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 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....
Qantas Airways Ltd. Vs ACIT (ITAT Mumbai) Section 194C TDS deductible on Payment for use of lounge facilities by passengers A payment for the use of lounge facilities by the passengers, in our considered view, is clearly in the nature of payment for the use of certain facilities for the passengers. What passenger gets by […]
Issue of TDS Certificate Every person deducting tax at source is required as per Section 203 of Income Tax Act, 1961 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars. This certificate is usually called the TDS certificate. Even the banks deducting tax at […]
Forms for quarterly statement of tax deduction – Section 200(3) of Income Tax Act, 1961 – Forms & Time Limit for Submitting Quarterly TDS Returns Any person deducting any sum in accordance with the foregoing provisions of this Chapter shall pay within the prescribed time, the sum so deducted to the credit of the Central […]
Extract of Section 200 of Income Tax Act, 1961 Section 200(1) & (2) Time Limit for Deposit of Tax Deducted at Source 200. (1) Any person deducting any sum in accordance with the foregoing provisions of this Chapter shall pay within the prescribed time, the sum so deducted to the credit of the Central Government […]
In pursuance of rules framed under section 199 of the Income Tax act, credit for tax deducted at source shall be given to the deductee for the assessment year for which such income is assessable. -Where tax has been deducted at source and paid to the Central Government, and the income is assessable over a […]
Extract of Section 198 of Income Tax Act, 1961 Section 198 Tax Deducted at Source shall be deemed to be income received 198. All sums deducted in accordance with the foregoing provisions of this Chapter shall, for the purpose of computing the income of an assessee, be deemed to be income received : Provided that the […]
Section 194Q of the Income Tax Act, 1961 is applicable with effect from 1st July 2021 to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time […]
Section 194P – TDS in case of specified senior citizen – Relaxation from filing ITR Section 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 Applicability: In case of a specified senior citizen, the specified bank shall, after giving effect to the: ♦ deduction allowable under Chapter VI-Aand ♦ rebate allowable […]
Guidelines under Section 194Q of the Income Tax Act, 1961- Circular No. 13 of 2021 dated 30th June, 2021 The Finance Act, 2021 inserted a new section 194Q in the Income tax Act 1961 (Act) which takes effect from 1st day of July, 2021. Applicability of Section 194Q- “Buyer” means a person whose total sales, […]
Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.
