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 : The 30% Disallowance Trap in Section 35(b) of the Income Tax Act, 2025: When a Wrong TDS Payment Code Under Section 393 Triggers 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 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 : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
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....
Mumbai ITAT has remanded a case involving TDS on charter plane payments, instructing the tax officer to re-examine the transaction nature and payee’s tax compliance.
ITAT Pune addresses the retrospective application of Section 234E late fees and Section 200A intimations for TDS returns, citing key judicial precedents.
Gujarat High Court held that assessee is not at fault for delay caused in filing the return of income claiming the refund of TDS as no tax was payable by the petitioners on the amount of interest under section 194LA of the Act, 1961. Accordingly, interest u/s. 244A of the Income Tax Act duly admissible.
ITAT Ahmedabad remands Urmilaben H. Dave Disc Family Trust’s TDS credit appeals for re-examination, citing AO’s failure to process rectification requests.
Finance Ministry exempts ICRISAT from TDS under Section 197A(1F) of Income Tax Act, effective from publication date. Exemption aligned with UN privileges.
ITAT Delhi rulings affirm TDS credit entitlement in the year income is taxed, stressing on verification from Form 26AS and rejecting technical denials.
Understand the Annual Information Statement (AIS) on the Income Tax website, a comprehensive record of your financial transactions, and learn how to review it for accurate ITR filing.
Learn how AIS and Form 26AS mismatches can lead to tax notices, scrutiny, and penalties. Understand common errors and ways to avoid income tax complications.
#AD The July deadline for Q1 filings often marks a pivotal point in the TDS and TCS compliance calendar. While each quarter presents its own operational pressures, Q1 stands out as the first major compliance cycle after the Union Budget, where new provisions, rates, or validation rules often come into effect. This period not only […]
Understand Section 201(1A) for TDS late payment interest, including rates, calculation periods, principal amount, and implications for deductibility.
