Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also stocking, distributing, and purchasing) is… Read more »
Note: Effective FY: 2025-26, as per the Union Budget TCS on Sale of Goods has been withdrawn [Section 206(1H)]. Section 194Q – TDS on Purchase of Goods limits the scope… Read more »
The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025 on 20th February 2025, providing updated guidelines on Income-Tax Deduction from Salaries during the Financial Year 2024-25 for… Read more »
Section 194DA of the Income Tax Act mandates the deduction of TDS on maturity proceeds of life insurance policies that are not exempt under Section 10(10D). This provision ensures tax… Read more »
Section 194M, introduced in the Budget of 2019, specifically targets individuals and Hindu Undivided Families (HUFs) who were previously exempt from TDS obligations. This section mandates TDS deductions on payments… Read more »
Tax Deducted at Source (TDS) & Tax Collected at Source (TCS) compliance is a crucial responsibility for all deductors and collectors. While the process is straightforward, common mistakes can lead… Read more »