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....
Section 206AB and Section 206CCA of the Income Tax Act were recently incorporated in the Income Tax Act, 1961 through the Finance Act, 2021. Both the sections are going to be applicable from 1st July, 2021. As per the provisions of both the sections, higher rate of TDS/TCS rate shall be levied by the Tax […]
Biocon Ltd. Vs ITO (ITAT Bangalore) In the present facts of the case, the provision created at the end of the accounting year has not been credited to the relevant parties to whom the payments has to be made for the reason that it was unquantifiable. Further, assessee has suo moto disallowed the said sum […]
Understand the provisions of Section 206AB for TDS deduction. Learn about the special provision for tax deduction for non-filers of income tax returns.
Bare Provision: Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such […]
Bare Provision: Notwithstanding anything contained in any other provisions of this Act, where tax is required to be collected at source under the provisions of Chapter XVII-BB, on any sum or amount received by a person (hereafter referred to as collectee) from a specified person, the tax shall be collected at the higher of the […]
That Central Government has come out with Budget Amendment 2021 whereby provision for doing Tax Deduction at Source u/s. 194Q i.e. TDS on purchase of Goods by Purchaser is introduced and made effective w.e.f. 1st July, 2021. The brief synopsis of provisions are given as below:- APPLICABILITY : 1. Section 194Q is applicable to those […]
This article deals with section 206AB of The Income Tax Act, 1961 which is going to be effective from 1st July, 2021. The practice of putting some other date instead of first day of the financial year from which the amendment could apply seems to be unexplainable and such provisions coming into effect from such date (not from the first day of financial year) also do not caution the taxpayers clearly in advance on smooth application of the provisions.
Three upcoming provisions of the Income Tax Act, which will come into effect from 1st July 2021, has tremendously increased complexity for all Accountants and Professionals. Where Section 194Q deals with TDS on Sale of Goods, Section 206AB & 206CCA is inserted to penalise the person who was liable but did not file their Income Tax Return.
Article explains Provisions of Section 194Q and 206C(1H) of Income Tax Act, 1961 in Tabular Format. Its Explains Applicability of TDS from TDS under Section 194Q will be applicable and Date since TCS under Section 206C(1H) is already applicable. Article explains provision of both these section as comparative analysis for easy understanding of readers. Section […]
दिनांक 1 जुलाई 2021 से ‘माल’ की खरीद पर एक टीडीएस का नया प्रावधान लागू हो रहा है जिसके तहत माल के क्रेता को अपने विक्रेता से माल की खरीद पर एक निश्चित प्रतिशत से टीडीएस की कटौती करनी है. आपको याद होगा कि पिछले वर्ष माल की बिक्री पर टीसीएस के प्रावधान धारा 206(C)(1H) के द्वारा आये थे और 194 Q के टीडीएस के प्रावधान इन्ही टीसीएस के प्रावधानों से बहुत कुछ मिलते जुलते भी हैं.
