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 : The 30% Disallowance Trap in Section 35(b) of the Income Tax Act, 2025: When a Wrong TDS Payment Code Under Section 393 Triggers 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....
The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a) & (b) of section 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of month during the previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon.
A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. Thus, in-depth verification of all the TDS returns is necessary.
Revenue Authorities must review this existing stringent provision u/s 276B of the Income Tax Act and must consider doing appropriate modifications/changes in it so as to enable an effective action against the willful and habitual tax evaders only and not against the bonafide assessees who create wealth for the Nation.
Even after due efforts taken by the Government to ensure compliance relating to filing of TDS returns by the deductors, the defaults on behalf of deductors continue for one or the other reason
The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time.
As per GST Flyers by CBEC, The purpose of TDS is just to enable the Government to have a trail of transactions and to monitor and verify the compliances. Certainly, TDS provisions will help in achieving transparency in the operations of governmental contracts and tax compliance.
Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case.
Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible
Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is […]
The Kolkata bench of ITAT recently held that TDS provisions under the Income Tax Act, 1961 are applicable to payments made under an oral agreement.
