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....
Who is liable to deduct TDS u/s 194J? What is the point of deduction of TDS u/s 194J? At what rate tax to be deducted u/s 194J? Under what circumstances there is no need to deduct TDS u/s 194J? What is the meaning of professional Services in reference to S. 194J?
Section 194O TDS by E-Commerce Operator PROVISION When E-Commerce Operator provides its platform to E-Commerce participant for sale of goods or services or both then, E-Commerce operator must deduct 1% TDS at the time of credit of amount of sale of goods, service or both to the account of e commerce participant or at the […]
Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A Three per cent education cess is payable on the tax amount.
In this context, it may be stated that the income-tax authorities have been insisting that in view of Answer to Question No.30, as provided in Circular No.715, dated 8.8.1995, issued by the CBDT [215 ITR (St) 12], tax is to be deducted at source out of the gross amount of the bill, including the reimbursements. For the sake of ready reference, the aforesaid Question No.30 and Answer thereto, are reproduced as follows :
To view BIN details provide TAN, Nature of Payment , Form 24G month/year range. To view BIN details of particular AO, provide the AIN of AO in addition to above mandatory details.BIN is to be quoted in the Transfer voucher details while preparing the quarterly TDS/TCS statements.
Key Features – File Validation Utility (FVU) version 6.6 1. Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added under Annexure I (Deductee details) in Form 26Q and 27Q. Newly added column will be applicable […]
e-TDS/TCS Return Preparation Utility Ver. 3.1 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 Key Features – Return Preparation Utility (RPU) version 3.1 1. Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added […]
Article explains How to Download TRACES PDF Generation Utility, Procedure to install TRACES PDF Generation Utility and Procedure to convert text file into PDF. Article also provides link from where such Utilities can be downloaded. Article explains how TRACES PDF Generation Utility should be used to convert text file for Form 16 / 16A into […]
The question as to whether the expenditure incurred towards purchase of computer software should be treated as revenue or capital in nature. Law has been well settled since 2012, still there different treatments in industry to treat the same as revenue or capital. So through this Article, I am trying to conclude whether the amount […]
Therefore, according to the Finance Act, 2015, prior to 01.06.2015, your good self had no authority to levy fee, if any, under Section 234E of the Act and thus levy of fee under Section 234E of the Act while processing the statement is beyond the scope of Section 200A of the Act.
