Income Tax : The new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but co...
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 : 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 : The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of ...
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 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....
It is clear that the assessee may be under the bonafide belief that TDS is not liable to be deducted on payments made to non-banking financial institution. Section 273B of the Income Tax Act provides that no penalty under section 271C shall be imposable on the person or the assessee as the case may be, for any failure referred to in the said provisions, if he proves that there was reasonable cause for the said failure.
In case there are ‘Short Payment Defaults’ in your TDS Statements due to ‘Mismatch of Challans’ you can get the default closed using Online Correction feature, which is available for TDS Statements related to Financial Year 2007-08 onwards.
Notification No. 46/2014-Income Tax (4) The certificate for no deduction of tax shall be valid only with regard to the person responsible for deducting the tax and named therein. (5) The certificate referred to in sub-rule (4) shall be issued direct to the person responsible for deducting the tax under advice to the person who made an application for issue of such certificate.
Key feature of FVU version 2.140 ♣ Amount paid/ credited (in deductee details): Value in field “Amount paid/ Credited” to the deductee in case of Form no. 24Q should be less than or equal to 999999999.00. This validation is applicable to regular and correction (C3 & C9) statements pertaining to all FYs. ♣ Total Taxable […]
Key features of RPU 4.1 ♣ Lower/ Non-deduction Certificate number issued by Assessing Officer (in deductee details): Length of field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details (i.e. in Annexure 1) has been restricted to 10 digits. Certificate number to be quoted only in case of lower […]
Key feature of FVU version 4.4 ♣ Lower/ Non-deduction Certificate number issued by Assessing Officer (in deductee details): Length of field ‘Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction’ under deductee details (i.e. in Annexure I) has been restricted to 10 digits. Certificate number to be quoted only in case of […]
Learn the dos and donts of tax payment and challan correction mechanism. Find out the types of challans to be used for different tax payments and the mandatory details required for filling out a challan.
Here the CPC(TDS) is reminding those who have not deposited any Tax at Source during the FY 2014-15 to do so if they are liable to deduct TDS but have not deducted TDS due to mistake or otherwise.
Background Tax Deduction at Source (TDS) is one of the means of collection of direct taxes. TDS constitutes nearly 40% of the direct tax collections. LEGACY In the legacy system, the deductees claimed TDS credits based on manual TDS certificates, issued by the deductors. There was no correlation between tax deductions, tax payments and issuance […]
Attention Deductors: The Online Correction functionality with enhanced features has been enabled “without Digital Signature” for Financial Year 2012-13 onwards. Digital Signature will be required only for PAN Corrections Tag/Replace Challan has been enabled on TRACES Details of manual and processed demands based on financial year are now available through a link on TRACES deductor […]
