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 : The new Income Tax Act largely retains existing TDS rules on property transactions but significantly simplifies compliance for buy...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for June 2026. It highlights filing requirements under income ta...
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 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 Court held that compensation paid to workmen under a Government-approved closure package was exempt under the second proviso t...
Income Tax : The ITAT Bangalore held that disallowance under Section 40(a)(i) could not survive once the recipient of the income settled the ta...
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....
What is an ITR? Learn about the different ITR forms (SAHAJ, SUGAM), who is eligible for each, the modes of electronic and manual filing, the importance of filing by the due date to avoid penalties, and the process for claiming a tax refund.
Understand the fundamentals of Indian Income-tax: its definition under the Income-tax Act, 1961, the administrative role of the CBDT, the concept of Previous Year vs. Assessment Year, tax collection methods (TDS, Advance Tax), and the distinction between taxable and exempt income.
The ITAT Delhi deleted the TDS demand under Section 194-I, confirming that the obligation to deduct tax on lease rent paid to NOIDA Authority applies prospectively from 16.02.2017. Following Supreme Court precedents, the Tribunal ruled the real estate firm was not an assessee-in-default for payments made in FY 2011-12.
Sections 206AA and 206AB mandate higher TDS rates for recipients who fail to furnish PAN (up to 20%) or do not file an Income Tax Return despite high TDS/TCS (up to twice the normal rate or 5%). Higher of the two sections’ rates applies if both conditions are met.
Know the key provisions of Sections 194Q and 206C(1H) on TDS and TCS for sale or purchase of goods, including thresholds, rates, exemptions, and compliance rules under the Income-tax Act.
Understand TDS on rent under Sections 194-I and 194-IB, including threshold limits, rates, timelines, filing requirements, and PAN-related implications for tenants and landlords.
The AIS is a comprehensive statement providing all tax and financial transaction details, including TDS, SFT, and external data, to the taxpayer. TIS is a summary of this information. Access via e-filing portal; feedback is possible.
Allahabad High Court ruled that a taxpayer cannot be denied credit or refund for TDS merely due to a mismatch in Form 26AS. The department must verify the payment from the deductor.
A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misreporting income and non-compliance with compliance. Learn about financial penalties and potential rigorous imprisonment for serious tax offenses.
The Tribunal set aside the PCIT’s revision of a scrutiny assessment, ruling the action invalid because the Assessing Officer’s view on critical items like creditors and PF/ESI payments was already plausible and reasoned. Introducing new issues not covered in the show-cause notice constituted an exercise of jurisdiction beyond the permissible scope of Section 263.
