Consequences of TDS defaults
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure New Section (IT Act 2025) Old Section Nature of Demand Quantum… Read more »
Category: Income Tax
TDS / TCS Rate Chart Tax Year (FY: 2026-27)
With the new Income-tax Act (applicable from tax year 2026–27), TDS / TCS provisions are consolidated into a few sections (mainly Section 393), with rates specified through tables. Each table… Read more »
Healthy Practices for Error Free TDS Returns
Preparing TDS Returns is a simple process and usually does not require any external assistance. However, it is well advised to follow few practices that ensure the correctness of your… Read more »
Tax Rebate – Section 87A
Section 87A provides a tax rebate to resident individual taxpayers, reducing their income tax liability if their taxable income falls within a specified threshold. The rebate directly lowers the tax… Read more »
Tax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:24-25, each tax payer has been placed in the ‘New Regime’ for taxation…. Read more »
Different matching statuses in Form 16 / Form 16A
Following are different matching statuses in Form 16 / Form 16A: U-Unmatched (Deductor has not deposited taxes or has furnished incorrect particulars of tax payment. Final credit will be reflected… Read more »