TDS / TCS – Changes w.e.f. 1st April 2025
1. Section 194D – Payment related to Insurance Commission The TDS @2% would apply on Section 194D – Payment related to Insurance Commission, till 31st March this was 5%. The… Read more »
Author Archives: TDSMAN
Circular from TIN – Correction Statement
Protean for and on behalf of Tax Information Network (TIN) has issued a circular over email on 21/03/2025, related to restrictions pertaining to filing of Correction TDS / TCS Statements… Read more »
Tax Rebate – Section 87A
Section 87A provides a tax rebate to resident individual taxpayers, reducing their income tax liability if their taxable income falls within a specified threshold. The rebate directly lowers the tax… Read more »
Tax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:24-25, each tax payer has been placed in the ‘New Regime’ for taxation…. Read more »
New Regime vs Old Regime – which is better?
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are involved to determine the tax… Read more »
TDS / TCS Compliance Reminder for March 2025
7th March 2025 – Due date for TDS / TCS payment for deductions / collections during February 2025 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless… Read more »