TDS Deduction on EPF Interest (New Rule)
Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income… Read more »
Category: Income Tax
Claim of TDS Credit deducted by the Employer but not paid to the Government
What is a tax credit? If tax has been deducted at the source (TDS) and the same deposited with the government, it would be treated as a tax paid on… Read more »
Section 194LC: TDS on Income by way of Interest from an Indian Company or a Business Trust
Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of… Read more »
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… Read more »
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… Read more »
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… Read more »