The Appellate Tribunal addressed two issues regarding TDS credit. ...

Appellate Tribunal rules TDS credit must align with taxable income; directs reassessment for 2017-18 under specific conditions.

July 2, 2024

Case Laws Income Tax AT

The Appellate Tribunal addressed two issues regarding TDS credit. Firstly, the Tribunal emphasized that income and TDS must align in any assessment year when income is accrued to the assessee. Therefore, TDS credit cannot be isolated without corresponding income for taxation. The matter was remitted to the Assessing Officer for reconsideration. Secondly, the Tribunal clarified that TDS credit should be available in the year the income is reported, as per Section 199(3) and Rule 37BA(3). The Tribunal directed that the assessee is entitled to TDS credit in the Assessment Year 2017-18 if certain conditions are met, ensuring no double claiming of credit. The decision of the CIT(A) was set aside, and the case was sent back to the Assessing Officer for granting TDS credit in the specified assessment year.

View Source

← Previous Next →

The Appellate Tribunal addressed two issues regarding TDS credit. ...

Appellate Tribunal rules TDS credit must align with taxable income; directs reassessment for 2017-18 under specific conditions.

July 2, 2024

Case Laws Income Tax AT

You may also like:

Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

Procedural lapses by third parties should not deprive taxpayers of TDS credit when they have acted in good faith and declared income. Section 205 bars direct tax...

Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

HC upheld denial of TDS credit to appellant who filed NIL return while claiming TDS benefits. The income corresponding to claimed TDS was reported by ISPL, not the...

Income–tax (10th Amendment) Rules, 2018 - Form of appeal to the Appellate Tribunal

Denial of TDS credit - TDS is not reflected in Form No. 26AS of the assessee - Credit of TDS which was not deductible - We find from updated Form 26AS of the assessee,...

Revenue authorities cannot restrict tax deducted at source (TDS) credit based on assessee's original income tax return. When refund arises from appellate order,...

Denial of TDS credit - Credit deferred to next year - To rest the adjudication, it suffice to voice that, the combined reading of Section 199(3) r.w. Rule 37BA(3) makes...

Correctness of erasure of credit already availed by prospective invalidation of eligibility for retention of credit that would subject those services already procured...

GST rates for Composition Scheme with CGST Rules, 2017 aligned between notification and rules.

Disallowance of TDS on account of mismatch & later on TDS matched but AO not given credit - Although the rectification application was filed beyond the permissible time...

Short grant of TDS credit - CPC has denied the TDS credit on the ground that amount is not reflected in 26AS - when there such pressing circumstances and Revenue is...

Credit of TDS - Non-reflection of TDS credit in its 26AS statement - The Appellate Tribunal acknowledged the genuine hardship faced by the appellant - While recognizing...

Credit of TDS - Deductor deducted the TDS in the subsequent year - Income was shown in the ITR for the earlier year - since the assessee has shown income, the assessee...

The ITAT Delhi held that Bandwidth charges received by a non-resident corporate entity from India are not taxable as royalty income u/s 9(1)(vi) and Article 12(3) of...

Quick Updates: