New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released by the Income Tax Department. FVU Version 9.3 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11… Read more »
From 1st June, 2017 individuals & HUF’s who are not under Tax Audit (under section 44AB) and does not have a Tax Account No. (TAN) while paying the rent of Rs…. Read more »
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 »
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 »
Section 194DA of the Income Tax Act mandates the deduction of TDS on maturity proceeds of life insurance policies that are not exempt under Section 10(10D). This provision ensures tax… Read more »
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 »