PAN 2.0 Receives CCEA Approval
The Cabinet Committee on Economic Affairs (CCEA) has approved the much-awaited PAN 2.0 Project by the Income Tax Department, as announced in the press release dated 26th November 2024. This… Read more »
Section 194N: Exemptions for Foreign and International Entities
The Central Government has provided a significant update in the recent notification vide number 123/2024 regarding the applicability of Section 194N of the Income-tax Act, 1961. This update, effective from… Read more »
Points to remember regarding TDS statement
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report… Read more »
TDS / TCS Compliances for November 2024
7th November 2024 – Due date for TDS / TCS payment for deductions / collections during October 2024 15th November 2024 – Due date for issuance of TDS Certificates for Q2 of FY:… Read more »
What is TRACES?
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform provided by the Income Tax Department of India. It facilitates the following services primarily related to Tax Deducted… Read more »
What are the consequences of TDS defaults and non-payment to government?
Failure to deduct tax, deducting less tax, delay in payment of the deducted tax to the Government, makes the deductor an assessee liable to penalty, which is equal to the… Read more »