The finance minister in her 2023 budget announced, that the intention of government is to maintain continuity as well as simplify taxation and reduce the burden of compliance for the taxpayers. Listed below are some of the key proposed amendments related to TDS and TCS: I. TDS Amendments Section 194BA –Tax provisions for income derived […]
Tag: IT Department
Key TDS & TCS Amendments in Budget 2023
The finance minister in her 2023 budget announced, that the intention of government is to maintain continuity as well as simplify taxation and reduce the burden of compliance for the taxpayers. Listed below are some of the key proposed amendments related to TDS and TCS: I. TDS Amendments Section 194BA –Tax provisions for income derived […]
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 taxable component on the payment of the accumulated balance due to the employees under the Employees Provident Fund Act However, employees who could not furnish […]
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 Version 7.8 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.174 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to […]
After years of labour, the Income Tax department has finally got a new technology tool to check the menace of duplicate PAN cards which also allows the taxman to ‘kill’ the second one. An ambitious electronic smart platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised by the department which will […]
In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. The Central Board of Direct Taxes, the apex policy-making body of the […]