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 : 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....
The Tribunal, upon detailed examination of the nature of relationship between the assessee and the transporter, came to the conclusion that this is not a case of sub-contract. The Tribunal noted that none of the responsibilities of the contractor vis-a-vis the execution of the work were fastened on the transporters.
Circular No. 777 dated 17th March 1999 issued by the CBDT makes it clear that such certificate cannot have retrospective effect. The reason put forth by the assessee that he had a bona fide belief, as for earlier financial years the Assessing Officer of the contractor allowed the assessee to credit or pay without deduction of tax at source did not find favour with the Tribunal on the ground that the Circular issued under Section 197 (1) of the Act cannot have retrospective effect.
Vide clause 8 Notification No. 3/2013, dated 15-1-2013 CBDT has specified that Assessee can file an appeal against the actions of the CPC. The appeal can be filed with the Commissioner of Income-tax (Appeals) having jurisdiction over the Assessing Officer who has jurisdiction over the deductor.
Vide clause 7 of the Notification No. 3/2013, dated 15-1-201 CBDT has specified that an adjustment of refunds against outstanding tax demand can be done u/s 245 of the Act only after issuing prior intimation to the taxpayer.
Vide clause 4 of the notification CBDT has specified that correction statement of tax deducted at source shall be furnished under digital signature or verified through a process in accordance with the procedure, formats, and standards specified by the Director General.
Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was to be paid to the vendors of M/s. Mahindra and Mahindra Ltd. This payment was a reimbursement.
The tribunal took the view that the addition made was only on the basis of the discrepancy in the TDS Certificate and not on the basis of any finding that some extra charges were received by the assessee, but had not been accounted for.
Admittedly, as per TDS certificate issued by Mysore Breweries Limited, the total reimbursement made to the assessee as per their newly arrangement was Rs. 3,35,85,000/-. However, in the books of assessee, it was only Rs. 2,54,97,000/-. The assessee had explained that a credit note of Rs. 80,88,000/- issued by it in favour of Mysore Breweries Limited was not accounted for by them
Interest amount for the purpose of TDS be increased from Rs. 10,000/- to Rs. 25,000/- on fixed term deposits with banks, tax exemption of Rs. 20,000/- under section 80CCF for investing in Infrastructure Tax Free Bonds be reintroduced, bringing more transparency in gold and real estate transactions at par with equity transactions, to bring housing sector within the definition of infrastructure and encouraging long term funds for investment in housing sector among others.
CBDT Grants Exemption from TDS on the Payments of Certain Categories to Mitigate Compliance Burden on Businesses Held by Individuals, Firms or Corporate Etc Who are Using the Financial Services Offered by Banks To mitigate compliance burden on businesses held by individuals, firms or corporate etc who are using the financial services offered by banks, […]
