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....
We first of all advert to the impugned Section 40(a)(ia) r.w.s.194C and 194J issue of surrogacy payments in case of Shri S.Sesha Sai since the other recipient has never appeared to support the impugned claims till date. The CIT(A)’s identical lower appellate discussion affirming the Assessing Officer’s action disallowing assessee’s summary of payments made to surrogate mothers reads as under:
Section 194C : Applicability Analysis Main Ingredient of Section 194 C are – (A). Any Person responsible for making payment, (B) Payment has to be made to resident, (C). Payment has to be for work, (D). Payment is in pursuance of a Contract with specified person (E). At the time of credit or payment which […]
Deduction of TDS and Taxability of the same; An Analysis of section 198 and 145 of Income tax 1961. As per basic understanding, the net income which is received by the assessee in hands shall be net of the gross income accrued and the tax deducted at source. There came some cases where assessee considered […]
Understanding the new provision of higher TDS rates for non-filers of Income Tax Return. Learn about the implications and rates.
Understanding the new Section 206AB & Section 206CCA of the Income Tax Act, 1961. Discover the implications and higher rates of TDS and TCS for non-filing and non-furnishing of PAN.
Article contains Overview of Tax Deducted at Source and explains what is TDS, Who is supposed to deduct tax at source & When, What is the TDS Rates for FY 2020-21, When TDS Needs to Deposit to Govt., What are the TDS Returns and their Due Dates and What are the consequences in case of […]
Last year, Government implemented TCS provision u/s 206C(1H) for `Seller of Goods’ on Receipts/advance from/for Sales of Goods, exceeding Rs. 50 Lakhs as consideration, during a financial year. “Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceeded ten crore rupees during the financial year immediately preceding the financial […]
Finance Bill, 2021 vide clause 48 inserted a new section 194 Q relating to deduction of tax at source on payment of certain sum for purchase of goods. This section will come into effect from 01.07.2021. TDS on Service is applicable since long back, but this is first time in the history of Income Tax Act, 1962 that TDS provisions are made applicable on purchase of goods.
Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on […]
Extract of section 194Q from Finance Act, 2021 54. Insertion of new section 194Q. After section 194P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021, namely:–– Deduction of tax at source on payment of certain sum for purchase of goods. ‘194Q. (1) Any person, […]
