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...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for June 2026. It highlights filing requirements under income ta...
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....
ITAT Bangalore held that year-end expense provisions can attract TDS under the IT Act. The matter was restored for limited verification to determine liability under Sections 201(1) and 201(1A).
The Tribunal held that EIS paid to originators is not subject to TDS because the originator had not subscribed to PTCs and was not an investor. Since statutory conditions under Section 194LBC were not met, demand under Sections 201 and 201(1A) was deleted.
Rule 219 prescribes Forms 138, 140, 142–144, fixed quarterly due dates, special challan-cum-statements for specified transactions, and refund claims in Form 139 to streamline TDS/TCS reporting.
Rules 212–213 introduce Form 127 for buyer declarations to avoid TCS and Form 128 for obtaining lower or nil TDS/TCS certificates, with strict eligibility and compliance safeguards.
Examines whether Tax Deducted at Source, while legally valid, creates working capital strain by forcing early tax payment before profits are determined.
Budget 2026 restricts capital gains exemption on SGB redemption to original subscribers only. Secondary market investors redeeming after 1 April 2026 will now face capital gains tax.
The Supreme Court upheld the High Court’s ruling that no tax demand can be raised on an employee where TDS was deducted but not deposited. The SLP was dismissed on delay and merits.
The Supreme Court held that Leave Travel Concession involving foreign travel falls outside Section 10(5) exemption. Employers must deduct TDS where LTC journeys include foreign legs or deviate from the shortest domestic route.
The Court directed time-bound action for implementing an appellate order granting TDS relief. It held that refunds due after success in appeal must not be unnecessarily delayed.
This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is taxed instead of full lease cost. It highlights significant tax savings despite minor perquisite additions.
