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....
Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg.
ACIT Vs Indian Hotels Company Ltd. (ITAT Delhi) It was the submission of the assessee that credit card commission was out of the realm of section 194H of the Act since there was no principal-agent relationship between the merchant establishment and the bank and, therefore, the provisions relating to tax deduction at source were not […]
As we are in the era of digital economy, where BEPS action plans has been issued by OECD to tax digital transactions. With the increase in global transactions, Income tax department is also keeping their bird’s eye to the payments made to a non-residents. There has been substantial increase in foreign remittances from India. Indian […]
Pr. CIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court) Central Government, by notification dated 31stDecember, 2012 has notified that no TDS shall be made on the following payments to the banks listed in the Second Schedule to the Reserve Bank of India Act: (i) bank guarantee commission; (ii) cash management service charges; […]
The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up […]
Golden Gate Properties Ltd Vs DCIT (Karnataka High Court) Section 278AA makes it clear that in order to get over the penal consequences that follow on account of non-payment of tax deducted at source, it is open for the accused persons to come clean of the said charge by showing reasonable cause for failure to […]
The Central Board of Direct Taxes has notified the changes in Form 16 (TDS Deduction Certificate) issued by Employer. The new changes would be effective from May 12, i.e. before the last date for issue of Form 16. Read- CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q The […]
ITAT held that the business receipts of the foreign residents are not taxable in India since the agents have no PE in India and therefore, the assessee was not required to make TDS u/s 195 of the Act. Therefore, the assessee’s appeals for all the three A.Ys are allowed.
Are you an *NRI (defined at the end), then you should know few provisions of Indian Income Tax Act which treat NRIs differently from resident Indians. I have tried to articulate few provisions of Income Tax Act, which makes tax implication on residents Indian and NRIs different: 1.For Residents, their global income is taxable while […]
The so-called bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking services. The requirement of section 194H of the Act, therefore, would not arise.
