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....
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.
