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....
Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Multinational enterprises […]
TDS- Tax Deducted at Source, is deducted for the payment that exceeds a specified due limit. However, this was the case earlier. But now, from 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on purchase of goods […]
A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]
The Hon’ble Calcutta High Court in the matter Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) has given an interim order dated 08th July, 2021 regarding restraining the respondent’s authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September, 2021. It […]
Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] When is the tax to be deducted under section 194LBB? The tax shall be deducted at the time of payment or credit whichever is earlier. Rate of TDS under section 194LBB (a) Where such income […]
Understand the format of declaration for filing income tax returns for the last two years, as required by the Income Tax Act.
Recent CBDT circular on Section 206C(1H) and Section 194Q has created more confusion. There are still anomalies. I have tried to collect all Problems related to drafting of these sections & Problems related to implementing Section 206C(1H) & Section 194Q. Also check suggestions. I have suggested 3 measures which can streamline section 194Q and section […]
Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which […]
Carraro India Private Limited Vs DCIT (ITAT Pune) It is seen that the assessee paid commission of Rs.58.65 lakh to overseas agents for export orders obtained by them in overseas territories. Section 195 mandates the deduction of tax at source from any sum paid by the assessee which is ‘chargeable under the provisions of this […]
DCIT Vs Hurkisondas Nurrotumdas Hospital & Research Centre (ITAT Mumbai) Going by the factual matrix as enumerated in the preceding paragraphs, it could be noted that the terms of arrangement with consultant Doctors was different from employee-doctors. The consultant doctors were paid based on the services rendered by them and on the basis of doctors’ […]
