Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Learn how to respond to a defective return notice under Section 139(9) of the Income Tax Act. Steps for correction and consequence...
Income Tax : Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and nee...
Income Tax : Learn about the new Section 194T, its implications on TDS for partners' remuneration, and the interplay with Section 40(b) from th...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : Budget 2024 introduces a six-year limit for filing TDS/TCS correction statements. Amendments to sections 200 and 206C will be effe...
Income Tax : Supreme Court rules Vodafone Idea is not liable for TDS on payments to foreign telecom operators. The decision aligns with earlier...
Income Tax : ITAT Hyderabad held that dismissal of appeal by CIT(A) on the ground of non-deposition of self-assessment tax by the assessee need...
Income Tax : The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessme...
Income Tax : Delhi High Court held that in case of search, block period of ten years for search assessment, would not be attracted in case the ...
Income Tax : Understand the Ahmedabad ITAT ruling that payments for certification services by foreign entities are not taxable in India without...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
The taxman has finally caught up with expatriate employees. The Supreme Court today directed Indian subsidiaries of foreign companies employing expatriates to deduct tax at source on their entire salary just as domestic companies do.
Notification No. 858/2009 – Income Tax The Board has amended the rules relating to Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) vide Notification No. S.O.858 (E) dated 25th March 2009
Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]
Notification No. 28/2009 – Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inserted, namely:- “Credit for tax deducted at source for the purposes of section 199. 37BA. (1) Credit for tax deducted at source and paid to the Central Government in accordance with the provisions of Chapter XVII, shall be given to the person to whom payment has been made or credit has been given (hereinafter referred to as deductee) on the basis of information relating to deduction of tax furnished by the deductor to the income-tax authority or the person authorised by such authority.
The income-tax department has commenced a series of raids on divisions of the state’s electricity department unofficially citing irregularities in tax deduction at source (TDS), while the excise and customs department has sought details on sale of power to consumers. Officials in the electricity department told TOI that they received notices from the IT department […]
The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008. Self assessment tax is the amount payable by the taxpayer’s own admission in the return filed by him. Despite this information, many taxpayers have not paid the tax till now. Self assessment return […]
The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09. Against a target of Rs 47,000 crore, TDS collections are expected to be around Rs 42,000 crore. To make good the shortfall, the department has carried out surveys to identify corporates that have […]
“37. (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid but or expended wholly and. exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains of business or profession’.
The income-tax department has launched a campaign against those assessees who deduct tax from various payments they make but don’t remit the same into the government treasury, Pradeep Sharma, commissioner of income-tax for tax deducted at source (TDS) said on Monday. Sharma said the department has begun checking the records of assessees to find out […]
Where the assessee-employer allowed the employees the benefit of deduction under section 10 (5) of the Act without collecting evidence to show that its employees had actually utilized the amounts paid towards Leave Travel Concessions/Conveyance Allowance and the question arose whether the employer could be said to have wrongly allowed the deduction, HELD:
