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....
The ITAT Kolkata set aside the CIT(A)’s order concerning a large disallowance under Section 40(a)(ia) for non-deduction of TDS on advertising payments. The Tribunal remanded the matter, granting the agency a fresh opportunity to rely on CBDT Circulars that clarify the TDS obligations of intermediaries paying media houses.
Section 194IA of the Income Tax Act mandates buyers to deduct 1% TDS on property transfers exceeding ₹50 lakh. The 2025 amendment includes incidental charges and considers the total value in joint ownership for TDS applicability.
TDS collected by government offices is credited to the Central Government via book entries using Form 24G and AIN/TAN mapping, ensuring PAN holders receive timely tax credit without challans.
The Tribunal ruled that an HUF, the beneficial owner of the income, cant be denied TDS credit just because the tax was initially shown in the Kartas PAN. The matter was remitted to the Assessing Officer to verify subsequent compliance with Rule 37BA(2) and the updated Form 26AS to prevent the Revenues unjust enrichment.
Detailed comparison of dividend, interest, royalty, and FTS withholding tax rates between India’s Income-tax Act and over 60 Double Taxation Avoidance Agreements (DTAAs).
PCIT Vs Subhash And B T Patil And Sons And N V Kharote Construction Pvt Ltd Jv (Bombay High Court) Bombay High Court admitted an appeal concerning substantial questions of law regarding taxation of joint ventures and applicability of TDS provisions under Section 194C of the Income Tax Act, 1961. The appeal challenges the ITAT’s […]
The ITAT dismissed the Revenue’s appeal, affirming that the ₹4.17 Crore TDS penalty order was invalid as it was passed over two years after the expiry of the statutory limitation period (June 30, 2014). This ruling reinforces that the limitation clock starts when the AO initiates the penalty in the assessment order.
Overview of tax concessions for Indian residents and domestic companies for AY 2026-27, covering lower corporate tax rates (15%-25%), presumptive taxation (Sections 44AD/44ADA), capital gains exemptions, extensive TDS relief thresholds, and special higher tax exemption limits/rebates for resident senior citizens and super senior citizens.
An analysis of Double Taxation Avoidance Agreement (DTAA) withholding tax rates across various countries for dividends, interest, royalties, and Fees for Technical Services (FTS). The summary highlights common tax tiers based on equity holding and provides commentary on judicial interpretations of DTAA provisions.
A summary of Tax Deducted at Source (TDS) rates under various sections of the Income-tax Act, 1961, covering payments to resident and non-resident individuals and companies.
