FY: 24-25 – Guide for income details of Employees – Form 24Q-Q4
It is mandatory to provide tax computation of each employee while filing the TDS Return on Salary for Quarter 4 as per the format of Annexure II in Form 24Q…. Read more »
New File Validation Utilities (FVUs) Version 9.0 & 2.186 released on 1st April, 2025
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 »
TDS / TCS – Changes w.e.f. 1st April 2025
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 »
Circular from TIN – Correction Statement
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 »
Tax Rebate – Section 87A
Section 87A provides a tax rebate to resident individual taxpayers, reducing their income tax liability if their taxable income falls within a specified threshold. The rebate directly lowers the tax… Read more »
Tax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:24-25, each tax payer has been placed in the ‘New Regime’ for taxation…. Read more »