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....
When amendment made U/s. 200A of Income Tax Act which has come into effect on 1.6.2015 is held to be having prospective effect, no computation of fee for the demand or the intimation for the fee under Section 234E could be made for the TDS deducted for the respective assessment year prior to 1.6.2015.
The controversy as to whether the payment received by an employee by way of leave encashment at the time of his resignation from service, is entitled to exemption U/S 10 (10AA) of the Income-Tax Act 1961 ( the Act), still continues, though the Hon’ble High Courts of Bombay and Madras have held that the benefit of S.10(10AA) of the Act is available even in case of resignation.
When it comes to deduction of TDS while remitting any payment to a Non-Resident the beneficial provisions of Double Taxation Avoidance Agreement (DTAA) and the Income Tax Act 1961 (Act) is applied. In case where the remittance is not taxable in India then there is no requirement to deduct TDS, otherwise TDS needs to be […]
ITAT had held that there is no principal-agent relationship between the bank issuing the bank guaranee of the assessee. The ITAT Mumbai Bench had further noted that while it is termed as |guarantee commission|, the same is not in the nature of commission
Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form
Where payment of commission on exports to non-resident was not taxable in India due to services rendered outside India, the same was not subject to TDS under section 195.
Article explains Provisions of TDS And TCS Under GST Law which includes Threshold limit of TDS deduction, Registration of GST TDS / TCS deductors, Rate of TDS / TCS under GST, Payment of TDS / TCS under GST, TDS / TCS Certificate under GST, TDS / TCS credit under GST, Delay in deposit of TDS […]
Interest earned on bank deposits is subject to tax deducted at source (TDS)u/s 194A if the total interest amount in a financial year exceeds Rs 10,000. However this amount is increased to Rs 50,000 if the payee is Senior Citizen wef 01.04.2018.2. Interest earned on term deposits is subject to TDS Term deposits here means both fixed deposit and recurring deposit.3. Even if a customer has multiple deposits, the interest earned will be aggregated and subjected to TDS if the threshold level is crossed. 4. TDS is deducted at rate of 10%. However in case the payee does not furnish its PAN to the payer the rate of deduction shall be 20%.
The Central Board of Direct Taxes (CBDT) has issued Circular No.3/2011 dated 13 May 2011 & vide CBDT CIRCULAR NO-01/2012 dated 9th April, 2012 dealing with the TDS certificate to be issued in Form 16A for taxes deducted at source from FY 2010-11 as per the provisions of the Income-tax Act, 1961 (the Act) other than Section 192. Vide the said circular, the CBDT has provided guidelines on the issue of the Form 16A and the manner of authentication of the same (i.e. digital or man
Eaton Industrial Systems (P) Ltd. Vs DCIT (ITAT Pune) Where assessee-company paid sales commission foreign of agents for securing export orders from the buyers abroad the services were not rendered by such foreign agents in India, and no part of the said income had arisen in India, therefore, TDS was not required to be deductible […]
