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...
): 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.
Understand Section 194I for TDS on rent, including applicable rates, thresholds, and clarifications for various rent types. Stay informed on recent updates.
