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 »
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 »
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 »
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 »
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 »
In this updated version changes have an impact only in Form 27Q wherein new ‘Nature of Remittances’ has been included. This is applicable to FY: 2024-25 (Quarter 2) onwards. These… Read more »
Subscribe to our newsletter and stay updated.