Income Tax : The new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but co...
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 : 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....
TDS is being made applicable under GST Law from 1st October,2018. What is this new Provision now? section 51 of the CGST Act,2017 prescribes the authorities who need to deduct tax, which are as follows-(a) A department or an establishment of the Central Government or State Government; or
ITO Vs VCI Hospitality Ltd (Central: Tis Hazari Courts, Delhi) As per complaint, accused has defaulted in timely deposit of TDS amount. However, the due amount for the year 2008-09 has been reduced to Rs. 40/- only but after filing of various correction statements which are admittedly filed after filing of present prosecution. The Ld. […]
Due to high rates charged by Banks many people these days prefer taking Loans from NBFC’s. TDS u/s 194A is attracted to such interest expense against NBFC loan @ 10% if interest payable is > INR. 5,000/-. The confusion which always mints is Whether TDS deducted on Processing Fees too..?? Definition of Interest u/s 2(28A) – […]
Circular No. 65/39/2018-DOR dated 14/09/2018, vide which Guidelines for Deductions and Deposits of TDS by the DDO under GST had been issued by the Department of Revenue.
Usance interest paid for the delayed payment to its holding company was not any part of purchase price of goods and was interest within the definition of term ‘interest’ under section 2(28A), therefore, assessee was liable to withhold tax under section 195 from said payment.
Where assessee (Indian branch office) had reimbursed the payments towards management charges to its overseas head office, addition under section 40(a)(ia) was unjustified because it was against the object of Indo-US DTAA.
Circular No. 65/39/2018-DOR, dated 14.09.2018 lays down guidelines for deductions and deposits of TDS by the DDO under GST. Detailed forms have already been prescribed vide FORM GST REG- 07, FORM GSTR- 7.
Who is required to deduct the TDS under GST (i.e. who is the deductor) ? As per Sec. 51(1) of the CGST Act, 2017 read with Notification No. 50/2018 – Central Tax dated September 13, 2018, following persons are required to deduct the tax:
Background There are 3 general methods of Tax collection: 1. Tax deducted at Source (TDS) / Tax Collected at Source (TCS) 2. Advance Tax 3. Self Assessment Tax Generally Assessee pays tax at the end of Assessment Year (AY) for the Previous Year (PY), due to this practice collection & revenue income of Government is […]
Where overseas HO was not liable to pay any tax on interest remitted by assessee, there was no obligation to deduct TDS under section 195(1) on such remittance because TDS provisions are attracted only when such remittance results in taxable income.
