TDS in case of Salary Payment made in Foreign Currency
As per Section 192 of the Income Tax Act, “any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time… Read more »
Union Budget 2023 – Proposed Changes in TDS & TCS
Reduction of TDS Rates applicable under Sec 192A in case of non-availability of PAN Presently, section 192A provides that TDS should be deducted at the rate of 10% of the… Read more »
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 »
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 »
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 »
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 »