TDS / TCS (Income Tax) – Information & Resource Bank
National Securities Depository Ltd.
Depository for equity market in India
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…
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: 2024-25 (Quarter 2) onwards. These additions are summarized as under: 196B – Long-Term Capital Gains arising from Transfer of units referred to in section 115AB codes of Nature of Remittance…
31st July 2024 – Due date of filing TDS Return for Quarter 1 of FY: 2024-2025 TDS / TCS Certificates: 30th July 2024 – Due date of issuing TCS Certificate for Quarter 1 of FY: 2024-2025 15th August 2024 – Due date of issuing TDS Certificate for Quarter 1 of FY: 2024-2025 *Please ensure timely compliance to…
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…
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…
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released by the Income Tax Department. The key features of these FVUs are summarized as under: FVU Version 8.7 – Applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards. FVU Version 2.183 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to FY 2009-10….
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…
In this updated version changes have an impact only in Form 24Q (Annexure II) where the tax computation of each employee needs to be reported as part of the TDS Return. This applies only in the for Quarter 4. These changes are summarized as under: From FY:23-24 onwards, by default all employees are placed in…
7th April 2024 – Due date for TCS payment on collections made during March 2024 30th April 2024 – Due date for TDS payments on deductions made during March 2024 *Please ensure timely compliance to avoid interest and/or penalties TDS / TCS Compliances Reminder for April 2024 Use TDSMAN Software to file seamless & error-free TDS / TCS returns, without…
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released by the Income Tax Department. The key features of these FVUs are summarized as under: FVU Version 8.5 – Applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards. FVU Version 2.181 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to…