Sec 115BAC – New Regime for Tax Computation
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax… Read more »
Category: TCS
Section 194Q – TDS on Purchase of Goods (Union Budget 2021)
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… Read more »
Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021
Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states… Read more »
TDS / TCS Compliance Reminder for October 2023
7th October 2023 – Due date for TDS/TCS payment for deductions/collections during September 2023 15th October 2023 – Due date of filing TCS Return for Quarter 2 of Financial Year 2023-2024 30th October 2023 – Due date of… Read more »
Compliance Check for Section 206AB & 206CCA – CBDT Circular
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… Read more »
FVU version 8.2 and 2.178 released on 1st September 2023
The long awaited File Validation Utilities (FVUs) has been launched by the Income Tax Department, effective from 1st September 2023, which are as follows: FVU Version 8.2 – Applicable for… Read more »