The Income Tax Department has released a new version of the File Validation Utility (FVU) to validate TDS / TCS returns before submission. This update introduces several enhancements and changes,… Read more »
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 »
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 »
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 »
Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also stocking, distributing, and purchasing) is… Read more »
Note: Effective FY: 2025-26, as per the Union Budget TCS on Sale of Goods has been withdrawn [Section 206(1H)]. Section 194Q – TDS on Purchase of Goods limits the scope… Read more »
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