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 : Mumbai ITAT held that once receipts reflected in Form 26AS are assessed as taxable income, corresponding TDS credit cannot be deni...
Income Tax : The Tribunal ruled that a clerical mistake in quoting TAN cannot result in denial of TDS credit when Form 16 and Form 26AS clearly...
Income Tax : The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revea...
Income Tax : ITAT Indore set aside the appellate order denying TDS credit after the assessee produced Form 16A and Form 26AS showing deduction ...
Income Tax : The Tribunal held that TDS credit cannot be denied merely because it does not appear under the assessee’s PAN. It ruled that the...
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 ...
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.
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.
