Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement,… Read more »
Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay… Read more »
Section 115BAC has been inserted in the Finance Act 2020 in the recent budget. This allows the option to Individuals & HUF to avail concessional rate of income tax with… Read more »
Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of: –1% in… Read more »
The sections under which interest for various delays/ defaults need to be paid are as follows: Section 234A for delay in filing the return of income Section 234B for default… Read more »
As part of the initiative in improving liquidity owing to the COVID crisis, it has been announced that TDS / TCS rates for non-salary payments will be reduced by 25%… Read more »