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....
The Tribunal ruled that Section 40(a)(ia) cannot be used to penalize deduction under an incorrect TDS provision when tax was actually deducted. The expenditure disallowance was rightly deleted.
The new law consolidates all TDS provisions into a single structured section with three tables for residents, non-residents, and specified payments. Compliance shifts from section-based to table-code reporting.
Budget 2026 introduces the new Income Tax Act, 2025 effective 1 April 2026. The existing law will continue for FY 2025-26, with major structural and compliance reforms ahead.
The case involved alleged bogus job-work transactions linked to a third party. The Tribunal found the receipts were genuine business income duly audited and taxed, leading to deletion of additions.
The Tribunal emphasized that substantive justice prevails over technical PAN mismatch. Since income of the deceased was offered and accepted, TDS credit had to be allowed to the legal heir.
The Budget proposes removing buy-back from the definition of dividend and taxing it under capital gains. This aims to rationalise shareholder taxation and align treatment under the new Act.
The amendment explicitly includes manpower supply services under contractual provisions, making 1–2% TDS applicable instead of 10%. This resolves long-standing confusion and reduces compliance risks.
The Budget proposes PAN-based compliance, digital certificates, and lower LRS TCS rates. At the same time, stricter monitoring rules widen the compliance net.
The Tribunal clarified that passing an order in the name of a non-existent entity is not a mere procedural defect. It held that participation in proceedings does not validate a void assessment.
The ruling highlights that mere failure to file return, without concealment or tax evasion, does not automatically attract Section 270A penalty. Bona fide explanation and TDS compliance protected the taxpayer.
