Income Tax : Explore the impact of Tax Deducted at Source (TDS) on commercial business income in India. Detailed analysis, rates, compliance, a...
Income Tax : Understand TDS and TCS compliance deadlines. Learn about deposit dates, return filing schedules, and issuance of certificates to a...
Income Tax : Understand capital gains tax on equity and mutual funds. Learn about short-term and long-term gains, tax rates, exemptions, and st...
Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Addressing glitches in ITD portal, the Association of Tax Lawyers requests an extension for the ITR filing deadline due to signifi...
Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
Income Tax : Receive a reminder from CPC (TDS) to file your TDS Statement 26Q for Quarter 4, F.Y. 2023-24. Understand implications of non-compl...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
Service Tax : Explore the detailed analysis of Indian Additives Ltd vs Commissioner of GST & Central Excise. CESTAT Chennai rules no service tax...
Income Tax : Calcutta High Court rules in favor of Vodafone Idea Limited, stating no TDS is required on payments received by distributors/franc...
Income Tax : Gujarat High Court rules in favor of Bharti Airtel Ltd, stating distributor discounts are not subject to TDS under Section 194 of ...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : Get details on Circular No. 04/2024 by CBTD. Ex-post facto extension for Form No. 26QE due date till 30.05.2023. Waiver of fees an...
As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller. As we all are aware that now the format of Form 26AS has been […]
What Is TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However, in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so deducted […]
The issue under consideration is whether the CIT(A) was justified in confirming the disallowance made u/s. 40(a)(ia) on account of advertisement expenses paid to News Paper Agencies, incurred without deduction of tax at source?
SEC-194N- TDS ON CASH WITHDRAWAL (inserted w.e.f. 01.09.2019) Section 194N provides that any person being (Payer) (i) a banking company (ii) a cooperative society carrying on business of banking (iii) a post office who is responsible to pay, in cash, any sum or aggregate of sums exceeding 1 crore rupees during the previous year, to any person (recipient) […]
The present article briefly covers the important provisions relating to TDS section 194C of the Income Tax Act, 1961. Payer:- All Assesses, except Individuals & HUF who are not subjected to Audit u/s. 44AB(a)&(b) during preceding Financial Year. Payee:- Resident Time of Deduction:- Credit or Payment, Whichever is earlier. Rate:- -Individual/HUF- 1% -Others-2% Threshold Limit:- 30,000 for […]
TDS liability on payment to non-residents which is exempt under DTAA The Supreme Court in its recent judgment in the case of PILCOM vs CIT in SLP (CIVIL) No.7315 of 2019 has created a controversy on the withholding tax provision on the payment to be made to Non-resident. The recent judgement of Supreme Court has […]
To reduce the black money generation and flow, cash transactions need to be reduced. For this purpose Government taken various steps like demonetization. Section 194N is also a step taken by the Government for this purpose. Section 194N was introduced through Finance (No. 2) Act 2019 with effect from 1 September 2019. Description of provision […]
SECTION 194N OF INCOME TAX ACT 1961- Payment of certain amounts in cash Section 194N was introduced by the Government in July 2019 to discourage the cash transactions in the country and promote a digital economy by making tax deducted at source (TDS) at the rate of 2 per cent applicable on cash withdrawals over […]
A. PAN in Returns or Certificates or Correspondence Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions specified in rule 114B and given in the table below: […]
Due date of TDS/TCS related compliances were extended by CBDT on 24.06.2020 vide CBDT’s notification No. 35/2020, dated 24-06-2020. Here we have compiled due date of filing TDS/TCS statement (Form 24Q, 26Q, 26QB, 26QC, 26QD 27Q and 27EQ) of FY 2019-20 and due date for issue of TDS/TCS certificate (Form 16 and Form 16A). EXTENSION […]
