Income Tax : Understand eTDS return corrections, the six-year revision limit, and challenges in claiming TDS credit. Learn how tax adjustments ...
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 : The Tribunal admitted additional evidence where TDS credit was denied because it appeared in a different assessment year’s Form ...
Income Tax : The dispute concerned denial of TDS credit citing inconsistencies in reported transaction values. The ruling clarified that Form 2...
Income Tax : The Tribunal held that where income is offered to tax on receipt basis, TDS credit must be granted in the same year despite timing...
Income Tax : The case examined whether tax authorities could deny working capital adjustment despite clear prior directions of the Tribunal. Th...
Income Tax : ITAT held that once tax is deducted from an employee’s income, credit cannot be denied merely because the employer failed to dep...
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 ...
The Tribunal admitted additional evidence where TDS credit was denied because it appeared in a different assessment year’s Form 26AS. The matter was remanded to the Assessing Officer to verify documents and allow credit as per law.
The dispute concerned denial of TDS credit citing inconsistencies in reported transaction values. The ruling clarified that Form 26AS is decisive for TDS credit when deduction and deposit are undisputed.
The Tribunal held that where income is offered to tax on receipt basis, TDS credit must be granted in the same year despite timing differences arising from accrual-based deduction by clients.
The case examined whether tax authorities could deny working capital adjustment despite clear prior directions of the Tribunal. The ITAT held that such directions are binding and must be implemented in letter and spirit. Once the adjustment was granted, the assessee’s margin fell within the permissible arm’s length rang
ITAT held that once tax is deducted from an employee’s income, credit cannot be denied merely because the employer failed to deposit it. Section 205 bars recovery of such tax from the employee.
ITAT Mumbai ruled that Form 26AS is not conclusive when deduction of tax is otherwise established. Denial of TDS credit would amount to double taxation, which Section 205 expressly prohibits.
The ITAT held that taxing only TDS credit, while leaving the underlying undisclosed commission untaxed, is a patent error. Section 263 revision was rightly invoked to protect revenue.
The Allahabad High Court, in U.P. Rajya Nirman Sahakari Sangh Limited vs Union of India, quashed a tax recovery notice, holding that an assessee must be given credit for Tax Deducted at Source (TDS) if they provide valid Form 16A certificates, even if the amount is not reflected in Form 26AS.
Understand eTDS return corrections, the six-year revision limit, and challenges in claiming TDS credit. Learn how tax adjustments impact deductees.
Tribunal in the case of Yegneswari General Traders vs. ITO has held that based on CBDT circular no. 452 it is clear that Kaccha Arahtias turnover includes only the gross commission and not the sales effected on behalf of their principals.
