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....
Pursuant to the current epidemic situation of COVID-19, the Central Board of Direct Taxes (“CBDT”) has vide its order dated 31.03.2020 issued clarification with respect to Lower/Nil TDS deduction certificate and Lower/Nil TCS collection certificate. The clarifications issued by CBDT are as follows: 1. All the assessees who have applied for lower/nil deduction or collection […]
Due to outbreak of the pandemic COVIT-19, there is severe disruption in the normal working of almost all the sectors of economy including income tax department. In such a scenario, to mitigate hardships of assessee as well as officers, the CBDT issues various direction / clarifications by exercising of its powers A. Extension of Validity […]
Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year 2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing provisions […]
Effective Rate of TDS on the payment of interest to Foreign Institutional Investor 1. In this regard, it is relevant here to refer the provision of Section 194LD of the Act which reads as under: Income by way of interest on certain bonds and Government securities. 194LD. (1) Any person who is responsible for paying to […]
Clarification on orders dated 31.03.2020 and 03.04.2020 issued under section 119 of the Income-tax Act, 1961 (the Act) by CBDT vide F. No. 275/25/2020-IT(B) regarding issuance of certificate for lower rate/nil deduction/collection of TDS, TCS U/s. 195, 197 and 206C(9) of the Income-tax Act. 1961
Understanding New Equalisation Levy & TDS on e-Commerce Transactions with Practical Illustrations Section 163 to 172 of ‘CHAPTER VIII OF THE FINANCE ACT, 2016- EQUALISATION LEVY’ deals with Equalisation levy definition, interest, penalty, filing of the annual statement, the penalty for failure to furnish statements. 1. Digital Tax: The Backdrop With the expansion of information […]
Nowadays, nearly every deductor or collector of tax at source is getting default report/Intimation u/s. 154 of I T Act, 1961 from www.tdscpc.gov.in . Those reports/intimation only say that this is the amount of default which may be due to late fees, interest on short payment, interest on late payment etc.
From June 2013, purchaser of property with value of Rs. 50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller.
Do you know that if you have not filed your Income tax returns for three consecutive Financial years and you have withdrawn more than 20 lakh Rupees in the next financial year then TDS @ 2% would be deducted by the Bank? Yes, you heard it right. The new Finance Bill passed by the Lok […]
Applicability of Section 194-O-TDS on payments made to e-commerce participants by e-commerce operators -Section 194-O shall be applicable on R & NR (Resident & Non-Resident) E-commerce operators making payment to resident e-commerce participants in relation to sale of goods or services facilitated through its digital or electronic facility or platform. -Applicable for the transactions from […]
