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....
The scope and ambit of ‘goods’ has always been a contentious issue from a taxation perspective. Tax policies in India have witnessed an evolution of diverse taxes levied on the acts of production, manufacture, sale, lease and transfer of ‘goods’. Thus, situations where one has had to contend with the question of whether an article qualifies as ‘goods’ has been rather frequent.
Dividend income, payment and reporting has undergone major changes during the last and current financial year with increased taxation in the hands of the recipients and increased reporting requirements. These days investment in shares and securities has become a favourite of most people and as a result many people have dividend income. Also, a lot […]
Financial Software and Systems Private Limited Vs CIT (Madras High Court) The question of law which is involved is with regard to whether the assessee was liable to deduct Tax at Source in respect of the Computer Software which was dealt with by them, procured from a Non-Resident and sold in the Indian Market. This […]
Target marketing on overseas social media or automated advertising platforms not taxable as ‘Royalty’ In a major relief to taxpayers availing online marketing services from social media platforms like Facebook, the Bangalore bench of Income Tax Appellate Tribunal (ITAT) recently ruled in the case of Urban Ladder Home Décor Solutions Pvt. Ltd. Vs ACIT that […]
CBDT notifies that no Section 194A TDS will be deducted by ‘Scheduled Bank on payment of interest, other than interest on securities to Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in section 10(26) if the payment made or aggregate […]
No. FS-13/7/2020-FS Government of India Ministry of Communications Department of Posts (F.S.Division) Dak Bhawan New Delhi-110001 Dated: 15.09.2021. To, All Head of Circles/Regions, Sub: – Deduction/Non-deduction of TDS in SCSS accounts in CBS post offices reg. Sir/Madam, This office is receiving various representations from the SCSS account holder(s) that CBS post offices are either not […]
Mjunction Services Ltd. Vs Union of India (Calcutta High Court) HC directs CBDT to dispose the representation made U/S 194O: A single judge bench of the Calcutta High court on hearing the writ petition filed by the Mjunction Services Ltd.directed the Central Board of Direct Taxes (CBDT) to consider and dispose the representation regarding section […]
CIT Vs P. Sumathi (Madras High Court) On facts, the Court found that the assessee therein had entered into a contract to supply vehicles to M/s. Mahindra and many other companies under written contract on various dates and only to perform the obligation under the said contracts, he had hired vehicles from the sub-contractors under […]
Understand the TDS/TCS exemption on the transfer of capital assets/goods from Air India. Learn about the specific income tax notifications under the Income Tax Act, 1961.
It was categorically stated that when the TDS amount has been borne by the assessee and only the consideration for the services as agreed upon by the parties has been paid to the service provider, the TDS amount cannot be included in the taxable value for determining the Service Tax liability
