To ease the compliance burden, CBDT (Central Board of Direct Taxes) vide Circular No. 11 of 2021 dated 21st June 2021, has announced a new functionality that will help Tax Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the […]
Category: Income Tax
We are pleased to announce the release of TDSMAN (FY: 2024-25). Now you can prepare TDS Returns for all quarters of FY: 2023-24 and FY: 2024-25. It covers: All TDS/TCS Returns for FY: 2024-25 All TDS/TCS Returns for FY: 2023-24 Pending TDS/TCS Returns of earlier years, if any Rectification of TDS Defaults Multi-User Options Editions: […]
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Section 194Q – TDS on Purchase of Goods
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 goods purchased Aggregate value of goods purchased exceeds Rs.50L in the previous year Deduction by Whom? Tax shall be deducted by the buyer whose total […]
CSI file is provided by the Income Tax Department through its web portal for validating the Payment Challans reported in the quarterly TDS / TCS Return. CSI File is mandatory to be downloaded from the portal and is supposed to be used at the time of generating the FVU file through the File Validation Utility. […]
For all new PAN issued as on 1st July 2017, CBDT made it mandatory for all individuals to link their PAN with the Aadhaar. The last date for taking action was extended quite a few times. However, on and from 1st July 2023, all unlinked PAN with Aadhaar has been marked as ‘Inoperative’ with the […]
For the different payment types, as per applicability, standard TDS rates are specified. Under certain provisions of the Act, there could be deviation from this standard deduction rate. The ‘Remarks’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally […]