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 Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the […]
Category: TCS
Tax Collected at Source
We are pleased to announce the release of TDSMAN (FY: 2024-25). Now you can prepare TDS Returns for all quarters of FY: 2023-24 and FY: 2024-25. It covers: All TDS/TCS Returns for FY: 2024-25 All TDS/TCS Returns for FY: 2023-24 Pending TDS/TCS Returns of earlier years, if any Rectification of TDS Defaults Multi-User Options Editions: […]
Categories
Section 194Q – TDS on Purchase of Goods
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 goods purchased Aggregate value of goods purchased exceeds Rs.50L in the previous year Deduction by Whom? Tax shall be deducted by the buyer whose total […]
30th January 2024 – Due date of issuing TCS certificates for Quarter 3 of Financial Year 2023-2024 31st January 2024 – Due date of filing TDS Returns for Quarter 3 of Financial Year 2023-2024 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any […]
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’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally […]
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 Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the […]