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....
In order to boost the foreign investment, the Government inserted Section 194LD of the Income Tax Act, 1961 and made effective from 1st June 2013. Section 194LD provided tax deduction at lower rate for interest income earned by a Foreign Institutional Investor or a Qualified Foreign Investor from the government securities or specified bonds. The […]
With effect from 1st July 2012, section 194LC was incorporated into the Income Tax Act, 1961. The section deals with TDS deduction on income by way of interest from an Indian Company or a business trust and the provisions relating to the same has been explained in the current article. Basic applicability of Section 194LC […]
Article covers TDS provisions under Section under Section 194LB – Income by way of interest from Infrastructure Debt Fund,Section 194LBA – Certain Income from units of business trust, Section 194LBB – Income in respect of units of the investment fund and Section 194LBC – Income in respect of investment in securitization trust. Section 194LB – […]
Sec. 194DA: TDS, on Payment in respect of life insurance policy, to be deducted by the insurer. Charging section: 194DA of Income Tax Act 1961. What section 194DA says? (Up to 31.8.2019) 194DA states, any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way […]
Section 194LA: Payment of Compensation on acquisition of certain immovable property With effect from 1st October 2004, new section 194LA was inserted into the Income Tax Act, 1961. Section 194LA relates to the TDS provisions applicable on the payment of compensation at the time of acquisition of certain type of immovable property. The present article […]
Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided family […]
There is general perception among people that amount received on maturity of life insurance is exempt from income tax. However the same is not true. Receipt from life insurance may occasion on 2 events: 1. On death of the person insured (Death proceeds) 2. On maturity of the policy in the normal course (maturity proceeds) […]
In spite of already existing similar provisions under section 194-I of the Income Tax Act, 1961, with a view to widen the tax base, the new section 194-IB of the Income Tax Act, 1961 was introduced vide the Finance Act, 2017. The provisions of section 194-IB were made effective from 1st June 2017. Section 194-IB deals […]
Deposit of TDS deducted to the credit of the Central Government with delay of 12 months without having reasonable cause was punishable with rigorous imprisonment of 3 months and fine of Rs.5,000/ (Rs. Five Thousand only) each for having committed offence..
Prior to the introduction of section 194-IA, the transaction of immovable property was usually undervalued and under-reported. With a view to improve reporting of such transaction and to curb the black money transactions to some extent, section 194-IA of the Income Tax Act was inserted. Provisions of section 194-IA of the Income Tax Act, 1961 were made […]
