CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
Income Tax : Learn how to apply for a Lower Tax Deduction Certificate (LTDC) under Section 197 to reduce TDS, improve cash flow, and optimize t...
Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Government decriminalizes minor direct tax offences, simplifies compliance, and improves litigation management. Key changes includ...
Income Tax : ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be ...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
Income Tax : Orissa High Court quashes TDS prosecution against Yash Marothia, citing delays due to COVID-19 and prior judicial precedent in sim...
Income Tax : Delhi High Court upheld ITAT’s decision in CIT vs. Cargill Global Trading, ruling that discount charges are not interest and not...
Income Tax : No tax deduction required on purchases from IFSC Units under Section 194Q of the Income-tax Act, 1961, with specific conditions fo...
Income Tax : No income tax deduction will apply to payments made to credit guarantee funds managed by NCGTCL, as notified under Section 197A(1F...
Income Tax : No income tax deduction will be made on payments to NCGTCL under Section 197A(1F) of the Income-tax Act, 1961, as notified by the ...
Corporate Law : Ministry clarifies TDS refund transfer to FCRA accounts, stating it’s not a violation and must be reported as "other income" in ...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
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:
In a path-breaking investigation, with all-India ramifications, sleuths from the Income Tax department (Bangalore circle) have found that a private airline had not remitted to the government a part of the tax it has been deducting at source for over the past eight years. The TDS default and the interest on it amounts to around […]
It’s not just cricketers who made a fortune at last week’s Indian Premier League (IPL) auction. The income tax (I-T) department is set to get richer too, with franchisees owners who splurged record sums of money on cricketers last weekend, having to fork out at least 10% (TDS) to the IT department. The cash-rich cricketers […]
The Income-Tax department has mobilised a large number of staff members from its local offices for a comprehensive investigation into the fraud in Satyam Computers. A top official said the staff will join duty in a day or two following the IT Chief Commissioner’ s orders earlier this week. He said the investigations would not […]
In the wake of the Satyam fiasco, the Income-Tax department now wants more manpower and technical assistance for its investigation wing and closer scrutiny for TDS returns. The department, in its recent report being prepared for cadre review and restructuring, being done after eight years, will submit these suggestions to the government. “With the recent […]
The Central Board of Direct Taxes has sought a fresh report from its field officers about the details of tax deducted at source (TDS) submitted by Satyam, to get fresh leads in the case after the Andhra Pradesh CID accused the company of having 13,000 ghost employees on its rolls, a senior government official said.
Notification No. 11/2009 – Income Tax These rules may be called the Income-tax (Fourth Amendment) Rules, 2009. (2) They shall come into force with effect from the 1st day of April, 2009.
The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department.
Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution.
