Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
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 : 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....
Understand Section 194R TDS on benefits, perquisites, and gifts in business or profession. Learn about the applicable rate, deduction limit, and who is liable.
Understanding the implications of the new CBDT circulars and the impact on tax rates in the new regime. Dive into the details and get a clear picture.
Read about the ITAT Ahmedabad’s ruling in ITO vs. Yagnesh Dayabhai Vyas, where disallowance under Section 40(a)(ia) was deemed unjust when TDS was duly deducted and paid before the return filing deadline.
Get insights on Section 194R TDS implementation: understand the impact, issues, and challenges for trade and industry. Stay informed about the new TDS provisions.
Section 96 read with Section 46 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 specifically exempts payment of income tax on an amount of compensation paid under the award and/or agreement. Accordingly, TDS not deductible.
In our considered view only a percentage of profit embedded in such amount of contractual receipts can be brought to tax. In this regard we find support and guidance from the order of the Hon’ble Gujarat High Court in the case of CIT vs. President Industries reported in 258 ITR 654 where it was directed to make the addition only to the extent of gross profit of undisclosed business receipts.
Global Healthline Pvt. Ltd Vs ITO (ITAT Delhi) The first issue relates to disallowance of sum of Rs.20,83,340/- on account of credit card commission under Section 40(a)(ia) of the Act. It is the case of the assessee that provisions of Section 194H are not attracted having regard to nature of such expenses. It is contended […]
Sh. Nandkishore Bhikamchand Rathi Vs ITO (ITAT Nagpur) The assessment order passed by disallowing an amount of Rs.5,18,596/- on the ground that the assesse has not followed the provision of Section 194A r.w.s. 40(a)(ia) of Income Tax Act, 1961. ITAT find both the CIT(A) and the AO have not examined as to whether or not […]
Punabhai G. Pardava Vs ITO (ITAT Rajkot) Assessee contended that the disallowance should be restricted to the tune of 30% of the rent paid under the provisions of section 40(a)(ia) read with section 194-I of Income Tax Act. The amendment was brought by the Finance Act (No. 2) 2014 effective from 1-4-2015 whereas the year […]
Section 200A deals with processing of statements of tax deducted at source. Clause (c) of section 200A(1) was inserted by the Finance Act 2015 w.e.f. 01-06-2015 providing for the levy of fee u/s.234E of the Act.
