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. Key Features and download links of e-TDS/TCS Return Preparation Utility (RPU) version 2.9 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08 ♣ Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highlighted in file formats […]
CBDT exempts cash withdrawal by the authorised dealer and its franchise agent and sub-agent; and Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent from TDS under Section 194N subject to conditions specified in Notification No. 80/2019-Income Tax dated 15th October, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL […]
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, […]
