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....
A. Existing Provisions relating to dividend taxation: (i) Tax implication in the hands of company: Under the existing laws, even though dividend constituted income in the hands of the shareholders, the tax on such dividend was payable by the company which declared dividend, @ 15% of the gross dividend under section 115-O (plus surcharge and […]
Scope of Section 194N of the Income tax Act 1961, and recent amendments to it brought by Finance Act, 2020 and Press release In the maiden Budget Speech, while presenting the Union Budget 2019, the Finance Minister Nirmala Sitaraman said that in a bid to promote digital payments and to discourage cash payments she proposed […]
About the Section 194N This section is inserted in the Union Budget 2019 proposed on 5th July, 2019. However, in this section certain amendment is incorporated by Union Budget 2020 proposed on 27th March, 2020. Hence let’s understand about this section including with amendment. According to this section, Every Person (Payer) being i. A banking […]
In this article, I am going to explain TDS liability on sale of property, when you become liable to deduct TDS and after deduction how to deposit TDS to Government. Applicable Provision- Section 194IA of Income Tax 1961 specify the TDS on sale of Immovable property other than agriculture land if it exceeds or equal […]
The Finance Act, 2020 tightened the existing provisions for those who have not been filing income tax returns. This will be applicable from July 1, 2020. Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs.1 crore was introduced by the Finance Minister in the Union Budget 2019. This section applies […]
Q1: What are the various types of defaults that may get generated on 26QB processing? Ans: Following are the types of Defaults that may get generated on 26QB processing:—1) Short Deduction: Short deduction is computed when the rate at which TDS Deducted is less than 1%.
For Deductors’ convenience, CPC (TDS) has established processing logic in the system that can accept a Single Challan per month for reporting of Tax Deposited in following circumstances : Situation 1: Where Payment of Tax Deducted is required under ‘different sections‘ of the Income Tax Act, 1961: The CPC (TDS) system gives credit of TDS […]
To Whom does Section 195 applies? a) A resident Making Payment to Non-Resident and, b) A Non-Resident making payment to a Non-resident. As per Section 195, it says Any person responsible for paying to non-resident…any person not only includes Resident but also non-resident making payment to a non-resident
Giving a huge relief in the series, the CBDT has notified extension in the validity of the forms namely 15G & 15H of the F.Y. 2019-20 to June 30 to avoid payment of TDS which was earlier required to be paid in the first week of April every year. Accordingly, now the forms 15G/Form 15H shall be possible to […]
The fact that provision made at the end was reversed in the beginning of next accounting year showed that there was no income accrued. Mere entries in books of account did not establish accrual of income in the hands of payee and hence there was no liability on assessee-company to deduct merely on the provisions made at year end.
