Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
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 : Learn how to respond to a defective return notice under Section 139(9) of the Income Tax Act. Steps for correction and consequence...
Income Tax : Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and nee...
Income Tax : Learn about the new Section 194T, its implications on TDS for partners' remuneration, and the interplay with Section 40(b) from th...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : Budget 2024 introduces a six-year limit for filing TDS/TCS correction statements. Amendments to sections 200 and 206C will be effe...
Income Tax : Supreme Court rules Vodafone Idea is not liable for TDS on payments to foreign telecom operators. The decision aligns with earlier...
Income Tax : ITAT Hyderabad held that dismissal of appeal by CIT(A) on the ground of non-deposition of self-assessment tax by the assessee need...
Income Tax : The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessme...
Income Tax : Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the ...
Income Tax : Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
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...
Tax Deducted at Source Section 51 of CGST Act (1) As per section 51 of the CGST Act Tds will be deducted by the deductor (person who is the recipient of goods or services or both) while paying or credited the amount to the deductee ( person who is supplying the goods or services or […]
INTRODUCTION: With effect from 14th May 2020, government has reduced Tax deduction at source (TDS) and tax collection rates (TCS) rates for interest, dividend, professional fees, rent payments and other non-salaried payments by 25%. These rates shall be effective from May 14th, 2020 and remain effective till the end of financial year i.e. March 2021. […]
Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property (26QB Statement-cum-challan) Here is a important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs). Please take note of the following key details for Payments […]
Earlier, Rent paid in India was covered under section 194-I which covered Individuals and HUF who are liable to get their accounts audited under the Income-tax Act. This section left a huge portion of rent prayers uncovered as not everyone became liable for Audit. To cover this portion, A new section 194-IB was inserted through […]
A. Existing Provisions relating to dividend taxation: (i) Tax implication in the hands of company: Under the existing laws, even though dividend constituted income in the hands of the shareholders, the tax on such dividend was payable by the company which declared dividend, @ 15% of the gross dividend under section 115-O (plus surcharge and […]
Scope of Section 194N of the Income tax Act 1961, and recent amendments to it brought by Finance Act, 2020 and Press release In the maiden Budget Speech, while presenting the Union Budget 2019, the Finance Minister Nirmala Sitaraman said that in a bid to promote digital payments and to discourage cash payments she proposed […]
About the Section 194N This section is inserted in the Union Budget 2019 proposed on 5th July, 2019. However, in this section certain amendment is incorporated by Union Budget 2020 proposed on 27th March, 2020. Hence let’s understand about this section including with amendment. According to this section, Every Person (Payer) being i. A banking […]
In this article, I am going to explain TDS liability on sale of property, when you become liable to deduct TDS and after deduction how to deposit TDS to Government. Applicable Provision- Section 194IA of Income Tax 1961 specify the TDS on sale of Immovable property other than agriculture land if it exceeds or equal […]
The Finance Act, 2020 tightened the existing provisions for those who have not been filing income tax returns. This will be applicable from July 1, 2020. Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs.1 crore was introduced by the Finance Minister in the Union Budget 2019. This section applies […]
Q1: What are the various types of defaults that may get generated on 26QB processing? Ans: Following are the types of Defaults that may get generated on 26QB processing:—1) Short Deduction: Short deduction is computed when the rate at which TDS Deducted is less than 1%.
