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....
Applicability of Tax Deducted at Source (TDS) u/s 194Q on Purchase of Goods- In the Budget 2021-22, a new section 194Q introduced which will be effected from 1st July 2021. This Article explains What is section 194Q, Time of Deduction of TDS under Section 194Q, Exception to TDS Deduction under Section 194Q, TDS Rate under […]
Sec 194Q-TDS on Purchase on Goods worth Exceeding Rs. 50 Lakhs | Correlation with 206C(1H)-TCS on Sale of Goods Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is Required to Deduct TDS: Buyer: Turnover exceeds Rs. 10 cr in preceding FY. When: Buyer is responsible for paying a sum […]
RATES OF TDS APPLICABLE FOR FINANCIAL YEAR (FY) 2021-22 OR ASSESSMENT YEAR (AY) 2022-23 as compiled by The Institute of Cost Accountants of India. Rate includes Amendment announced by Union Budget 2021. TDS Rate are applicable from 01.04.2021 Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period or […]
TDS on payment of certain sum for purchase of Goods-New Section 194Q inserted by The Finance Bill Budget 2021-22 Applicability of Section 194Q This Section Applies to an Assessee (Buyer) whose Gross Receipts/Sales/Turnover in the Preceding financial year Exceed Rs. 10 Crore & when Aggregate amount of purchase from a particular buyer in the financial […]
Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is required to deduct TDS u/s 194Q: Any person being a buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value of aggregate of value exceeding Rs 50 lakh in […]
बजट प्राव्धानो पर सीधी और पते की बात। Straight and honest talk on Budget amendments. 1. TDS at Double Rate in case of Non-Filers of ITRs (Section 206AB): The Finance Bill 2021 has proposed to insert a new section 206AB in the Income Tax Act, w.e.f. 1.7.2021 which mandates that the deductor will be required […]
Under the proposed section 206AB of the Income Tax Act (Act), in a case where a person is required to deduct TDS while making a payment to another person (deductee), the deductor will be liable to deduct TDS at a higher rate, if the deductee has not filed the ITR related to the previous two years. This rule shall come into force starting 1st July 2021.
As per the Income Tax Act 1961 A person making payment to other person upon a threshold limit need to deduct tax. In case of Employer making payment to his Employee in a term of Salary. Employer gives the details of salary in form 16 his total salary paid and credited to his account in […]
M/s Perfect Constech Pvt. Ltd. Vs ACIT (ITAT Delhi) Penalty not leviable for non deduction of TDS under section 271C for EDC charges paid to HUDA as it is non statutory contractual liability It is seen that in Para 4.3.2, subparagraph (iv) of the order passed u/s 271C of the Act, the AO has himself […]
Article explains Concept Of TDS Under Section 194Q, 11 Rules for Deduction of TDS under Section 194Q, Examples on TDS under Section 194Q, Practical Difficulty Faced in Deduction of TDS under Section 194Q and Authors Comment on deduction of TDS under Section 194Q. ♦ Concept of TDS Under Section 194Q Budget 2021 introduced section 194Q […]
