The Union Budget 2025-26 brings notable changes to tax deduction and collection processes, aimed at streamlining compliance and administrative procedures. These amendments focus on revising thresholds, removing redundant provisions, and improving tax administration efficiency for individuals and businesses. 1. Rationalization of TDS Thresholds The government has proposed adjustments to TDS threshold limits across various sections…
We are pleased to announce the release of TDSMAN (FY: 2025-26). Now you can prepare TDS Returns for all quarters of FY: 2024-25 and FY: 2025-26. It covers: All TDS/TCS Returns for FY: 2025-26 All TDS/TCS Returns for FY: 2024-25 Pending TDS/TCS Returns of earlier years, if any Rectification of TDS Defaults Multi-User Options Editions:…
Section 194I of the Income Tax Act outlines the rules for deducting TDS on rent. This provision primarily applies to those paying rent for properties, machinery, or other assets, ensuring compliance and streamlining tax collections. Whether you are a business entity, salaried individual, or involved in sub-letting. Let’s break down the key elements of Section…
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…
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform provided by the Income Tax Department of India. It facilitates the following services primarily related to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS): TDS /TCS Return Filing: Enables deductors and collectors to file their TDS and TCS returns electronically…
With effect from 1 July 2012, failure to file TDS statement within the prescribed time shall make the deductor liable to pay by way of fee u/s 234E, a sum of Rs. 200 for each day during which the default continues. With effect from 1 July 2012, the furnishing of incorrect information in the statement…
Failure to deduct tax, deducting less tax, delay in payment of the deducted tax to the Government, makes the deductor an assessee liable to penalty, which is equal to the amount for which the assessee is a deemed defaulter. In case of non-deduction or less deduction or delay in deduction of tax, an interest of…
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 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…