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 ...
Navigate TDS rates and compliances for FY 2023-24 onwards. Learn about TDS payment due dates, late fees, interest, penalty, prosecution, and applicable rates for various transactions. Stay informed to ensure seamless compliance.
ITAT Pune held that mere non-furnishing of declaration to the bank in terms of proviso to rule 37BA(2) of the Income Tax Rules, the amount of tax deducted at source on interest on bank deposit cannot be disallowed while clubbing of the income.
ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS cannot be denied merely because it appears in the name of deceased mother. A particular income cannot be taxed twice under the law.
ITAT Mumbai held that the Department cannot swallow tax paid by the assessee and deny credit of tax deducted, which pertains to the assessee. AO cannot simply decline the credit of TDS. AO directed to allow the TDS credit after due verification.
Assessee not eligible of amount of TDS deducted on amount of advance received by assessee as corresponding income was not offered to tax.
Requirement to allow TDS credit on Salary is only of amount of tax deducted at source & not getting deposited with Government after deduction.
ITAT held that TDS credit shall be given to deductee for Assessment Year (“A.Y.”) for which such income is assessable under Income Tax Act, 1961
ITAT Chennai held that TDS credit of the earlier financial years is available as income relating to said TDS has been offered to tax for the impugned assessment years on the basis of mercantile system of accounting.
ITAT Delhi held that it is an admitted fact that TDS is deducted from the salary and the same is not deposited, Governments claim of TDS stands satisfied under CRP. Hence, non-payment of deducted tax by the employer cannot be ground for rejection of TDS credit to the employee.
Held that in absence of TDS certificate, assessee has to furnish any other evidence to support deduction of tax at source by the payer of income. TDS credit denied for failure to furnish any other supporting evidence
