The Cabinet Committee on Economic Affairs (CCEA) has approved the much-awaited PAN 2.0 Project by the Income Tax Department, as announced in the press release dated 26th November 2024. This landmark initiative is designed to modernize and unify all processes related to Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN). With…
The Central Government has provided a significant update in the recent notification vide number 123/2024 regarding the applicability of Section 194N of the Income-tax Act, 1961. This update, effective from 1st December 2024, exempts specific entities from the provisions of Section 194N, which deals with TDS on cash withdrawals exceeding certain thresholds. Key Details of…
Reference to CBDT Circular No. 05/2024 dated 15th March 2024, the monetary limits has been revised vide Circular No 09/2024 dated 17th September 2024 for filing income tax appeals by the Department before Appellate Tribunal, High Court and Supreme Court. Click on the links below to view the circulars: Circular No 09/2024 dated 17th September…
As per the recent CBDT Circular No. 08/2024 dated 5th Aug ’24, it has been provided that in the event of death of the Deductee / Collectee on or before 31.05.2024, higher deduction / collection rate under Section 206AA / 206CC will not apply if the deceased had not linked their PAN with Aadhaar. Click…
7th August 2024 – Due date for TDS / TCS payment for deductions / collections during July 2024 15th August 2024 – Due date for issuing TDS certificate for Quarter 1 of Financial Year 2024-2025 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS / TCS returns, without any professional help.
Online poker, rummy and other online games offering real money are seeing real-time growth in the last few years. The online gaming industry witnessed massive growth in the last 10 years with people having personal computers and smartphones that offer the ability and the liberty to live in a virtual world full of possibilities. Earlier…
In the Finance Act of 2021, the Indian government inserted Section 194Q. The Indian government’s intention behind enacting this law was to generate a trail of high-value purchases and sales of products. What is Section 194Q? As per this new provision 194Q, a buyer of the goods needs to deduct the TDS if the product…
For the different payment types, as per applicability, standard TDS rates are specified. Under certain provisions of the Act, there could be deviation from this standard deduction rate. The ‘Remarks’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally…
7th July 2024 – Due date for TDS / TCS payment for deductions/collections during June 2024 15th July 2024 – Due date of filing TCS Return for Quarter 1 of Financial Year 2024-2025 30th July 2024 – Due date of issuing TCS certificate for Quarter 1 of Financial Year 2024-2025 31st July 2024 – Due date of filing TDS Return for Quarter 1 of Financial Year 2024-2025 *Please ensure timely compliance to…
7th May 2024 – Due date for TDS / TCS payment for deductions/collections during April 2024 15th May 2024 – Due date of filing TCS Return for Quarter 4 of Financial Year 2023-2024 30th May 2024 – Due date of issuing TCS certificate for Quarter 4 of Financial Year 2023-2024 31st May 2024 – Due date of filing TDS Return for Quarter 4 of Financial Year 2023-2024…