CA, CS, CMA : Stay updated with the latest legal compliances and key deadlines for November 2024 in India, including FEMA filings and ITR submis...
Income Tax : Learn how to apply for a Lower Tax Deduction Certificate (LTDC) under Section 197 to reduce TDS, improve cash flow, and optimize t...
Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Learn about the simplification, stakeholder consultation, and structural reforms in the new Income-Tax Bill aimed at reducing redu...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Income Tax : Stay updated on TDS/TCS filing due dates for FY 2024-25 and download the latest RPU (v5.4) and FVU (v8.9). Key changes and assista...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Government decriminalizes minor direct tax offences, simplifies compliance, and improves litigation management. Key changes includ...
Income Tax : Supreme Court emphasizes reasonable cause for TDS non-deduction under Section 271C. Highlights interplay of Sections 4, 5, 9, and ...
Income Tax : Delhi HC directs Nil TDS for SFDC Ireland citing no Permanent Establishment in India. Clarifies taxation under DTAA and Rule 28AA ...
Income Tax : ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be ...
Income Tax : Orissa HC quashes criminal proceedings against Metaliks Ltd for delayed TDS deposit, citing financial distress and COVID-19 impact...
Income Tax : ITAT Hyderabad rules in favor of Karimnagar DCCB, granting immunity from penalty under Section 270AA. The appeal challenges tax pe...
Income Tax : No tax deduction required on purchases from IFSC Units under Section 194Q of the Income-tax Act, 1961, with specific conditions fo...
Income Tax : No income tax deduction will apply to payments made to credit guarantee funds managed by NCGTCL, as notified under Section 197A(1F...
Income Tax : No income tax deduction will be made on payments to NCGTCL under Section 197A(1F) of the Income-tax Act, 1961, as notified by the ...
Corporate Law : Ministry clarifies TDS refund transfer to FCRA accounts, stating it’s not a violation and must be reported as "other income" in ...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
ITAT Ahmedabad held that post amendment to section 40(a)(ia) of the Income Tax Act, as introduced vide Finance (No.2) Act, disallowance on account of non-deduction of TDS is restriction to 30% of the expenditure as against 100%.
ITAT Chennai in Bank of India vs ACIT case decides on applicability of TDS late fees under section 234E before June 2015,
ITAT Delhi’s landmark judgement, which annulled late filing fee under Section 234E of the IT Act on grounds of limitation.
This case revolved around purchase of a property from twenty co-owners, where assessee was treated in default for non-deduction of TDS. Assessee argued that demand resulted in double taxation as taxes already been paid.
Delhi High Court orders re-adjudication in the Subhash Chander Kathuria Vs ITO case, addressing the error of demanding tax without crediting TDS on NHAI compensation
ITAT Kolkata held that addition towards difference between figure of gross receipts reported and figure reported in Form 26AS is unsustainable as the difference is merely because figure reported in Form 26AS was inclusive of service tax component.
In-depth guide covering Section 194C of the Income Tax Act, 1961 discuss the concept of Tax Deducted at Source (TDS), applicable when making specific payments to contractors or subcontractors, with comprehensive insight into the conditions, definitions, and tax deduction responsibilities.
ITAT Chennai held that as per the provisions of Sec.199(3) of the Act r.w.r.37BA(1) of the Income Tax Rules, 1962, credit for TDS shall be given for assessment year for which such income is assessable.
The case of ITO vs Saloni Jewellers Pvt. Ltd. revolves around the failure to file income tax returns in due time, an offence under Section 276CC of the Income Tax Act. The directors of the company were sentenced to six months of rigorous imprisonment due to the late filing of their income returns for AY 2014-2015.
ITAT Ahmedabad has allowed the appeal of Kanta Govind Singh against the levy of a late filing fee under section 234E for a TDS return. The appellant, a senior citizen, had promptly deposited the TDS amount but had inadvertently filed the return late due to old age and human error. The ITAT deemed the procedural error as not warranting the imposition of a heavy late filing fee under Section 234E of the Income Tax Act.
