30th July – Due date of issuing TCS certificate for Quarter 1 of Financial Year 2025-2026 31st July – Due date of filing TDS Returns…
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Category: TDS return
TDS Applicability U/S 194Q On Purchased Goods
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…
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Section 195 – TDS on Payments to Non-Residents
What is Section 195? Section 195 of the Income Tax Act, 1961 mandates that any person (including individuals, Hindu Undivided Families (HUFs), firms, or companies)…
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TDS / TCS – Annual Compliance Calendar
TDS / TCS – Deposit & Filing of Returns TDS / TCS – deductions / collections during the course of the month needs to be…
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Section 194M – Deduction of TDS by Individual and HUF from payments to contractors and professionals
Section 194M, introduced in the Budget of 2019, specifically targets individuals and Hindu Undivided Families (HUFs) who were previously exempt from TDS obligations. This section…
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TDS / TCS Compliance Simplified: Common Pitfalls and How to Avoid Them
Tax Deducted at Source (TDS) & Tax Collected at Source (TCS) compliance is a crucial responsibility for all deductors and collectors. While the process is…
View More TDS / TCS Compliance Simplified: Common Pitfalls and How to Avoid ThemNew File Validation Utilities (FVUs) Version 9.2 & 2.188 released on 4th July, 2025
The latest versions of the File Validation Utilities (FVUs) have been released. The key updates are summarized as under: 1. Omission of Existing Flags/Remarks Remark…
View More New File Validation Utilities (FVUs) Version 9.2 & 2.188 released on 4th July, 2025Section 194LA: TDS on Compensation for Compulsory Acquisition of Immovable Property
Section 194LA of the Income Tax Act, 1961, requires any person (referred to as the “payer”) making a payment to a resident (the “payee”) for…
View More Section 194LA: TDS on Compensation for Compulsory Acquisition of Immovable PropertySection 194S – TDS on the transfer of virtual digital assets and cryptocurrencies
Section 194S of the Income Tax Act was introduced to regulate taxation on transactions involving Virtual Digital Assets (VDAs), including cryptocurrencies and non-fungible tokens (NFTs).…
View More Section 194S – TDS on the transfer of virtual digital assets and cryptocurrenciesCorrection Statements: Limited to the Last Six Years
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…
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