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....
Article explains Section wise requirement of TDS deduction, Threshold exemption limit and rate at which TDS needs to be deducted. Article is updated as on 01.10.2019 to include sections under which TDS needs to be deducted from 01st October 2019. Newly introduced section are Section 194M – TDS on any work in pursuance of contract […]
How to get a Certificate for lower Deduction Tax for Income accruing/arising in India Q1. In case of non-residents, taxes are withheld, i.e. deducted at source from the payment in relation to income accruing and arising in India. Is there any provision in the Income Tax Act, 1961 for obtaining certificate for lower deduction of […]
WHAT IS TDS/TCS? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by […]
Where basic evidence to prove the contention of assessee was contract between assessee and organizers, which assessee failed to produce before AO and contentions as raised by assessee have not been substantiated through any evidence or material on record, therefore, space was allotted to assessee for carrying out its business activities and assessee was liable to deduct TDS under section 194-I.
In re Mahendra Roy (GST AAR West Bengal) Whether solid waste conservancy is an exempt supply and whether TDS is payable The Applicant’s supply to the Howrah Municipal Corporation, as described in para 3.5, is exempt from the payment of GST under SI No. 3 of Notification No. 12/2017 — Central Tax (Rate) dated 28/06/2017 (corresponding […]
Exemption from TDS on cash withdrawal under section 194N for making payment to farmers – Central Government specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC)– Notification No. 70/2019-Income Tax Dated 20th September, 2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 70/2019-Income Tax New Delhi, […]
The AO has relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of the Rule provides that the credit for TDS shall be given to the person to whom payment has been made or credit has been given on the basis of information relating to TDS furnished by the deductor. What is material for sub-rule (1) is the beneficiary of credit for the TDS, being the person to whom payment has been made, which in the instant case is the assessee.
Article explains TDS on cash withdrawals of over Rs 1 crore under section 194N of the Income Tax Act, 1961, TDS at the time of purchasing immovable property under Section 194-IA of the Income Tax Act, TDS on payments made to professionals and contractors under Section 194M, TDS on life insurance proceeds Under section 194DA, […]
Usually, banks deduct TDS (Tax Deducted at Source) when the interest which is earned by a taxpayer exceeds INR 10,000. However, in case the total income of such taxpayer doesn’t exceed the taxable limit, such taxpayer can submit Form 15G to his or her bank requesting not to deduct TDS on his or her interest which he/she has earned in the financial year.
According to the Income Tax Act, the tax must be deducted by a bank before payment to the customer on payments such as interest, dividend, etc. However, in case amount of TDS (Tax deducted at Source) deducted by a bank on interest exceeds the income tax payable by such assessee, then such assessee is eligible […]
