Income Tax : Employers must file Form 138 quarterly for salary TDS reporting. Timely filing ensures accurate tax credit to employees and avoids...
Income Tax : Form 102 provides a mechanism to claim TDS credit where deduction and income reporting occur in different years. It ensures taxpay...
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 : The Tribunal held that CPC cannot make adjustments without issuing prior notice under Section 143(1)(a). The disallowance of TDS c...
Income Tax : The issue involved restriction of TDS credit due to mismatch between Form 26AS and return. ITAT held that such adjustments require...
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 : 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 ...
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.
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.
