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 continued use of old Form 13 instead of Form 128 reflects system lag. The issue underscores the need for synchronization between law and digital compliance tools.
The document outlines key statutory deadlines for April 2026 across multiple laws. It consolidates GST, income tax, and corporate compliance requirements into a single schedule. The takeaway is that timely adherence is essential to avoid penalties.
The Tribunal held that updated returns filed during ongoing assessment proceedings are not valid under Section 139(8A). The key takeaway is that taxpayers cannot correct returns once scrutiny has begun, though limited relief may still be granted.
The Supreme Court declined to recall its earlier order, effectively upholding the High Court ruling that TDS was not applicable on payments for imported Business Information Reports. The decision affirms reliance on consistent AAR rulings.
The Bombay High Court upheld ITAT’s ruling that payments for Business Information Reports did not attract TDS under Section 195. The decision relied on consistent AAR rulings on identical facts.
The Tribunal held that the assessee could not deduct tax due to binding interim directions of the High Court. As a result, it could not be treated as an assessee in default under Section 201.
Income Tax India, through its X account post dated 30.03.2026, has clarified the applicability of tax deduction at source (TDS) on interest under Section 194A of the Income-tax Act, 1961, and its corresponding provisions under the Income-tax Act, 2025. It reiterates that banking companies are not required to deduct TDS where interest does not exceed […]
The tribunal held that addition under Section 69C is not valid where expenditure is properly recorded and the source is explained. The key takeaway is that documented transactions through banking channels cannot be treated as unexplained.
India’s new tax law restructures the Income-tax framework without increasing tax burden. The key takeaway is that while compliance becomes simpler, professionals must adapt to major structural changes and renumbered provisions.
The new tax law renumbers TDS return forms and introduces a unified reporting system. The key takeaway is that compliance remains the same, but form numbers and structure are simplified.
