TRACES – e-verification Scheme
TRACES over email Ref. No. – 02/2023, dated 16/01/2023, has explained to deductors about the e-verification Scheme. The content & the communication is as under: Income Tax Department relies on… Read more »
Category: Traces
TDS Deduction on EPF Interest (New Rule)
Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income… 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 »
TDS on Hotel Accommodation – Section 194I of the Income Tax Act
The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons… Read more »
Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021
Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states… Read more »
Computation of Income from House Property- Deduction of Interest u/s 24(b)
Income like rent on house property, annual value of property “deemed” to be let out are considered as income from House Property and is taxable in hands the hand of… Read more »