Income Tax : Explore the impact of Tax Deducted at Source (TDS) on commercial business income in India. Detailed analysis, rates, compliance, a...
Income Tax : Understand TDS and TCS compliance deadlines. Learn about deposit dates, return filing schedules, and issuance of certificates to a...
Income Tax : Understand capital gains tax on equity and mutual funds. Learn about short-term and long-term gains, tax rates, exemptions, and st...
Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
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 : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
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...
Income Tax : Calcutta High Court rules in favor of Vodafone Idea Limited, stating no TDS is required on payments received by distributors/franc...
Income Tax : Gujarat High Court rules in favor of Bharti Airtel Ltd, stating distributor discounts are not subject to TDS under Section 194 of ...
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...
Stay compliant with tax regulations in November 2022. Learn about the important due dates for GST, income tax, and company filings.
ITAT Bangalore disallowance u/s 40(a)(i) of the Income Tax Act for non-deduction of TDS for payments not qualifying as fees for technical services and not being business income taxable in India is sustainable
CBDT extends due date for filing of TDS statement in Form 26Q for the second quarter of Financial Year 2022-23 This is to inform that Central Board of Direct Taxes (CBDT) has extended the due date of filing of form 26Q for the second quarter of financial year 2022-23 from 31st October’2022 to 30th November’2022 […]
Learn about the new tax deduction provision under Section 194Q and its implications for buyers. Understand the criteria and rates for tax deduction.
Understanding TDS deduction under Section 40(a)(ia) of the Income Tax Act. Learn about the disallowance of expenses and the consequences of non-compliance.
Understand the tax implications of benefits and perquisites received by residents in India. Learn about the reasons behind the introduction of section 194R of the ITA 1961.
ITAT Ahmedabad held that the transfer of copyright including the right to make copy of software for international business, any payment made in that regard would constitute Royalty. Thus, TDS is deductible u/s 195 on the payment made by the assessee to the non-resident supplier.
ITAT Bangalore held that any ambiguity in a taxing statute should ensure the benefit of the subject/ assessee. Accordingly, the taxing provision of late fee in respect of late filing of TDS return came into force from 01.06.2015. Hence, late fees u/s 234E cannot be levied before 01.06.2015.
Delhi High Court held that section 195 of the Act has no application once the nature of payment is determined as salary and deduction has been made under Section 192 of the Act.
Applicability of TDS under Section 194N: Whenever any Banking Company (within the meaning of Banking Regulation Act, 1949), Cooperative Bank or a post office pays any amount or aggregate of amount as the case may be, in cash exceeding One crore to any person from one or more accounts during previous year, they are liable to deduct TDS equal to 2% of such sum.
