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Tax deducted at source (TDS) implies the deduction of money before paying to the payee. There are some Dos and Don’ts for those who deduct the tax slabs, such as TDS deductors, demand and statement filing closures, and depositors. One can avoid the late payment fees on interest amount by TDS depositors, as by filing […]
To simplify tax procedures, effective decisions have been taken in the Union Budget 2026 to improve India’s digital tax system. With effect from 1st April 2026, a new Income Tax Act will come into force to deliver clearer rules, fairer penalties, extended compliance due dates, and enhanced digital reporting. These updates will directly impact how […]
The Mumbai branch of the ITAT decided to partially support a plea after finding that there was a difference between the income declared in the 26AS Form and the actual income obtained. They supposed that this problem required further research to clarify the facts. The taxpayer, Dattani Construction, a partnership firm, is in real estate […]
The TRACES portal has issued a crucial advisory, significantly shortening the window for submitting correction statements related to TDS/TCS to a period of two years. This means that all correction statements about Fiscal Year 2018-19 (Quarter 4), Fiscal Years 2019-20 through 2022-23 (Quarters 1 to 4), and Fiscal Year 2023-24 (Quarters 1 to 3) will […]
A Mumbai-based taxpayer was in trouble when it was discovered that the TDS credit of Rs 96 lakh (96,12,846) was missing from his Form 26AS. He gets a tax notice demanding Rs 1 crore, which includes interest under Sections 234B and 234C, even after reporting the related income in his ITR and filing the required […]
The Income Tax Department has announced an advisory that you can correct any mistakes related to TDS and TCS statements for tax periods from the fourth quarter of the financial year 2018-19 up to the third quarter of 2023-24. You have until March 31, 2026, to submit these corrections. If your bank, employer, property buyer, […]
Amid high expectations for tax relief, FM Nirmala Sitharaman has presented her record eighth Union Budget 2025 in Parliament. As the first full budget of the third Narendra Modi government, she becomes the only Finance Minister to present the Union Budget eight consecutive times. The removal of higher TDS and TCS rates for non-filers of […]
When a business has no tax deductions during a specific period, filing a Nil TDS Return is a way to comply with legal and regulatory requirements related to tax withholding. Top Reasons Why Businesses Should File Nil TDS Returns If a business hasn’t had any Tax Deducted at Source (TDS) during a certain period, it […]
This article discusses the key modifications in TDS Return Form 24Q for all salaried individuals. The government, from October 1, 2024, mandated employers to regard the TDS/TCS deducted on non-salary income when calculating TDS on salary. The motive of this adjustment is to lessen the additional TDS deductions often faced by salaried employees by ensuring […]
