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....
Brief Steps : Lower TDS Deposited Declaration Due to various reasons there could be a reduction in TDS deduction in the current period as compared to the deduction made in the previous period. In that case Centralized Processing Cell (TDS) has enabled deductor to share relevant reasons for Lower Deduction and/or Lower Payment. Below are […]
1. Important Information to raise request for TDS Refund. Deductor can apply for TDS refund from FY 2007-08 onwards. It is mandatory to register digital signature on TRACES to submit the Refund Request PAN of Deductor should be same as per TAN Master and TRACES profile and should be non blank. A refund request consists […]
Important Information on OLTAS Challan Correction OLTAS Challan Correction is the functionality provided by TDSCPC to the deductor for correction of the Unclaimed and Matched Challans . Assessing Officer approval is not required if OLTAS Challan Correction is made through website for change in the following fields mentioned below : Financial Year- Y. can be […]
Brief Steps for Online Correction –Movement of deductee row This feature enables deductor to move deductee rows from one challan to another challan having balance in correction statement For example 1 -If Challan 1 gets overbooked by Rs. 10000 and challan 2 is available with balance of INR 10000 or more, Deductor can easily move […]
Brief Steps for Online Correction –Add / Modify Deductee Details on TRACES portal This feature enables deductor to Add/modify deductee details:- √ If deductor wants to make modification in deductee details √ If deductor wants to add new deductee row against a challan with available balance This functionality is available from F.Y 2013-14 onwards with […]
1. Important Information on Tag/Replace challan on TRACES Website This feature is extremely useful as it is : Demand/ Penalty raised by AO can be closed through Tag/Replace challan. List of challans with available balance will reflect on the screen shows as per the following rules: √ Only Unclaimed and partially claimed challans will be […]
CIT (TDS) Vs Jaypee Sports International Ltd. (Allahabad High Court) Word ‘rent’ means any payment by whatever name called under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land and came to the conclusion that lease money or annual rent is rent within the meaning of section 194-I […]
The common issue which falls for consideration in these batch of cases is as to whether the respondent, the Income Tax Department, is justified in insisting upon recovery of tax at source from the salary payable to Nuns/Fathers/Priests working in various Teaching Institutions established and administered by the petitioners.
It is true as contended by the assessees that the income tax department had exempted income of the missionaries from TDS. The circulars ensuring so used the word fees and in its most widened scope, could include the money that they received from people who attended or used their religious services.
Pr. CIT Vs DLF Commercial Projects Corporation (Delhi High Court) Neither the provisions of section 194C nor section 194J obliges the person making the payment to deduct anything from contractual payments such as those made for reimbursement of expenses, other than what is defined as “income”. The law thus obliges only amounts which fulfil the […]
