Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
Income Tax : Learn how to apply for a Lower Tax Deduction Certificate (LTDC) under Section 197 to reduce TDS, improve cash flow, and optimize t...
Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Government decriminalizes minor direct tax offences, simplifies compliance, and improves litigation management. Key changes includ...
Income Tax : Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be ...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : No tax deduction required on purchases from IFSC Units under Section 194Q of the Income-tax Act, 1961, with specific conditions fo...
Income Tax : No income tax deduction will apply to payments made to credit guarantee funds managed by NCGTCL, as notified under Section 197A(1F...
Income Tax : No income tax deduction will be made on payments to NCGTCL under Section 197A(1F) of the Income-tax Act, 1961, as notified by the ...
Corporate Law : Ministry clarifies TDS refund transfer to FCRA accounts, stating it’s not a violation and must be reported as "other income" in ...
Union Finance Bill 2021–Budget 2021 inserted new section 194P conditional relaxation for senior citizen who are the age 75 years or above from filing Income Tax Return. The provisions of Section 139 shall not apply to a specified senior citizen for the Assessment Year relevant to the previous year in which tax is deducted. Section […]
IDBI Bank Ltd. Vs DCIT (ITAT Mumbai) During the Assessment Year (AY) 2009-10, the taxpayer made provision for expenses under the head ‘repairs and maintenance’ amounting to Rs. 6 million on which tax was not deducted at source. The taxpayer also made provision for ‘operation and maintenance charges’ amounting to Rs.7 million on which tax […]
In this article, various TDS rates applicable for FY 2021-2022 (AY 2022-2023) i.e. for the period from 01.04.2021 to 31.03.2022 have been presented in Tabular Form along with explanation of Budget 2021 Changes in respect of TDS.
Brief Introduction: > TDS section 194Q has been introduced in Budget 2021 and will get applicable from 1st July, 2021 > TCS section 206C(1H) has been effected from 1st October, 2020 > Let us see both the sections in detail. DISCUSSION PARTICULARS SECTION 194Q SECTION 206C(1H) Purpose Tax to be deducted Tax to be collected […]
Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act.
Tax Deducted at Source (TDS) under section 194-Q at 0.10% shall be applicable on aggregate Purchases over & above Rs 50 Lacs from a Supplier in India in a financial year.
Dear Friends, in the era of Digitalization, now the customers are shifting from retail market to online Platforms like Flipcart, Amazon, Snapdeal etc for there purchase requirements. As we all know in the present time, customer is king, so the businessmen are also shifting from retail market to online platforms. Many persons have shifted their […]
Finance Bill 2021 proposes to introduce a new section, 194Q. Section 194Q of the Income-tax Act, 1961 (‘Act’) would be effective from 1 July 2021. Section 194Q provides for Deduction of tax at source (‘TDS’) on payment of for purchase of goods.
This write uptakes note of changes proposed with regard to some of the TDS /TCS provisions applicable from 1st July, 2021. In the Union Budget 2021 there has been made a proposal to charge higher TDS and TCS on non-filers of income tax return (ITR). This is done to put off the practice of not filing […]
The Finance bill 2021, propose to inserts two new section i.e. Sec. 206AB and Sec. 206CCA to enable for deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns. Brief about these sections is as below- Applicability of the Section 206AB: This section is applicable […]
