tribunal confirmed that once identity, source, and movement of funds are established through records, treating the investment ...
Income Tax : The Tribunal ruled that failure to examine whether payees discharged tax liability vitiates proceedings under Section 201. The cas...
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...
This case examines whether the PCIT could revise an assessment under section 263 when the AO allowed interest income deduction under section 80P. The ITAT ruled that the AO’s order was a plausible view, and both conditions for invoking section 263 were not met.
The Tribunal held that full TDS credit must be granted since all income relating to the TDS deductions had already been taxed. Proportionate credit under Section 199 was found unjustified.
The ITAT sent back the issue of carry-forward business losses for re-examination because assessment records did not clarify earlier allowances. Key takeaway: loss set-off must be verified year-by-year before denial.
Tribunal held that interest disallowance for non-deduction of TDS must be restricted to 30% under amended provisions. It also remanded issue of estimated interest on interest-free advances for verification.
Kerala High Court held that proviso to Section 194A(3) of the Income Tax Act which requiring co-operative society to deduct TDS on interest amount is constitutionally valid. Accordingly, writ petitions are dismissed.
ITAT Mumbai held that, in terms of section 194A(3)(v) of the Income Tax Act, co-operative society is not liable to deduction TDS on interest paid or credited on deposits to members before 1st June 2015. Accordingly, order set aside and appeal allowed to that extent.
The ITAT Delhi deleted the TDS demand under Section 194-I, confirming that the obligation to deduct tax on lease rent paid to NOIDA Authority applies prospectively from 16.02.2017. Following Supreme Court precedents, the Tribunal ruled the real estate firm was not an assessee-in-default for payments made in FY 2011-12.
The ITAT Ahmedabad confirmed additions totaling over ₹4.78 crore for unexplained partners’ capital and unsecured loans. The Tribunal ruled that the firm failed to discharge its onus under Section 68 by relying on unaudited and unsubstantiated documents.
The Mumbai ITAT upheld the deletion of a disallowance for bad debts, confirming that deductions under Sections 36(1)(vii) and 36(1)(viia) are independent. The ruling followed the Supreme Court’s precedent, allowing the entire bad debt written off since no double deduction was claimed.
Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanced deductions for health expenses (Section 80D/80DDB), a Rs. 50,000 deduction on interest income (Section 80TTB), exemption from advance tax, and simplified TDS/return filing procedures.
