Budget 2024 introduced Section 194T, making certain payments from partnership firms (including LLPs) to partners liable for TDS. Previously, such payments were exempt from TDS, with deductions applicable only to… Read more »
Section 206C(1F) of the Income Tax Act, 1961 requires sellers to collect tax at source (TCS) on the sale of motor vehicles exceeding a prescribed threshold. Effective from 1st April 2025,… Read more »
Section 206C(1E) of the Income Tax Act, 1961 requires collection of tax at source (TCS) on high-value cash receipts arising from the sale of goods or provision of services. The… Read more »
In the TDS Return filed, the intimation for Late Payment can be received for the following reasons: Case #1: There was a delay in payment of TDS dues for which… Read more »
As per Section 194IB, it is mandatory for persons such as individuals / HUF not liable to audit u/s 44AB to deduct tax for rent paid to a resident exceeding… Read more »
In the Budget of FY:24-25, the scope of including more luxury items beyond motor cars was announced with the option to notify additions from time to time at a future… Read more »