Tax Deducted at Source (TDS) & Tax Collected at Source (TCS) compliance is a crucial responsibility for all deductors and collectors. While the process is straightforward, common mistakes can lead to penalties, interest charges, and unnecessary complications. Here are some of the most frequent compliance pitfalls and actionable steps on how to avoid them. 1….
15th February 2025 – Due date for issuance of TDS Certificates for Q3 of FY: 2024-25 7th February 2025 – Due date for TDS / TCS payment for deductions / collections during January 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.
Section 194C of the Income Tax Act governs the deduction of tax on payments made to contractors or subcontractors for carrying out any work, including the supply of labour. What is Considered as ‘Work’ Under Section 194C? The term ‘work’ includes the following activities: Advertising Broadcasting and Telecasting: Includes production of programs. Carriage of Goods…
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…
7th November 2024 – Due date for TDS / TCS payment for deductions / collections during October 2024 15th November 2024 – Due date for issuance of TDS Certificates for Q2 of FY: 2024-25 *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.
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential components of India’s tax system to ensure better tax compliance and reduce the burden of lump-sum payments for taxpayers. However, non-compliance with TDS / TCS provisions can lead to penalties and interest charges. In this article, we will explore the various cost…
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…
7th September 2024 – Due date for TDS / TCS payment for deductions / collections during August 2024 *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.
In the TDS Return filed, the intimation for Late Payment can be received for the following reasons: Case #1: There was a delay in payment of TDS dues for which interest was not paid before filing TDS Return Case #2: The interest component was present in the Challan, but the ‘interest was not allocated’ Case…
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…