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...
The ITAT ruled that interest on enhanced compensation for the compulsory acquisition of agricultural land is fully exempt from income tax, citing Section 96 of the RFCTLARR Act, 2013. The Tribunal held that this special law overrides the general tax provisions (Sections 56 and 145A), deleting the entire Rs.97.44 lakh addition.
): The ITAT set aside a penalty of ₹4.25 lakh levied under Section 271C for non-deduction of TDS. Citing the Supreme Court ruling in U.S. Technologies International Pvt. Ltd., the Tribunal held that Section 271C applies only to the failure to deduct, not the late remittance of already deducted tax.
The ITAT Pune ruled in the case of Nanasaheb Bhagawan Sasar vs. ITO that an assessee is entitled to a full Tax Deducted at Source (TDS) credit, even if the buyer mistakenly deducted the entire amount in the assessee’s name for a joint property sale.
Tribunal held that EDC paid to HUDA is a statutory levy and not interest, quashing disallowance u/s 40(a)(ia) based on erroneous application of Section 194A.
The ITAT Mumbai ruled that accrued interest in a loan sale is part of the purchase consideration, not interest. This means a borrower-lender relationship doesn’t exist, and TDS is not required.
Bombay High Court held that Section 194C and Section 194LA of the Income Tax Act would not apply when TDR Certificates are issued in lieu of compensation. Accordingly, order passed u/s. 201 and 201(1A) stayed.
ITAT Raipur held that passing of CIT(A) order was ex-parte without hearing the assessee and there is sufficient cause shown by assessee in not attending hearings as per opportunities granted by CIT(A). Accordingly, matter remanded back to CIT(A).
ITAT Pune held that interest income on enhanced compensation is contingent and hence not taxable under section 56(2)(viii) of the Income Tax Act. Accordingly, appeal of assessee allowed and order set aside.
ITAT Pune held that disallowance under section 40(a)(ia) of the Income Tax Act cannot be sustained interest income is already reflected in the return of the deductee and tax is already paid on the same. Accordingly, appeal allowed to that extent.
Gujarat High Court held that interest from co-operative bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act as Cooperative bank is a Cooperative society registered under the Gujarat State Cooperative Societies Act. Accordingly, appeal of revenue dismissed.
