Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
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...
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....
Assessing Officer cannot accept the income for tax purpose and refuse to allow credit of corresponding TDS. Both must go hand in hand.
ITAT Pune held that payment made voluntarily by the employer out of appreciation for the employee falls outside the rigours of Section 17(3)(iii) of the Income Tax Act.
Get ready to shell out more for overseas tour packages from July 1, 2023! A 20% TCS on international remittances will impact travel costs, but there are ways to navigate this increase. Understand the implications and explore alternatives to minimize the impact on your international travel budget.
ITAT Kolkata held that the electricity load extension charges are allowable as revenue expenditure. Accordingly, addition towards the same is unjustifiable and liable to be set aside.
ITAT Mumbai held that income can be said to have accrued only when there is certainty of receipts. Accordingly, impugned interest income cannot be said to be accrued as recovery of principal amount is also doubtful.
ITAT Mumbai held that once it is established that the funds are used wholly and exclusively for the purpose of business interest paid on such borrowed funds is allowed u/s. 36(1)(iii) of the Income Tax Act.
Explore Section 194H of the Income Tax Act, covering TDS on commission and brokerage payments. Understand key features, tax rates, threshold limits, and obligations of deductors. Delve into relevant case laws for comprehensive insights into the application of Section 194H.
Understand the intricacies of gold wastage in ornament creation and its tax implications in the case of P.R. Gold and Silver Craft v. DCIT. Delve into the Chennai Tribunals ruling on treating gold wastage as making charges and the applicability of TDS under Section 194C. Gain insights for your business.
While processing of TDS statement, the late fee, if any shall be computed in accordance with provisions of Section 234E of the Act. As a corollary, prior to amendment under Section 200A of the Act, levy of fee under Section 234E during processing of TDS statement is not tenable.
The income tax law of taxing dividends came into effect from April 1, 2020 (FY 2020-21). Earlier, the dividends were tax-free in the hands of investors. However, now dividends received from equity shares or any mutual fund schemes (equity or non-equity) are taxable in the hands of an investor.
