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Income Tax : Receive a reminder from CPC (TDS) to file your TDS Statement 26Q for Quarter 4, F.Y. 2023-24. Understand implications of non-compl...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Income Tax : ITAT Delhi rules Section 56(2)(vii) inapplicable to non-residents, deleting Rs. 9.31 Cr addition for APL Logistics Vascor Automoti...
Service Tax : Explore the detailed analysis of Indian Additives Ltd vs Commissioner of GST & Central Excise. CESTAT Chennai rules no service tax...
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Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : Get details on Circular No. 04/2024 by CBTD. Ex-post facto extension for Form No. 26QE due date till 30.05.2023. Waiver of fees an...
ITAT Delhi held that disallowance u/s 40(a)(ia) of the Income Tax Act on account of non-payment of TDS unsustainable as TDS already deducted and deposited by the assessee.
ITAT Bangalore held that the pigmy commission will be treated as a salary and subject to the TDS under section 192 of the Act. Accordingly, matter remanded for verification.
ITAT Mumbai held that genuine TDS credit to Rinfra cannot be denied merely because credit of TDS didn’t reflected in Form 26AS as on account of transfer of business, Adani Electricity Mumbai Ltd. (AEML) transferred the income and TDS credit to Reliance Infrastructure Ltd. (Rinfra).
ITAT Ahmedabad, in Kunvarji Fincorp Vs DCIT held that denial of TDS credit due to assessee’s mistake or misunderstanding is impermissible
ITAT Chennai held that depreciation towards payment as non-compete fee for purpose of business of assessee is duly allowable.
ITAT Chennai held that strict conditions provided in Rule 37BA should be read in the provisions of Section 199(1) to make it workable in genuine cases where department is sure no double credit is allowed or claimed.
Section 194IA, introduced in the Union Budget 2013-14, mandates a Tax Deducted at Source (TDS) of 1% on all transactions involving immovable properties valued at Rs. 50 Lakhs or above. To facilitate this, the PAN card number and details of both the buyer and seller are required.
from online gaming. This includes both the winnings withdrawn and the remaining amount of net winnings in the user account at the end of the financial year. If the net winnings are received wholly or partly in kind, and the cash portion is insufficient to cover the entire TDS liability, the payer must ensure that the required tax has been paid before releasing the winnings.
Section 194BA was introduced by Finance Act 2023 to deduct TDS on net winnings from any online games. Manner of computation of net winning has been prescribed in Rule 133 of Income-Tax Rules, 1962.
Understand TDS implications under section 194IA of the Income Tax Act for the transfer of immovable property. Learn about the minimum limit, who should deduct TDS, and scenarios where TDS may not be applicable. Explore relevant case law to grasp the nuances of TDS on property transactions.
