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A demand notice has been received before various TCS employees from the income tax department for the alleged discrepancies in their tax deduction at source (TDS) claims. The IT giant TCS has asked its employees to wait for additional instructions before paying the sought amount. Between Rs. 50000 to Rs. 1.5 lakh, the tax demand […]
The Punjab & Haryana High Court has set aside the hefty penalty of Rs.128 Crores levied on the Land Acquisition Officer (LAO) for failing to deduct Tax Deduction At Source (TDS) on the interest on the surged compensation disbursed under the Land Acquisition Act. It was remarked by the court that the officer followed the […]
What is the New TDS Section 194T? The Finance Bill, 2024, presents a significant change for partnership firms with the proposal to insert a new TDS section 194T of the Income Tax Act, 1961. The same move has the motive to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the […]
The Supreme Court is ready to investigate the problem of the applicability of the provisions of tax deduction at source (TDS) on the allowances furnished before judicial officers under the Second National Judicial Pay Commission (SNJPC). The same issue has been analyzed via the Court in the All India Judges Association case in which it […]
It was ruled by the Calcutta High Court that cellular mobile service providers are not obliged to deduct the tax at source (TDS) on income received by distributors/franchisees from customers. The bench of Justice Surya Prakash Kesarwani and Justice Rajarshi Bharadwaj has relied on the Supreme Court’s decision in the case of Bharti Cellular Limited […]
In this post, you can find the key expectations of the Modi 3.0 government for the Union Budget FY 2024-25. We anticipate the Budget for 2024 to be announced in the second half of July 2024, after the conclusion of the Lok Sabha Elections 2024. This follows the National Democratic Alliance (NDA) securing a third […]
Income Tax Appellate Tribunal (ITAT) Delhi’s recent decision in the matter of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has influential implications for the treatment of bad debts claimed by the bank u/s 36(1)(vii) of the Income Tax Act, 1961. The petition related to the AY 2017-18 and was filed against the order of […]
The income tax department has discovered a scam that consists of the bogus use of permanent account numbers (PAN) to claim house rent allowance (HRA) without actual tenancy. Till now approximately 8,000-10,000 high-value matters, each concerning amounts surpassing Rs 10 lakh, have been recognized. From the examination of the alleged rent receipts totalling nearly Rs […]
The expense for the management and marketing support services paid to foreign companies is not levied to tax under Fee for Technical Service (FTS) under the India-Netherlands Double Taxation Avoidance Agreement (DTAA) and therefore TDS is not deductible under section 195 of the Income Tax Act, ITAT Delhi ruled. Facts About the Case of NTL […]
