Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
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...
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....
AO taxed the said surrendered amount under the provisions of section 115BBE of the Income Tax Act. CIT(A) allowed the appeal of the assessee. Being aggrieved, revenue has preferred the present appeal.
ITAT Ahmedabad partially allows an appeal by Bhikhabhai Hirabhai Patel, reducing late filing fees after ruling that TDS is not applicable to property transfers under Rs. 50 lakhs per transferee.
This article provides a summary of crypto taxation in India, covering the 30% income tax on gains, 1% TDS, and 18% GST on platform services.
The ITAT Ahmedabad ruled that the TDS threshold under Section 194IA applies to the payment made to each individual seller, not the total transaction value.
ITAT Chennai ruled that gold wastage during ornament manufacturing isn’t considered a payment for making charges, so TDS under Section 194C is not applicable.
Learn how to apply for a Lower TDS Deduction Certificate under Section 197. Understand the step-by-step process, required documents, and benefits for your business.
ITAT Delhi addresses AT&T’s appeals, quashing adjustments for notional interest on receivables, mark-up on domestic services, and TDS on seconded employee reimbursements.
ITAT Pune held that disallowance under section 40(a)(ia) of the Income Tax Act cannot be sustained interest income is already reflected in the return of the deductee and tax is already paid on the same. Accordingly, appeal allowed to that extent.
The CBDT has introduced a new mechanism through Circulars 5/2025 and 8/2025 to waive interest on delayed TDS/TCS payments caused by technical glitches, provided specific conditions and timelines are met.
Key points for auditors on Clause 34 of the Tax Audit Report, covering TDS/TCS compliance, statement furnishing requirements, and interest liability under Sections 201(1A) and 206C(7).
