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....
Section 197 read with Rules 28, 28AA and 28AB prescribe guidelines and procedure for issue of a certificate for TDS at a lower rate in the case of a person, when the Assessing Officer is satisfied that the total income of such person liable to TDS justifies the deduction of income-tax at any lower rate or no deduction of Income tax.
The Central Government issued Notification NoA.50050/112/2015-Ad.I dated 27th October, 2015 constituting a 10-Member Committee under the chairmanship of Justice R.V. Easwar, Former Judge of the Delhi High Court and Former President of the Income Tax Appellate Tribunal with the following broad objectives:
In the case of M/s DDRC SRL Diagnostic P Ltd. Vs. ITO Mumbai Bench of ITAT have held that If the hospitals/laboratories act as mere link between the assessee and patients, then the discount given by the assessee would definitely fall under the category of Commission liable for deduction u/s 194H of the Act.
Advisory for Deductors 1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS statement. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario […]
Circular No. 23/2015 Section 194A of Income Tax Act, 1961 stipulates deductions of tax at source (TDS) on interest other than interest on securities if the aggregate of amount of such interest credited or paid to the account of the payee during the financial year exceeds the specified amount .
Centralized Processing Cell (TDS) has started sending notices to those deductors who have paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15. If as a deductor you have reasonable causes for less Deduction and less Payment of tax […]
The word month has been mentioned in the Income tax law in number of provisions. However the term has not been defined in the Income tax law. Interpretation of the term poses number of issues especially in the interest calculation. However to understand the controversy around it, we shall have to start the journey from genesis as under:
1. How to Download Form 16B and 2. what if there is a mistake in form 16B how Buyer of immovable property can make corrections to the details to be printed on Form 16B once and download the corrected Form 16B?
Key Features – Return Preparation Utility (RPU) version 1.4 ♠ Remark ‘B’ is made applicable for Section code 194DA for Form 26Q, FY 2015-16, Q3 onwards. ♠ Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) has been made available […]
e-TDS/TCS File validation utility (FVU) version 2.145 for FY 2007-08 to FY 2009-10 and 4.9 for FY 2010-11 onwards are released Key Features – File Validation Utility (FVU) version 2.145 ♠ Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) […]
