TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform provided by the Income Tax Department of India. It facilitates the following services…
View More What is TRACES?Month: October 2024
Applicability of Lower TDS / TCS Extended on Purchase of Goods
Effective from 1st October 2024, issue of certificates under Section 197 (lower deduction / collection) has been extended to include Sections 194Q and 206C. This…
View More Applicability of Lower TDS / TCS Extended on Purchase of GoodsThe New Form 12BAA for Employees
The Central Board of Direct Taxes (CBDT) has recently notified vide Notification No. 112/2024, dated October 15, 2024 introduction of a new Form 12BAA, to…
View More The New Form 12BAA for EmployeesConsequences of furnishing wrong statements filing incorrect
With effect from 1 July 2012, failure to file TDS statement within the prescribed time shall make the deductor liable to pay by way of…
View More Consequences of furnishing wrong statements filing incorrectTDS / TCS Non-Compliance: Costs, Risks and Prevention
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential components of India’s tax system to ensure better tax compliance and reduce…
View More TDS / TCS Non-Compliance: Costs, Risks and PreventionWhat are the consequences of TDS defaults and non-payment to government?
Failure to deduct tax, deducting less tax, delay in payment of the deducted tax to the Government, makes the deductor an assessee liable to penalty,…
View More What are the consequences of TDS defaults and non-payment to government?New File Validation Utilities (FVUs) Version 8.8 & 2.184 released on 4th October, 2024
In this updated version changes have an impact only in Form 27Q wherein new ‘Nature of Remittances’ has been included. This is applicable to FY:…
View More New File Validation Utilities (FVUs) Version 8.8 & 2.184 released on 4th October, 2024TDS / TCS Compliance Reminder for October 2024
7th October 2024 – Due date for TDS / TCS payment for deductions/collections during September 2024 15th October 2024 – Due date of filing TCS Return for Quarter 2 of…
View More TDS / TCS Compliance Reminder for October 2024