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....
Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025.
Budget 2024 introduces a six-year limit for filing TDS/TCS correction statements. Amendments to sections 200 and 206C will be effective from April 2025.
Learn about corrections with revised TDS returns. Understand errors, correction types, and filing processes to ensure accurate TDS returns. Avoid penalties and fines.
From April 2025, the Income-tax Act limits the time for issuing default orders to six years or two years from correction statements. Learn more about these changes.
Effective April 2025, Section 200A will include processing for statements filed by non-deductors. This change aims to improve the handling of various tax-related statements.
Kerala High Court held that when employees’ contribution to EPF/ESI not made within due date prescribed for making payments is liable to be disallowed under section 36(1)(va) of the Income Tax Act.
Explore the proposed changes in TDS regulations in the Union Budget 2024-25, impacting sections 271H, 200, 197, and more. Understand the new amendments and their implications.
Discover the key changes in India’s Income Tax Law from the Union Budget 2024-25. Highlights include revised tax slabs, increased deductions, and simplified taxation.
Explore the amendment to Section 194F removing TDS on Mutual Fund and UTI unit repurchases, effective from October 2024 under the Finance Bill 2024.
Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and all TDS deductions, easing compliance and cash flow concerns. Effective October 2024.
