With the Old & New Regime option given to employees for computing the income tax, it has become a tricky proposition even for the employers. It is important for both employers and the employees to understand the dynamics that would help in judiciously deciding on the regime and at the same time meet the compliance…
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…
Vide Circular No. 6 / 2024 dated 23rd April 2024, relief has been provided for deduction / collection of tax at a higher rate for ‘Inoperative PANs’ as per an earlier Circular No. 3 dated 28th March 2023. After receiving several grievances on the default notices for ‘short deduction / collection’ owing to the ‘inoperative…
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 involved to determine the tax liability: Total Income Eligible Exemptions & Deductions Tax calculation slabs Rebate in tax amount, if any Difference in the regimes to arrive at the tax…
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:23-24, each tax payer has been placed in the ‘New Regime’ for taxation. However, currently, one may opt out and move to the ‘Old Regime’. In the taxation slabs under the regimes, the new regime is definitely more…
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…
TDS RATE CHART FY: 2024-25 (AY: 2025-26) Section Nature of Payment Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries – Slab Rate Slab Rate 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest…
To ease the compliance burden, CBDT (Central Board of Direct Taxes) vide Circular No. 11 of 2021 dated 21st June 2021, has announced a new functionality that will help Tax Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the…
Applicability: This shall be effective 1st July’21 TDS Rate: 0.1% on amount exceeding Rs 50L 5% if PAN is not furnished When to Deduct? Assessee deducts while paying for the goods purchased Aggregate value of goods purchased exceeds Rs.50L in the previous year Deduction by Whom? Tax shall be deducted by the buyer whose total…
For all new PAN issued as on 1st July 2017, CBDT made it mandatory for all individuals to link their PAN with the Aadhaar. The last date for taking action was extended quite a few times. However, on and from 1st July 2023, all unlinked PAN with Aadhaar has been marked as ‘Inoperative’ with the…