7th January 2025 – Due date for TDS / TCS payment for deductions/collections during December 2024 15th January 2025 – Due date of filing TCS Returns for Quarter 3 of Financial Year 2024-2025 30th January 2025 – Due date of issuing TCS certificates for Quarter 3 of Financial Year 2024-2025 31st January 2025 – Due…
The Income Tax Department has released a new version of the File Validation Utility (FVU) to validate TDS/TCS returns before submission. This update introduces several enhancements and changes, effective from FY 2024-25, aimed at improving compliance and accuracy in TDS/TCS reporting. These are summarized as under: 1. Form 24Q – Annexure II (Salary Details) A…
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 Financial Year 2024-2025 30th October 2024 – Due date of issuing TCS certificate for Quarter 2 of Financial Year 2024-2025 31st October 2024 – Due date of filing TDS Returns for Quarter 2 of Financial Year 2024-2025…
Starting from 1st April 2025, a significant change is being introduced regarding the filing of Correction Statements. Under the current provisions, taxpayers have the flexibility to file correction statements for any period, as many times as needed, with practically no restrictions on the timeframe. However, this will soon change with the new rules limiting the…
In the recently announced Budget on 23rd July, 2024, there are quite a few proposals related to TDS / TCS. These have been summarized in this article. Highlights: Reduction / Optimization of TDS Rates under different sections TDS on repurchase of units by Mutual Funds / UTI removed (Section 194F – omitted) TDS introduced on…
TDS / TCS – Deposit & Filing of Returns TDS / TCS – deductions / collections during the course of the month needs to be deposited by 7th of the next month i.e. for April, amount needs to be deposited by 7th May. This is similar for all months from April till February. However, as…
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…
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…
30th January 2024 – Due date of issuing TCS certificates for Quarter 3 of Financial Year 2023-2024 31st January 2024 – Due date of filing TDS Returns for Quarter 3 of Financial Year 2023-2024 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any…