ITAT Quashes Rs 5.44 Lakh TDS Demand on SBI Over Leave Fare Concession Payments for Foreign Travel The ITAT Ahmedabad, in a recent significant ruling, has allowed the two appeals of SBI for AYs 2016-17 and 2017-18, holding that the TDS demand of Rs 5.44 lakh on Leave Fare Concession payments for foreign travel was…
ITR Filing FY 2025-26: Why Form 16 Matters Before You File As the Income Tax Department has enabled online filing utilities for FY 2025-26, most salaried individuals are still not filing their ITR, as they are waiting for one key document – Form 16. Form 16 is a key document for salaried taxpayers, containing details…
Old Section(IT Act 1961) Nature of Payment New Section(IT Act 2025) Rate ThresholdLimit Remarks SALARY & PF 192 Payment of Salary to Employees 392 Slab Rates Basic Exemption Limit As per the applicable income tax slabs 192A Accumulated PF balance paid to employee (premature) 392(7) 10% ₹50,000 10% if PAN furnished; else 20% (Sec 397)…
Old Section(IT Act 1961) Nature of Payment New Section(IT Act 2025) Rate ThresholdLimit Remarks SALARY & PF 192 Payment of Salary to Employees 392 Slab Rates Basic Exemption Limit As per the applicable income tax slabs 192A Accumulated PF balance paid to employee (premature) 392(7) 10% ₹50,000 10% if PAN furnished; else 20% (Sec 397)…
Section 194T Simplified: Compliance Burden or Necessary Reform? INTRODUCTION As the due date for Depositing TDS for Q4 FY 25-26 is approaching, i.e., 30th April 2026. Have you finalised your books? If not, then this article is for you. As we all are aware, the government always keeps a watch on day-to-day transactions through various…
SC Dismisses Income Tax Department’s SLP against Cholamandalam MS General Insurance The case arose from a batch of appeals filed by the Revenue before the High Court against a common order of the ITAT concerning M/s. Cholamandalam MS General Insurance Company Ltd. for multiple assessment years ranging from 2005–06 to 2014-15. The disputes revolved around…
Deadline Alert! IT Dept. Announces Final Deadline To File TDS/TCS Correction Statement for Earlier FYs The Income Tax Department has issued a significant TDS/TCS deadline alert for all deductors and collectors. As per the said alert, the government has announced the final deadline for filing a TDS/TCS correction statement for the earlier financial years under…
Delhi HC Cuts TDS to 2% in Software Taxation Dispute; Cites Lack of Reasoning in Section 197 Order The Delhi High Court has announced its final judgement dated February 24, 2026, on a writ petition filed by a non-resident company, DocuSign Inc., against the Income Tax Department, challenging an order dated August 11, 2025, passed…
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