Income Tax : The new rules replace old form numbers with a structured sequence across categories. The update simplifies compliance and improves...
Income Tax : Tax authorities are increasingly questioning decision logic behind TDS deductions. The lack of recorded reasoning in ERPs makes co...
Income Tax : The new law replaces the 1961 Act without introducing new taxes or changing tax policy. It simplifies provisions, reduces complexi...
Income Tax : The case highlights that TDS applies to multiple income categories including salary, interest, and contracts. It reiterates that f...
Income Tax : The 30% Disallowance Trap in Section 35(b) of the Income Tax Act, 2025: When a Wrong TDS Payment Code Under Section 393 Triggers F...
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 : 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 : The Tribunal held that consultancy payments for architectural services were not FTS since no technical knowledge was made availabl...
Income Tax : The Tribunal held that TDS credit must be granted in the year in which the related income is assessed, even if it is not reflected...
Income Tax : Expenses incurred for a proposed business project later abandoned were allowed as revenue expenditure. The Tribunal held that such...
Income Tax : The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
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....
Effective from July 1, 2021, higher TDS/TCS rates apply if the deductee hasnt filed their ITR. Check for compliance and use the CBDT’s reporting portal for verification.
Understand Section 194R TDS implications on benefits or perquisites in business or profession from July 1, 2022. Check our comprehensive guide on compliance, rates, and exemptions. Stay informed to avoid penalties.
Unlock the intricacies of Income Tax Section 194A: TDS on interest payments beyond specified thresholds, excluding interest on securities. Learn about the applicability, rates, and compliance under this section. Dive into detailed insights on interest from fixed deposits, bonds, unsecured loans, loans and advances, and payments to Non-Banking Financial Companies (NBFCs). Understand the obligations of the payer, including TDS deduction, deposit, issuing certificates, and reporting in income tax returns. Stay tax-compliant with this comprehensive guide.
Chandigarh Freight Carrier vs PCIT case delves into tax deduction issues under Section 194C. Detailed analysis reveals how compliance and jurisdiction were evaluated by ITAT Delhi.
No section 194A TDS on interest from Mahila Samman Savings Certificate – Notification No. 27/2023-Income Tax | Dated: 16th May, 2023 Introduction: The Mahila Samman Savings Certificate is a financial instrument that aims to empower and provide financial security to women in India. This government-backed scheme not only encourages women to save but also offers attractive interest […]
Instances arise where NBFCs fail to accurately calculate interest on these deposits, especially when it comes to considering the compounding frequency (RESTS) on a monthly, quarterly, or yearly basis.
ITAT Mumbai held that TDS not deductible by Uber India in respect of payment made to driver partners on behalf of Uber BV for the transportation services.
ITAT Hyderabad held that order passed without giving reasons for the conclusions arrived at is a non-speaking order and the same is liable to be set aside.
Delhi High Court held that sales tax subsidy received by assessee be treated as capital receipt and not be added to income of asseseee.
SDS Cargo Solutions Pvt Ltd Vs ITO (ITAT Chennai) PCIT had given a categorical finding that the AO has not carried out any enquiries on the issue of CFS charges paid to Continental Warehousing Corporation in light of relevant provisions of the Act which render the assessment order to be erroneous and prejudicial to the […]
