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 »
Category: TDS
Section 194LBB – Income in respect of units of the Investment Fund
Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015 on TDS deduction on Income from Investment Funds. Time of Deduction: Deduction shall be… Read more »
Due Date Extended of TDS / TCS Statement for FY:23-24 (Q1)
Ref: CBDT Circular No. 9 dated 28/06/2023 CBDT has extended the dates of filing for the TDS Return (Forms 26Q & 27Q only) and TCS Return (Form 27EQ) as per… Read more »
Tax on Salary – Popular Exemptions & Deductions
Salaried employees form the major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Here we shall cover major… 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 »
Section 206AA – TDS on payments made to non-residents and residents not having PAN
A person receiving any amount, on which TDS is deductible under Chapter XVIIB shall furnish his PAN to the person responsible for deducting such tax. Tax shall be deducted at… Read more »