Income Tax : The new rules replace old form numbers with a structured sequence across categories. The update simplifies compliance and improves...
Income Tax : Tax authorities are increasingly questioning decision logic behind TDS deductions. The lack of recorded reasoning in ERPs makes co...
Income Tax : The new law replaces the 1961 Act without introducing new taxes or changing tax policy. It simplifies provisions, reduces complexi...
Income Tax : The case highlights that TDS applies to multiple income categories including salary, interest, and contracts. It reiterates that f...
Income Tax : The 30% Disallowance Trap in Section 35(b) of the Income Tax Act, 2025: When a Wrong TDS Payment Code Under Section 393 Triggers F...
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 : Stakeholder-wise and thematic overview of Budget 2026 tax reform proposals covering farmers, MSMEs, corporates, NRIs, exporters, a...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : The Tribunal held that consultancy payments for architectural services were not FTS since no technical knowledge was made availabl...
Income Tax : The Tribunal held that TDS credit must be granted in the year in which the related income is assessed, even if it is not reflected...
Income Tax : Expenses incurred for a proposed business project later abandoned were allowed as revenue expenditure. The Tribunal held that such...
Income Tax : The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
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....
Coursera Inc Vs ITO (Delhi High Court) The Petitioner in its application for certificate under section 197 dated 23.09.2021 describes itself as an e-platform operator. In the later part of the same application the petitioner claims itself to be a university for the purposes of article 12(5)(c) of the DTAA between India and United States […]
Stay compliant with TDS regulations. Learn about the TDS rate chart for various payments under the Income Tax Act to ensure accurate deductions.
To comply with the section 101A of Insurance Act, an insurance company must re-insure a specific proportion of the sum assured with another insurance company, commonly known as a “re-insurer”. A certain amount of re-insurance commission is kept by the insurer for this reason, which is termed as “Cession of Re-insurance Commission”. It is imperative to note that IRDAI’s […]
Tribunal held the addition to be erroneous and has considered in detail the nature and expenses in respect of which the assessee was sought to be penalized for not deducting the tax deducted at sources, holding that these expenses were in respect of the income accrued outside the territory for services rendered. With this finding the said question was rejected.
Moonfrog Labs Pvt. Ltd. Vs ACIT (ITAT Bangalore) The Ld.CIT(A) held that the advertisement expenses paid to Facebook and other entities constitutes use of industrial, commercial or scientific equipment under section 9(1)(vi) of the Act whether active or passive and hence ‘Royalty’ under the Act. As regards taxability as ‘“Fees for technical services’, it was […]
Draipl-Mskel (JV) Vs ITO (ITAT Ahmedabad) In the present case, the expense claimed by the assessee for interest was disallowed by the AO on account of non-deduction of TDS. The disallowance made by the AO was also subsequently confirmed by the learned CIT (A). Now, the issue which require consideration and the adjudication is whether […]
On 1st November, 2021 Income Tax Department has rolled out the new AIS (Annual Information Statement) on Compliance Portal which provides comprehensive view of financial transaction done by taxpayer (i.e. PAN based transactions) in a Financial Year at one place. This includes information relating to Interest, Dividend, Business receipts, Cash deposits/withdrawals, Sale/ Purchase of Securities […]
Annual Information Statement and Taxpayers Information Summary are two of the new statements recently introduced by the Income Tax department. The information reflected under the Annual Information Statement is categorized under 50 different information categories. One such information category is ‘Receipts from life insurance policy’ which is taken up and explained in the present article. […]
Explore Amit Sahni’s challenge to Income Tax Act Section 194A(3)(ixa) at the Supreme Court of India. Details on the dismissal and legal considerations.
Payment received by EYGSL (UK) for providing access to computer software to its member firms of EY Network located in India, that is, EYGBS (India), did not amount to royalty liable to be taxed in India under the provisions of the Income Tax Act, 1961 and the India-UK DTAA as the same did not create any right to transfer the copyright in the software.
