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...
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.
ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head Profits or gains of business or profession;
CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The advance tax and self assessment tax is paid directly by the assessee by filling a challan whichbears a unique Challan Identification Number (CIN)
The Central Board of Direct Taxes have decided to defer the implementation of Notification No.31/2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come into effect on 1st July 2009 instead of 1st April 2009.
On the request of my viewers I have uploaded some of the Income Tax forms in Excel, Word and PDF Format. Although, I haven’t uploaded all the forms but I uploaded most of the important forms. If any viewers have any form other then those uploaded in excel word format he can mail those to us at our mail id info@taxguru.in and we will upload the same on our website for the benefit of other viewers.
NSDL has hiked the fees for E-Filing of TDS, TCS & AIR Return & TAN application. Revise fees structure is as follows:-
A scheme for dematerialisation of Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) certificates was introduced through the Finance Act, 2004, with effect from 01.04.2005 for any deduction or collection of tax at source made on or after 01.04.2005. The commencement of this scheme was postponed to 01.04.2006 by the Finance Act, 2005 […]
We have uploaded on this page latest Form 16 Salary Certificate & Form 16A TDs certificate in Excel Format which can be used by the tax Deductor to issue the same to deductee. Forms are easy to use.
