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 Chennai held that late filing fees under Section 234E could not be levied through TDS processing for periods prior to 01.06.2...
Income Tax : The ITAT held that, following the Supreme Court's ruling denying LFC exemption for foreign travel, a bank could be treated as an a...
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 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....
Stay on top of your tax and legal obligations with our comprehensive compliance calendar for March 2022. Don’t miss any important due dates.
Section 195 of the Act governs the TDS deduction on payments to non residents. It states that any person responsible for making payment outside India to a company or a non company is required to deduct TDS at the time of payment or credit, whichever is earlier at the rates in force. Let us understand […]
it has been decided that no such request for Form 15E for certificates under section 195(2) & 195(7) for a particular Financial Year shall be accepted after 15th of March of the Financial Year. For instance, no application for certificates for Financial Year 2021-22 shall be allowed after 15.03.2022.
Any entity making payment to third party is required to deduct tax at source from these payments and deposit the same at banks who are authorized to collect taxes on behalf of Government. They are also required to furnish TDS returns and challan details to Income Tax Department. TDS is basically a part of income […]
ITO Vs Thyrocare Technologies Ltd. (ITAT Mumbai) The assessee is providing pathological testing services through its diagnostic laboratories. The assessee has made arrangement with various sample collection centres referred to as Thyrocare Services Providers (TSPs) for collection of samples and forwarding the same for testing to the assessee. It is an admitted fact that the […]
Cheil India Private Limited Vs DCIT (Delhi High Court) Learned Counsel for the Petitioner states that while filing the return of income, the Petitioner had claimed credit of TDS amounting to INR 32,14,36,286/-, whereas while processing the return, the CPC granted credit of only INR 1,83,37,658/-. He points out that the TDS was duly supported […]
Understand the taxation of cooperative societies and learn how to effectively manage tax compliance and planning for your cooperative society.
All You Wish to Know about New TDS Sections 194R, 194S & Much More The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022. Looking at the swift pace, with which the new TDS sections, are being inserted by the […]
Satya Narayan Vs H.D.F.C. Irgo General Insurance Company Limited (Rajasthan High Court) The petitioners are claimants of motor accident compensation. Their claim petition was allowed by the Motor Accident Claims Tribunal awarding compensation with interest. At the time of payment of such compensation the insurance company had deducted tax at source on the interest component. […]
Tax Deduction at Source on transfer of certain immovable properties (other than agricultural land) [Section 194-IA] Analysis of Section 194-IA20 1. Person liable to deduct TDS u/s 194-IA Any person (transferee), other than the person referred to in section 194LA, responsible for paying to a resident transferor any sum by way of consideration for transfer […]
