Online poker, rummy and other online games offering real money are seeing real-time growth in the last few years. The online gaming industry witnessed massive growth in the last 10 years with people having personal computers and smartphones that offer the ability and the liberty to live in a virtual world full of possibilities. Earlier […]
Author: TDSMAN
Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states that if the buyer deducts tax as per any other provision on the goods purchased by him, no tax shall be collected on the same […]
In the Finance Act of 2021, the Indian government inserted Section 194Q. The Indian government’s intention behind enacting this law was to generate a trail of high-value purchases and sales of products. What is Section 194Q? As per this new provision 194Q, a buyer of the goods needs to deduct the TDS if the product […]
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released by the Income Tax Department. The key features of this FVU is summarized as under: FVU Version 8.1 – Applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards. FVU Version 2.177 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to […]
The government of India has been implementing measures to curb tax evasion and increase tax compliance by streamlining the tax collection processes. One of those measures is to impose high rates of tax deducted at source (TDS) and tax collected at source (TCS) for non-filers of income tax returns. What is TDS and TCS? Tax […]
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TRACES – e-verification Scheme
TRACES over email Ref. No. – 02/2023, dated 16/01/2023, has explained to deductors about the e-verification Scheme. The content & the communication is as under: Income Tax Department relies on non-intrusive means of helping taxpayers file their returns of income accurately and timely. We are grateful for the Statements of Financial Transactions/TDS/TCS filed by you. […]