Income Tax PAN TCS TDS Traces

Coexistence 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 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 […]

CBDT Income Tax TDS

TDS / TCS at Higher Rates for Non-filers of Income Tax Return

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 […]

CBDT Income Tax NSDL Traces

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. […]

Income Tax TDS

Allocation of Interest in TDS Returns

For delayed payment of TDS or delayed deduction, the deductor needs to pay interest for these delays. The interest is paid in through Challan / Book Entry similar to TDS payments. While preparing TDS Returns, one needs to ‘allocate’ the interest component from each Challan. Unless this is explicitly not allocated / specified, the Department […]


Key TDS & TCS Amendments in Budget 2023

The finance minister in her 2023 budget announced, that the intention of government is to maintain continuity as well as simplify taxation and reduce the burden of compliance for the taxpayers. Listed below are some of the key proposed amendments related to TDS and TCS: I. TDS Amendments Section 194BA –Tax provisions for income derived […]

CBDT Income Tax NSDL TDS Traces

TDS on Hotel Accommodation – Section 194I of the Income Tax Act

The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions […]

Exit mobile version