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 : Karnataka High Court flags catch-22 in TDS prosecution of ex-MD post-liquidation; directs Official Liquidator to act on representa...
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 : 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....
Orion Property Management Services Ltd. Vs. ITO (ITAT Bangalore) The issue under consideration is whether CIT(A) is correct in making addition of Sponsorship and Promotional income by reducing it from marketing cost? In the instant case, the marketing income has been considered under the head marketing cost and net of expenses is debited to P&L […]
How can I update a salary record? You can update salary details viz; Name and PAN of employee, salary amount, deductions etc. Steps for updating salary record are as under: Identify the salary detail record by its sequence number as per regular statement or Value in the field ‘Gross total Income’ as per regular statement. Update the salary details as required Along with updated values, Gross Total Income as per regular statement should also be provided in the correction statement.
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also known as Withholding Tax in many other countries, one of the countries is USA. The concept of TDS envisages the principle of “pay as you earn”. It facilitates sharing of responsibility of tax collection between the deductor and the tax administration. It ensures regular inflow of cash resources to the Government. It acts as a powerful instrument to prevent tax evasion as well as expands the tax net.
Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of sale of goods or provision of service or both,
The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?
ACIT Vs. Head Infotech India Pvt. Ltd. (ITAT Hyderabad) Assessee hosts online games and when the customers make payments through banking Gateways by way of credit or debit card of the relevant banks ( which are referred to as Gateways) and while transferring money to the assessee’s account, banks invariably retain service charges. It is […]
Whether by virtue of the provisions of Section 196, can TDS under Section 194O be avoided in case the seller or the service provider is the Government.
Tata Sky Limited Vs. CIT (ITAT Mumbai) The issue under consideration is whether the disallowance of expenditure under section 14A is justified if there is no exempt income? In the instant case, the assessee has invested in various investments which, yield exempt income. Further, the assessee has not made suo moto disallowance of expenditure incurred […]
REPRESENTATION BEFORE MINISTRY OF FINANCE W.R.T. EXPLANATION TO SEC 194-O: BEING DIFFICULT TO IMPLEMENT AND INCONSISTENT WITH SECTION 198 OF INCOME TAX ACT The Finance Bill 2020 has introduced a new Section 194-O to mandate Electronic Commerce Operators for deducting TDS in respect of the amount payable to the seller on sale of goods and […]
Under indirect tax laws, concept of tax deduction could be traced in erstwhile State level VAT enactments also. Now, post GST implementation, the concept has also been made applicable effective from October 01, 2018 which is in addition to obligation of deduction of tax at source under direct tax laws.
