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....
With effect from the Financial year 2018-19 (AY 2019-20) The CBDT vide Notification No. 08/2018 dated 31.12.2018 had laid down new Procedure for application and issuance of lower deduction / collection of Certificates u/s 197/206C (9), which is applicable for sections 192,193,194,194A,194C,194D, 194G,194H,194I,194J,194K, 194LA 194LBB,194LBC and 195 (non-resident). The process for this depicted below in […]
In re WEBFIL Ltd (GST AAR West Bengal) The Applicant- WEBFIL Ltd, is established by government notification, is liable to deduct tax at source under section 51(1) read with Notification No. 1344-FT dated 13/09/2018, being a company controlled by the Central and the State Governments. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, WEST BENGAL […]
ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B.
No commission element was embedded in sale of prepaid SIM cards/ prepaid vouchers/ recharge coupons and, therefore, assessee was not liable to deduct tax under section 194H.
Presentation on Online Application for Lower Rate Deduction Certificate Under Section 195/197 of Income Tax Act, 1961 Section 197(1) [Subject to rules made under sub-section (2A), where, in the case of any income of any person [or sum payable to any person, income-tax is required to be deducted at the time of credit or, as […]
CBDT’s Circular No. 1 of 2019 dated 01.01.2019– Major/important Points to Remember The CBDT has issued circular No. 1 on 01.01.2019 in respect of the Deduction of tax at Source from Salaries u/s 192 of the Income Tax Act, 1961. Some of the major / important points to remember are; 1. Standard Deduction u/s 16(ia). […]
CBDT issued Circular No. 01/2019 on Deduction Of Tax At Source (TDS)-Income-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961 During The Financial Year 2018-19 / Assessment Year 2019-20. Circular Covers Deduction Of Tax At Source (TDS)-Income-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961 During The Financial Year […]
In the case of rent paid to residents, Section 194IB has been inserted with effect from 1st June, 2017, which is related to TDS on Rent paid by Individuals and HUF to Residents. Article discusses Provisions related to TDS under Section 194IB on Rent paid by Individuals and HUF to Residents. 1. Who is liable […]
GST Council in its 28th meeting held on 21.07.2018 recommended the introduction of TDS from 01.10.2018. Following would be the deductors of tax in GST under section 51 of the CGST Act, 2017 read with notification No. 33/2017-Central Tax dated 15.09.2017:
TDS Applicability for supplies from Govt/PSUs to Govt/PSUs Supplies made by Government Departments, local governments, government agencies and PSUs to one another Exempted from TDS. Thus, all persons who are required to deduct TDS, when receiving supply amongst themselves, will not have to deduct TDS Seeks to exempt supplies made by Government Departments and PSUs […]
