Income Tax : The Income-tax Act, 2025 introduces Form 141 to replace Form 26QB from April 2026. The change aims to reduce reporting mistakes an...
Income Tax : Advertising payments on Google Ads attract 2% TDS under Section 194C of the Income Tax Act. Businesses must deposit the tax separa...
Income Tax : The proposed amendments rationalise tax provisions, simplify reporting rules, and introduce clearer deductions and exemptions. The...
CA, CS, CMA : A detailed compliance checklist covering 161 legal obligations across major Indian laws including GST, Income Tax, FEMA, SEBI, and...
Goods and Services Tax : Key Income Tax and GST compliance due dates for March 2026, including advance tax, TDS certificates, GSTR filings, and reporting r...
Income Tax : Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transaction...
Income Tax : Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificate...
Income Tax : Stakeholder-wise and thematic overview of Budget 2026 tax reform proposals covering farmers, MSMEs, corporates, NRIs, exporters, a...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : The Tribunal examined a case where the assessee failed to substantiate purchases and sundry creditors with supporting documents. I...
Income Tax : The Tribunal ruled that without rejecting the books or identifying concrete discrepancies, expenses cannot be disallowed on an ad-...
Income Tax : ITAT Delhi held that while selecting the comparables transactions or entities, in case of international transactions, the basis sh...
Income Tax : The Tribunal held that mere non-response to notices issued to vendors cannot justify disallowance of large business expenses when ...
Income Tax : The Tribunal ruled that admitting additional evidence without seeking a remand report from the Assessing Officer breaches Rule 46A...
Goods and Services Tax : The advisory explains that registrations will be automatically suspended if bank account details are not furnished within 30 days....
Finance : All TDS deductions under Sections 194A, 194H, 194EE, and 194N will now be recorded at CPRC, streamlining reporting and compliance....
Income Tax : CBDT Circular 9/2025 offers partial relief for higher TDS/TCS on inoperative PANs, extending compliance deadlines for taxpayers wh...
Income Tax : Finance Ministry exempts ICRISAT from TDS under Section 197A(1F) of Income Tax Act, effective from publication date. Exemption ali...
Income Tax : A new finance ministry notification grants TDS exemptions for specific payments to International Financial Services Centre (IFSC) ...
ITAT ruled that unverified electronic records recovered from a third party do not constitute reliable evidence of cash payments. Additions based solely on such data were deleted.
The Tribunal held that receipts already offered under the presumptive scheme cannot be taxed again as unexplained money. Once income is declared under section 44AD and supported by surrounding facts, section 69A has no application.
Courts have held that once TDS is deducted from salary, the employee cannot be asked to pay tax again merely because the employer failed to deposit it. Recovery must be pursued only against the employer.
The court held that tax authorities cannot rely on earlier findings already set aside by appellate bodies. Each Section 197 application must be examined independently.
The Assessing Officer accepted multiple loan transactions but treated only one as unexplained. The tribunal held that selective rejection without consistent reasoning was unsustainable.
The issue was whether entire brokerage receipts credited to a bank account could be taxed as income. The Tribunal held that only the profit element is taxable and estimated income at 25% of gross commission.
The Court held that while Section 194H applies to supplementary commission, no tax demand survives once agents have paid tax. Recovery was limited to interest under section 201(1A).
The ruling clarifies that TDS must be deducted at the time of credit, even if amounts are booked as provisions. Merely claiming that no payment was made does not excuse non-deduction.
Delhi High Court held that an employee cannot be denied TDS credit due to the employer’s default in depositing deducted tax. The related demand and recovery were quashed.
Section 194T introduces a flat 10% TDS on partner remuneration and interest, sharply reducing monthly liquidity for small firms. The key takeaway is that blocked refunds and borrowing costs may outweigh any compliance benefit.
