tax deduction Archives

Administrative circulars cannot override statutory language; Calcutta HC allows Indian Bank’s ₹96.65 Crore deduction claim for doubtful and loss assets

The Court held that the expression “at its option” under Section 36(1)(vii-a)(a), Income-tax Act, 1961, could not be treated as surplusage or deprived of their ordinary meaning.

Case Briefs Supreme Court

No penalty leviable under Section 271-C of Income Tax Act on mere belated remittance of TDS by assessee: Supreme Court

The Supreme Court observed that the consequences on nonpayment or belated remittance of the TDS would be under Section 201(1A) and Section 276-B of Income Tax Act, 1961.

Hot Off The Press News

Clarification on applicability of Tax Deduction at Source on cash withdrawals

In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new

Legislation Updates Notifications

CBDT extends due date for filing of TDS statement in Form 24Q

The Central Board of Direct Taxes (CBDT) had earlier notified amended Form 24Q for filing TDS statement by deductors of tax vide

Case Briefs Supreme Court

Section 14A of Income Tax Act, 1961 is applicable to dividend income on which tax is payable under Section 115-O of the Act

Supreme Court: Answering the question as to whether the phrase “income which does not form part of total income under this Act”