Types of Corrections in TDS Returns
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type: Type Corrections in: C1 Deductor details: All details… Read more »
Category: Income Tax
Late Filing of TDS/TCS Statements – Fee, Penalty and Compliance Requirements
Timely filing of TDS and TCS statements is an essential compliance requirement under the Income-tax Act. Delay in furnishing such statements may result in levy of late filing fee, notices,… Read more »
TDS on Payments to Partners – Section 393(3) (194T)
The provisions relating to TDS on payments made by partnership firms to partners have been restructured under the Income-tax Act, 2025. The earlier Section 194T of the Income-tax Act, 1961… Read more »
Section 398 of the Income Tax Act, 2025 – Consequences of TDS Defaults
The provisions relating to Tax Deducted at Source (TDS) defaults have been restructured under the Income Tax Act, 2025. The earlier Section 201(1) and Section 201(1A) of the Income Tax… Read more »
Significance of the ‘REMARKS’ in TDS Returns
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’… Read more »
TDS on Payments to Non-Residents – Section 393(2) (Section 195)
The provisions relating to deduction of tax at source on payments made to non-residents have been restructured under the Income-tax Act, 2025. The earlier Section 195 of the Income-tax Act,… Read more »