Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : Section 194J increases the tax deduction threshold for professional services, technical services, royalty, and sums under section ...
Income Tax : Finance Bill 2025 proposes new TDS thresholds for various sections, including interest, dividends, and commissions, effective Apri...
Income Tax : Explore the implications of TDS on expense reimbursements post-Section 194R implementation and understand the invoicing criteria....
Income Tax : From October 2024, payments under Section 194J (professional fees) will be excluded from TDS under Section 194C (payments to contr...
Income Tax : Following is the summary of Suggestion /representation on behalf of the taxpayers/professionals in connection with the Direct tax ...
Income Tax : A representation is been made to CBDT Chairman by leading accounting and CA Organisations of India and it is been requested that...
Income Tax : It is suggested that the TDS limit for payment of professional or technical fees under section 194J may be increased from Rs. 3000...
Income Tax : On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in ...
Income Tax : Kerala HC directs ITAT to decide Amrita Institute's appeal on TDS applicability (Sec 192 vs 194J) for payments to engaged doctors....
Income Tax : ITAT Ahmedabad held that PCIT cannot exercise revisionary power u/s. 263 to restore an issue for the purpose of verification only ...
Income Tax : ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home sinc...
Income Tax : ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the ...
Income Tax : ITAT Delhi partly allows BSNL's appeal but upholds interest levy u/s 201(1A) for delayed TDS deposit. Check the details....
Income Tax : Law Relating to Tax Deduction at Source (TDS) on payments by broadcasters or television channels to production houses for product...
Income Tax : Circular No. F. No.275/73/2007-IT(B) Service Tax component to be considered for deducting tax on any sum paid as professional and...
ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be brought to tax. Hypothetical income cannot be taxed. Hence, appeal of revenue dismissed.
Assessee was not liable to deduct TDS under section 194H as relationship between e-commerce platform and assessee was not of an agency but that of two independent parties on principal to principal basis.
Section 194J increases the tax deduction threshold for professional services, technical services, royalty, and sums under section 28 from Rs. 30,000 to Rs. 50,000.
Finance Bill 2025 proposes new TDS thresholds for various sections, including interest, dividends, and commissions, effective April 1, 2025.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
Explore the implications of TDS on expense reimbursements post-Section 194R implementation and understand the invoicing criteria.
ITAT Mumbai held that software license expenditure incurred for carrying out the routine operations is revenue in nature. Hence, disallowing the same by treating it as capital unjustified. Thus, disallowance deleted.
ITAT Delhi held that cost to cost reimbursement on account of secondment of employees cannot be treated as Fees for Technical Services (FTS) as defined under Article 12 of India USA-DTAA. Thus, appeal of the assessee allowed.
Delhi High Court held that as directed by Tribunal AO was required to verify and attend grievance of short credit of TDS. Thus, restricting TDS claim of petitioner to disclosures made in return unjustified.
Delhi High Court held that affiliation with and recognition by a regulatory authority are not essential attributes of education under Section 2(15) of the Income Tax Act. NIIT Foundation engaged in conducting systematic and formal instruction, schooling or training qualifies u/s. 2(15).
