TDS Under Section 194J(a) & 194J(b)

The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J(a) and 194J(b), effective from August 7 2020. u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related to […]

NSDL TCS TDS TDS certificates Traces

Section 194N – TDS on Cash Withdrawals

In an endeavor to reduce cash payments/withdrawals the Budget of 2019 introduced Section 194N; which states that TDS shall be deducted by the payer in case of cash withdrawal above a given threshold. Applicability: Applies in case of cash withdrawals of more than Rs 1 crore during a financial year. Applies to sum of money […]

Income Tax NSDL TCS TDS Traces

File Validation Utility (FVU) Version 7.3 – Summary

The Income Tax Department released FVU Version 7.2 on 1st October 2021. Owing to some technical issue, it released the revised FVU Version 7.3 effective from 13th October 2021 without any fundamental change. Over the last few months, there has been quite a few changes in the TDS / TCS that was announced. These changes […]

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TDS / TCS Compliances for October 2021

7th October 2021 – Due date for TDS / TCS payment for deductions / collections during September 2021 15th October 2021 – Due date of filing  TCS Return for Quarter 2 of Financial Year 2021-2022 30th October 2021 – Due date of issuing TCS certificate for Quarter 2 of Financial Year 2021-2022 31st October 2021 – Due date of […]