TDS / TCS – Changes w.e.f. 1st April 2025
1. Section 194D – Payment related to Insurance Commission The TDS @2% would apply on Section 194D – Payment related to Insurance Commission, till 31st March this was 5%. The… Read more »
Category: TDS
Circular from TIN – Correction Statement
Protean for and on behalf of Tax Information Network (TIN) has issued a circular over email on 21/03/2025, related to restrictions pertaining to filing of Correction TDS / TCS Statements… 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 »
New Regime vs Old Regime – which is better?
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are involved to determine the tax… Read more »
Section 194T: TDS on Payments by Partnership Firms to Partners
Budget 2024 introduced Section 194T, making certain payments from partnership firms (including LLPs) to partners liable for TDS. Previously, such payments were exempt from TDS, with deductions applicable only to… Read more »
Section 194O – TDS on Payments by E-Commerce Operators to Participants
Section 194O was introduced in the Union Budget 2020 and came into effect from 1st October 2020. It requires e-commerce operators to deduct TDS on the gross amount of sales… Read more »