Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, makin...
CA, CS, CMA : This overview explains the unprecedented volume of 180 compliances due in January 2026 under tax, corporate, FEMA, GST, SEBI, and ...
Income Tax : Explains why TCS under section 206C(1G) applies to overseas remittances and tour packages. The key takeaway is that TCS is a repor...
Goods and Services Tax : This guide explains all major income tax and GST due dates for January 2026 and clarifies why missing TDS, GST returns, or quarter...
Income Tax : The new Bill restructures and rewrites the tax statute to make it shorter, clearer, and easier to apply. The key takeaway is conti...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...
Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : The tribunal rejected demand raised solely due to Form 26AS mismatch caused by employer non-deposit of TDS. The key principle is t...
Income Tax : he revision targeted 80G deduction and interest under TDS/TCS provisions. The Tribunal found that the Assessing Officer had examin...
Income Tax : The Tribunal examined whether an assessment ignoring a clear mismatch between turnover and TCS data could survive. It held that ab...
Income Tax : The Tribunal held that TCS credit cannot be denied when tax was collected from the assessee, even if the collector failed to depos...
Income Tax : Compounding fees collected from illegal mining, transportation, and storage of minerals constituted a ‘transfer of rights’ and...
Goods and Services Tax : The advisory explains that registrations will be automatically suspended if bank account details are not furnished within 30 days....
Income Tax : CBDT Circular 9/2025 offers partial relief for higher TDS/TCS on inoperative PANs, extending compliance deadlines for taxpayers wh...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Background :-The Central Board of Direct Taxes (CBDT) had made certain amendments vide Notification No. 31/2009 dated 25th March, 2009 in respect of –the Tax Deduction at Source (TDS)/ Tax Collection at Source (TCS) payments; and Compliance requirements (furnishing of quarterly statements / forms, issue of annual certificates, etc.).
Many of the biggest names in Corporate India are telling the Reserve Bank of India (RBI) not to clamp down on currency derivatives — financial products that have baffled firms that never understood the risks and sparked court feuds with banks which sold them.
SEBI has appointed a former chief commissioner of income-tax, Mr Vijay Ranjan, as administrator for reallocation of unjust gains in the IPO scam (2003-05) to the unsuccessful retail applicants. Mr Ranjan was also associated with SEBI as an Executive Director.
All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective authority during the course of assessment. All these assessments are popularly known as ‘Scrutiny’ assessments. In case of these assessments, the authority before whom these proceedings are going on is supposed to form his opinion after verifying books of accounts, documents, submissions, proofs, evidences, statement of cross-examination of the parties concerned, etc. by bringing on record all or some of these things from the assessee, his/her representative and also by collecting independent evidences, proofs, documents, etc. To collect information, the assessing authority also can call outsiders by taking his/her statement on oath u/s.131 or u/s.133.
Finance Act (2) of 2009 comes with major amendment in TDS provisions, where it withdraws additional deductions of surcharge and cess for Non-Salaried, Resident Payments. This would give a slight relax to the deductors in calculating the rate of tax. Applicable only on Non-Salaried, Resident Payments.The withdrawal of Surcharge and Cess is applicable only for Non Salaried payments, made to Indian Residents.
To enable you to ascertain the extent of matching of your TDS / TCS claims in the Income Tax Return filed by you with the TDS / TCS reported by the tax Deductors /Collectors. In case the matching is 100%, you may be assured of accurate credit and quicker processing of the I-T Return.
Understand the annual tax statement (ATS) and how it provides details about tax deducted at source (TDS) or tax collected at source (TCS).
IT firms such as TCS, Infosys and Wipro expect their effective tax rates to go up in the coming years as more of their delivery units come out of Software Technology Parks of India. This would further impact the net profit of these companies, already under pressure because of the global economic crisis. The actual […]
It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database […]
Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TCS so that the credit for TDS and TCS can be granted accurately and the risk of financial fraud is minimized.
