Dividend received by resident shareholders are now taxable as per the income tax slab rates. Sec 194 has gained prominence as TDS shall be deducted on dividend by the company issuing and paying dividend to the shareholders. Time of Deduction- TDS to be deducted before making the payment. Deductor- Principal officer of a company which…
Introduction to PAN 2.0 Project The Cabinet Committee on Economic Affairs (CCEA) has officially approved the long-anticipated PAN 2.0 project, as outlined in the press release dated November 26, 2024. This initiative, spearheaded by the Income Tax Department, aims to revolutionize the way Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN)…
The Cabinet Committee on Economic Affairs (CCEA) has approved the much-awaited PAN 2.0 Project by the Income Tax Department, as announced in the press release dated 26th November 2024. This landmark initiative is designed to modernize and unify all processes related to Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN). With…
The Central Government has provided a significant update in the recent notification vide number 123/2024 regarding the applicability of Section 194N of the Income-tax Act, 1961. This update, effective from 1st December 2024, exempts specific entities from the provisions of Section 194N, which deals with TDS on cash withdrawals exceeding certain thresholds. Key Details of…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
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.
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…
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…
The Central Board of Direct Taxes (CBDT) has recently notified vide Notification No. 112/2024, dated October 15, 2024 introduction of a new Form 12BAA, to help salaried individuals inform their employers for tax already deducted (TDS) from other streams of income or collected (TCS). This is in line with the changes proposed in the Union…
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…