Ref: CBDT Circular No. 9 dated 28/06/2023 CBDT has extended the dates of filing for the TDS Return (Forms 26Q & 27Q only) and TCS Return (Form 27EQ) as per details below: (i) The TDS Return for the first quarter of the FY:2023-24 required to be furnished in Form No. 26Q or Form No. 27Q,…
The Central Board of Direct Taxes (CBDT) issued a circular No. 18 of 2022 dated 13th September 2022, to eliminate issues in Section 194R of the Income Tax Act, 1956 which mandated an individual providing any benefit to another person to deduct TDS at 10% of the value of the benefit. What is Section 194R…
Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income tax deduction under section 80C of the Income Tax Act, 1961 against such contribution up to INR 1.5 lakhs. Employee Provident Fund (EPF) was not…
What is a tax credit? If tax has been deducted at the source (TDS) and the same deposited with the government, it would be treated as a tax paid on behalf of the individual from whom such deduction was done. In short, a tax credit would be allowed to the individual whose tax has been…
Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of credit or payment, whichever is earlier. Rate of TDS- 5%. In addition to the same, the Education Cess and SHE Cess is to be added…