The provisions relating to deduction of tax at source on benefits or perquisites arising from business or profession have been restructured under the Income-tax Act, 2025. The earlier Section 194R… Read more »
The Income Tax Department has released a new version of the File Validation Utility (FVU) to validate TDS / TCS returns before submission. This updated version would address the following:… Read more »
Section 461 of the Income Tax Act, 2025, outlines penalties related to the late filing, non-filing, or furnishing of incorrect information in Tax Deducted at Source (TDS) and Tax Collected… Read more »
The first quarter of Tax Year 2026-27 marked the beginning of compliance under the Income-tax Act, 2025. Being the first quarter under the new framework, taxpayers, software providers and the… Read more »
With the implementation of the Income-tax Act, 2025, the reporting framework for TDS on payments to non-residents has undergone changes. One important area is the mapping of the nature of… Read more »
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type: Type Corrections in: C1 Deductor details: All details… Read more »
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