TCS on sale of goods – Amendment from 1st October 2020
In the Finance Act 2020, a new sub section has been added which is vide Section 206C (1H) to give effect to the Tax collected at source (TCS) on sales… Read more »
Category: Income Tax
New Section 194Q – TDS on Purchase of Goods (Union Budget 2021)
Applicability: This shall be effective 1st July’21 TDS Rate: 0.1% on amount exceeding Rs 50L 5% if PAN is not furnished When to Deduct? Assessee deducts while paying for the… Read more »
Sec 115BAC – New Regime for Tax Computation
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax… Read more »
New FVUs Version 7.8 & 2.174 released by NSDL on 23rd July 2022
Owing to some bug in last released TDS / TCS File Validation Utility, new versions of File Validation Utility (FVUs) for e-TDS/TCS statements has been released on 23rd July 2022. FVU… Read more »
Online TDS / TCS / Demand Payment using Challan ITNS 281
Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable… Read more »
Sec 115BAC – New Regime for Tax Computation
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax… Read more »