New Section 194Q – TDS on Purchase of Goods (Union Budget 2021)
Applicability: This shall be effective 1st July’21 TDS Rate: 0.1% on amount exceeding Rs 50L 5% if PAN is not furnished When to Deduct? Assessee…
View More New Section 194Q – TDS on Purchase of Goods (Union Budget 2021)Sec 115BAC – New Regime for Tax Computation
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the…
View More Sec 115BAC – New Regime for Tax ComputationLate Payment Intimation – reasons & how to resolve?
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…
View More Late Payment Intimation – reasons & how to resolve?Tax on Salary – Popular Exemptions & Deductions
Salaried employees form the major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant.…
View More Tax on Salary – Popular Exemptions & DeductionsSection 206AA – TDS on payments made to non-residents and residents not having PAN
A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax.…
View More Section 206AA – TDS on payments made to non-residents and residents not having PANTDS / TCS Compliance Reminder for December 2022
7th December 2022 – Due date for TDS/TCS payment for deductions/collections during November 2022. *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless…
View More TDS / TCS Compliance Reminder for December 2022Significance of the ‘REMARKS’ in TDS Returns
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…
View More Significance of the ‘REMARKS’ in TDS ReturnsNew FVUs Version 7.9 & 2.175 – released by NSDL on 18th November, 2022
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements has been released on 18th November 2022 by the Income Tax Department. This new FVU…
View More New FVUs Version 7.9 & 2.175 – released by NSDL on 18th November, 2022Tax on Salary – Popular Exemptions & Deductions
Salaried employees form the major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant.…
View More Tax on Salary – Popular Exemptions & DeductionsCoexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021
Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the…
View More Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021