Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The New Income Tax Act, 2025 replaces multiple TDS and TCS provisions with consolidated Sections 392, 393 and 394 effective from F...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for May 2026. It highlights filing requirements under income tax...
Goods and Services Tax : The content addresses key statutory deadlines under income tax and GST laws for May 2026. It highlights due dates and compliance r...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transaction...
Income Tax : Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificate...
Income Tax : Stakeholder-wise and thematic overview of Budget 2026 tax reform proposals covering farmers, MSMEs, corporates, NRIs, exporters, a...
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 : The Chhattisgarh High Court held that TCS under Section 206C(1C) cannot be collected on compounding fees recovered from illegal mi...
Income Tax : The Chhattisgarh High Court ruled that TCS under Section 206C(1C) applies only to lease holders, licence holders, or persons grant...
Income Tax : The Supreme Court upheld that Section 206C(1C) applies only to lawful mining arrangements involving lease or licence. It ruled tha...
Income Tax : The High Court held that Section 206C(1C) applies only to lawful mining arrangements involving lease or licence. It ruled that com...
Income Tax : The Supreme Court declined to interfere with a High Court ruling that TCS under Section 206C(1C) does not apply to compounding fin...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
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...
INSTRUCTION NO. 8/2010 [F.NO. 275/73/2009-IT(B)] DATED 8-12-2010 In the present system of processing of e-TDS returns, the returns are processed online and mismatch report showing defaults on various accounts is generated. Based on this mismatch report, the assessing officers issue show-cause notices to the deductors and take follow up actions. 2. It has come to the notice of the […]
When American Senator Charles Schumer described Indian software firms as `chop shops’, few imagined that the taxman back home could add salt to the slur. Indeed, Indian income-tax authorities are beginning to claim tax on the money that software firms make by sending their boys to work with companies in the US, Europe and other markets—a business that is known as onshore software development, or simply ‘body shopping’.
Even as America’s new Border Security Act raises hackles in India, government officials said the country will renew efforts to push for exemption of social security tax paid by top tech firms including TCS, Infosys and Wipro in the US. India’s $50-billion software outsourcing industry pays around $1 billion every year towards social security taxes to the US government, according to Nasscom.
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).
