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....
Circular No. 8/2013-Income Tax Provisions of TDS on Salary as applicable on Income from Salary for Financial year 2013-14 / Assessment year 2014-15. This includes how to calculate TDS on Salary for Financial year 2013-14 and taxability of various components of Salary, Eligible deduction for Salaried Employees, TDS Due Date and TDS return and deduction provisions.
CA Sandeep Kanoi We have Published a post yesterday titled ‘Revised Form 15CA as applicable from 01.10.2013 not yet available online’ on 09.09.2013. In this post we have mentioned that CBDT has not yet provided the format of revised form 15CA on the NSDL website which remitter use to file form 15CA.
The commission retained by the credit card company is therefore in the nature of normal bank charges and not in the nature of commission/brokerage for acting on behalf of the merchant establishment.
The penalty under section 272B cannot be imposed merely because it is lawful to do so. It can be imposed for failure to perform statutory obligation. The imposition of penalty for failure to perform a statutory obligation is a matter of discretion of the authority to be exercised judicially
ITAt held on two issues 1) Grant of TDS Credit despite non reflection in 26AS Statement and Non Production of TDS Certificate 2) Grant of Interest on Interest of income Tax Refund
Managing Director of M/S Kitty Steels Ltd., Hyderabad Sentenced for 3 Months along with the Fine of Rs. 5000/- Each for the Two Offences Committed under Section 276B and 276C of the Income Tax Act.
An argument raised by counsel for the revenue that the matter be remitted to enable the Assessing Officer to verify receipts recorded in account books for the financial year 2005-06, cannot be accepted as the matter has been considered in great detail. The Commissioner of Income Tax (Appeals) has only after appraising the account books and referring to each receipt and TDS certificate, set out facts in a tabulated form and only after satisfying himself as to the bonafides of the assessee’s plea held that there was no fault on the part of the assessee.
Key feature of FVU version 4.0 -FVU for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards – • Change in validation of Section code 194LC: o Section code 194LC will be applicable only for deductor category
Release of File Validation Utility (FVU) version 4.0 and 2.136 for e-TDS/TCS Statements. 1. FVU version 4.0 – For Statements pertaining to FY 2010-11 onwards. 2. FVU version 2.136 – For Statements pertaining to FY 2007-08 to FY 2009-10.
We find that the judgment of the Hon’ble Allahabad High Court is in favour of the assessee. At the same time, we find that the orders of the Calcutta High Court and the Gujarat High Court are against the assessee.
