The New Form 12BAA for Employees
The Central Board of Direct Taxes (CBDT) has recently notified vide Notification No. 112/2024, dated October 15, 2024 introduction of a new Form 12BAA, to help salaried individuals inform their… Read more »
Consequences of furnishing wrong statements filing incorrect
With effect from 1 July 2012, failure to file TDS statement within the prescribed time shall make the deductor liable to pay by way of fee u/s 234E, a sum… Read more »
TDS / TCS Non-Compliance: Costs, Risks and Prevention
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential components of India’s tax system to ensure better tax compliance and reduce the burden of lump-sum payments… 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 »
New File Validation Utilities (FVUs) Version 8.8 & 2.184 released on 4th October, 2024
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 »
TDS / TCS Compliance Reminder for October 2024
7th October 2024 – Due date for TDS / TCS payment for deductions/collections during September 2024 15th October 2024 – Due date of filing TCS Return for Quarter 2 of Financial Year 2024-2025 30th October 2024 –… Read more »