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 : 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 : Orissa High Court quashes TDS prosecution against Yash Marothia, citing delays due to COVID-19 and prior judicial precedent in sim...
Income Tax : Delhi High Court upheld ITAT’s decision in CIT vs. Cargill Global Trading, ruling that discount charges are not interest and not...
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 Delhi held that when the transaction between the assessee and its Indian AE is found to be at arm’s length, no further attribution of profit can be made to the dependent agent PE in India.
ITAT Delhi held that rent is subjected to TDS @ 10% under section 194-I of the Income Tax Act, whereas, Common Area Maintenance (CAM) charges are subjected to TDS @ 2% under section 194C of the Income Tax Act.
Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This section applies to all types of employees, including full-time, part-time, and contractual employees, as long as they are earning a salary.
Learn the updated process of filing Form 26QB for TDS on the purchase of immovable property under section 194-IA from April 1, 2023. Understand rates, due dates, and steps for seamless compliance. Stay informed and avoid penalties.
Stay informed about the TDS rates for the Financial Year 2023-24 (Assessment Year 2024-25) in India. Understand the rates applicable to different payments, thresholds, and considerations. Ensure compliance with the TDS Rate Chart for the new financial year.
ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable on account of human error committed by the accountant as the same is not willful attempt to conceal income.
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is new Income Tax regime u/s 115BAC. CBDT […]
Understand Section 194N of the Income Tax Act 1961, effective from 01/04/2023, governing TDS on cash withdrawals exceeding Rs. 3 crore by co-operative societies. Explore changes, rates, and Budget 2023 updates, including new sections impacting TDS on online gaming income, mutual funds, PF withdrawal, interest from listed debentures, transfer of virtual digital assets, and sale of immovable property. Stay informed on the latest tax deduction provisions for FY 2023-24 (AY 2024-25).
Navigate TDS rates and compliances for FY 2023-24 onwards. Learn about TDS payment due dates, late fees, interest, penalty, prosecution, and applicable rates for various transactions. Stay informed to ensure seamless compliance.
ITAT Bangalore held that as software is procured from somewhere else and allotted to ground companies including the assesse, such cost allocated without any markup is reimbursement of expense and the same is not liable for TDS under section 195 of the Income Tax Act.
