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…
What is Section 194H? Section 194H of the Income Tax Act is specifically dedicated to TDS deducted on income earned through brokerage or commission by any person liable to pay to an Indian resident. This section ensures that tax is collected at the source on such payments. It is important to note that Section 194H…
Effective from 1st October 2024, issue of certificates under Section 197 (lower deduction / collection) has been extended to include Sections 194Q and 206C. This change is a landmark as it provides relief to businesses involved in the purchase of goods. What is the Change? Previously, certificates under Section 197 for lower TDS/TCS were not…
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…
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…
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…
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….
The PAN of an entity (Central Office, Headquarter etc.), having more than one TAN for its branches, associated with the referenced PAN, can review the ‘Aggregated TDS Compliance’ report on a regular basis for a summary of TDS compliance at organizational level. This feature provides a summary of TDS defaults of all respective TAN across…
While preparing the TDS Returns for Salary (Form 24Q – Quarter 4) pertaining to Financial Year 2023-24, many are facing challenges as they are encountering errors having code T_FV_6351 and T_FV_6354 at the time of File Validation through the Utility (FVU). These errors are encountered for those employees who fall under the ‘New Regime’ of…