TCS on sale of goods – Amendment from 1st October 2020
In the Finance Act 2020, a new sub section has been added which is vide Section 206C (1H) to give effect to the Tax collected at source (TCS) on sales… Read more »
New Section 194Q – TDS on Purchase of Goods (Union Budget 2021)
Applicability: This shall be effective 1st July’21 TDS Rate: 0.1% on amount exceeding Rs 50L 5% if PAN is not furnished When to Deduct? Assessee deducts while paying for the… Read more »
Sec 115BAC – New Regime for Tax Computation
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax… Read more »
New FVUs Version 7.8 & 2.174 released by NSDL on 23rd July 2022
Owing to some bug in last released TDS / TCS File Validation Utility, new versions of File Validation Utility (FVUs) for e-TDS/TCS statements has been released on 23rd July 2022. FVU… Read more »
Procedure of preparing e-Returns for TDS / TCS
E-Returns for TDS / TCS was first introduced in 2002-03 and it has come a long way ever since. Currently, less than 1% are still on manually filed Returns. The… Read more »
New FVUs Version 7.7 & 2.173 released by NSDL on 12th July 2022
Owing to the new encryption certificate applicable for the File Validation Utility, new versions of File Validation Utility (FVUs) for e-TDS/TCS statements has been released on 12th July 2022. FVU… Read more »