Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
Income Tax : Section 194N requires banks, co-operative banks and post offices to deduct TDS on cash withdrawals above prescribed limits, with h...
Income Tax : Resident individuals, eligible non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form ...
Income Tax : The new Income Tax Act largely retains existing TDS rules on property transactions but significantly simplifies compliance for buy...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for June 2026. It highlights filing requirements under income ta...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : Income Tax India, through its X account post dated 30.03.2026, has clarified the applicability of tax deduction at source (TDS) on...
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 : ITAT Kolkata held that TDS under Section 194C was not required on materials purchased for installation work. The disallowance unde...
Corporate Law : The Court held that TDS certificates and income tax filings established a prima facie jural relationship between the parties. It g...
Income Tax : he Tribunal held that accepted on-money receipts from earlier years could partly explain cash deposits made during the demonetisat...
Income Tax : The Court held that compensation paid to workmen under a Government-approved closure package was exempt under the second proviso t...
Income Tax : The ITAT Bangalore held that disallowance under Section 40(a)(i) could not survive once the recipient of the income settled the ta...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Income Tax : The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enh...
Income Tax : The issue involved delay in issuing TDS certificates due to technical issues. The Board extended the deadline to provide relief. T...
Goods and Services Tax : The advisory explains that registrations will be automatically suspended if bank account details are not furnished within 30 days....
The framework permits taxpayers to settle offences by paying prescribed compounding charges instead of facing prosecution. It clarifies eligibility, timelines, and conditions for acceptance or rejection.
The issue was fragmented TDS compliance through multiple forms. The new framework consolidates them into Form 141, reducing duplication and improving ease of filing.
The issue concerns complexity in the existing TDS/TCS provisions. The new framework consolidates sections and introduces coding systems, improving compliance efficiency and reducing ambiguity.
The issue concerns taxation of online cricket gaming winnings. The framework mandates a flat 30% tax with no deductions, emphasizing strict compliance and reporting obligations.
The law replaces Form 26QE with Form 141 for VDA transactions from April 2026. Taxpayers must follow the new challan-cum-statement system for TDS compliance.
The new law mandates TDS reporting through Form 141 Schedule C for payments to contractors and professionals. The key takeaway is structured, detailed reporting with stricter compliance timelines.
Rent payments must now be reported under Schedule A of Form 141 from April 2026. The key takeaway is enhanced reporting with tenant-wise and landlord-wise allocation of TDS.
The government has replaced Form 26QB with Form 141, introducing a detailed and structured TDS reporting system for property transactions. The change is not just procedural but requires deeper disclosures and computation.
The chart outlines revised TDS and TCS rates across salary, interest, contracts, and transactions. It highlights applicable rates, thresholds, and key compliance points for the financial year.
The new law restructures TDS provisions with new section numbers and codes. Businesses must update systems despite no change in rates or thresholds.
