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....
CBDT has Vide notification no. 30/2016 dated 29-04-2016 extended Due date for payment of TDS on transfer of immovable property u/s 194IA to 30 days from existing 7 days. Section 194IA requires buyer of the Property to deduct 1% TDS while making payment to seller if consideration of the Property exceeds 50 Lakh Rupees.
In the instant case, it is seen, admittedly that the nonresident agents were only procuring orders abroad and following up payments with buyers. No other services are rendered other than the above. Sourcing orders abroad, for which payments have been made directly to the non-residents abroad, does not involve any technical knowledge or assistance in technical operations or other support in respect of any other technical matters.
The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon.
Bombay High Court held that there was no obligation to deduct tax at source in respect of payment made towards demurrage charges in cases where section 172 of the IT Act applies. The Revenue did not dispute in the present case that section 172 applied.
It has been noticed in previous years that in several cases having large number of TDS claims in ITR and TDS entries in Form NO. 26AS, AOs face technical difficulty while passing the assessment order under section 143(3) on AST system towards the end of March.
Key Features of e-TDS/TCS File validation utility (FVU) version 5.0 for FY 2010-11 onwards 1. Remark ‘B’ is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form 26Q. 2. New Section code 194IA (Payment on transfer of certain immovable property other than agricultural land) has been added under list of sections available under Form
e-TDS/TCS RPU version 1.5 for Statement(s) from FY 2007-08 onwards is released (13/04/2016). Key Features – Return Preparation Utility (RPU) version 1.5 Remark ‘B’ is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form 26Q. New Section code 194IA (Payment on transfer of certain immovable property other than […]
Section 194IA of the IT Act relates to TDS on Sale of property. Form 26QB is an online statement-cum-challan to be filled and submitted by the buyer of the property for making TDS payment on sale of property. It contains details of buyer, seller, property being sold, sale consideration, tax deposit details etc.
The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income.
Functionality for correction of Form 26QB has been made available online from 29th of Feb. 2016 to the deductors/buyers. Hence, the buyer, whose PAN exists in Form 26QB,can log in to www.tdscpc.gov.in and make the correction request for the following fields.
