CBDT amends quarterly TDS Statement for TDS on payments to partners by firm.
Section 194T of the Income Tax Act, 1961 has been inserted by the Finance (No. 2) Act, 2024, w.e.f. 1-4-2025.
As per the newly inserted section 194T, payment by a firm to its partners any salary/ remuneration, commission, bonus or interest has been subjected to Tax Deducted at Source @ 10 per cent where the aggregate of remuneration credited or paid or likely to be credited or paid to the partner of the firm does not exceed twenty thousand rupees.
CBDT has issued Notification No. 22/2025 dated 27.03.2025 to make corresponding amendments in quarterly TDS statements (Form 26Q) and Form 27Q.
Absence of an explicit irrevocability clause in trust deed no ground for rejecting application for registration or renewal under section…
ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In…
PCIT has revisionary jurisdiction u/s 263 over the cases irrespective of the fact that the relevant assessment was completed physical…
Appellate court interfering with Motor Accidents Claims Tribunal findings on assessment of disability and loss of earning capacity must undertake…
When period of delay is not very huge and involve huge monetary liability on the assessee, a lenient approach should…
Ratification by EoGM of the company can not give legality of the diversion of the fund raised by preferential issue.…