Income Tax : Learn how the new Income Tax Rule 134 and Form 71 offer relief for taxpayers facing TDS credit mismatch. Discover the procedure, b...
Finance : Navigate TDS rates and compliances for FY 2023-24 onwards. Learn about TDS payment due dates, late fees, interest, penalty, prosec...
Income Tax : We are always worried about the fact that whether our TDS deductor/collector has filed quarterly TDS/TCS statement and provided ou...
Income Tax : The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise...
Income Tax : If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the ...
Income Tax : Explore crucial rulings in case of Interglobe Technology Quotient Pvt Ltd vs ACIT (ITAT Delhi) regarding CSR expenditure disallowa...
Income Tax : In the case of Salesforce.com Singapore Pte Ltd. vs ACIT, ITAT Delhi ruled that receipts from CRM services aren't taxable in India...
Income Tax : Even if income of Non-resident on which tax is deducted, is not taxable in India, credit is to be given for TDS on such income and...
Income Tax : ITAT Delhi held that if the assessee has shown the income, then, the assessee has every right to get credit of TDS even if deducto...
Income Tax : ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provid...
Income Tax : Instruction No. 01/2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considere...
Income Tax : INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 and giving credit for TDS has been considered by ...
Explore crucial rulings in case of Interglobe Technology Quotient Pvt Ltd vs ACIT (ITAT Delhi) regarding CSR expenditure disallowance and TDS credit allowance, along with detailed analysis.
In the case of Salesforce.com Singapore Pte Ltd. vs ACIT, ITAT Delhi ruled that receipts from CRM services aren’t taxable in India as royalty or FTS under the Income-tax Act or India-Singapore DTAA.
Even if income of Non-resident on which tax is deducted, is not taxable in India, credit is to be given for TDS on such income and excess TDS is to refunded to taxpayer.
Learn how the new Income Tax Rule 134 and Form 71 offer relief for taxpayers facing TDS credit mismatch. Discover the procedure, benefits, and limitations of Form 71, allowing you to claim TDS credit for income declared in previous assessment years, even if the TDS was deducted in subsequent financial years. Stay informed to avoid missing the window for claiming TDS credits.
ITAT Delhi held that if the assessee has shown the income, then, the assessee has every right to get credit of TDS even if deductor has deducted tax in subsequent A.Y.
ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provides clarity on tax deductions and credits.
ITAT Chennai held that as per the provisions of Sec.199(3) of the Act r.w.r.37BA(1) of the Income Tax Rules, 1962, credit for TDS shall be given for assessment year for which such income is assessable.
ITAT Mumbai held that genuine TDS credit to Rinfra cannot be denied merely because credit of TDS didn’t reflected in Form 26AS as on account of transfer of business, Adani Electricity Mumbai Ltd. (AEML) transferred the income and TDS credit to Reliance Infrastructure Ltd. (Rinfra).
Section 199 of Income-tax Act r.w. rule 37BA(3) provide that credit of TDS shall be given for assessment year for which income is assessable
Assessing Officer cannot accept the income for tax purpose and refuse to allow credit of corresponding TDS. Both must go hand in hand.
