Tax Deducted At Source
7th August 2024 – Due date for TDS / TCS payment for deductions / collections during July 2024 15th August 2024 – Due date for issuing TDS certificate for Quarter 1 of Financial Year 2024-2025 *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.
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…
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…
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 of high-value purchases and sales of products. What is Section 194Q? As per this new provision 194Q, a buyer of the goods needs to deduct the TDS if the product…
For the different payment types, as per applicability, standard TDS rates are specified. Under certain provisions of the Act, there could be deviation from this standard deduction rate. The ‘Remarks’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally…
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…
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…