Preparing Nil TDS Statement / Declaration
TRACES introduced NIL TDS Statement/Declaration of TDS from the FY 2014-15. This is applicable for Deductors who did not deduct any tax during the relevant quarter. What is the benefit… Read more »
Category: TDS
Section 194LB – Income by way of interest from Infrastructure Debt Fund
TDS shall be deducted under Sec 194LB for Interest from Infrastructure Funds if the following conditions apply- The interest income is paid by an infrastructure debt fund referred to in… Read more »
Section 194LC: TDS on Income by way of Interest from an Indian Company or a Business Trust
Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of… Read more »
New 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 »
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 »
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 »