1. Section 194D – Payment related to Insurance Commission The TDS @2% would apply on Section 194D – Payment related to Insurance Commission, till 31st…
View More TDS / TCS – Changes w.e.f. 1st April 2025Month: March 2025
Circular from TIN – Correction Statement
Protean for and on behalf of Tax Information Network (TIN) has issued a circular over email on 21/03/2025, related to restrictions pertaining to filing of…
View More Circular from TIN – Correction StatementTax Rebate – Section 87A
Section 87A provides a tax rebate to resident individual taxpayers, reducing their income tax liability if their taxable income falls within a specified threshold. The…
View More Tax Rebate – Section 87ATax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:24-25, each tax payer has been placed in…
View More Tax on Salary Income – Old Regime vs New RegimeNew Regime vs Old Regime – which is better?
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are…
View More New Regime vs Old Regime – which is better?TDS / TCS Compliance Reminder for March 2025
7th March 2025 – Due date for TDS / TCS payment for deductions / collections during February 2025 *Please ensure timely compliance to avoid interest and/or…
View More TDS / TCS Compliance Reminder for March 2025Section 194G – TDS on Commission on Sale of Lottery Tickets
Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also…
View More Section 194G – TDS on Commission on Sale of Lottery TicketsCoexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021
Note: Effective FY: 2025-26, as per the Union Budget TCS on Sale of Goods has been withdrawn [Section 206(1H)]. Section 194Q – TDS on Purchase…
View More Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021