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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 […]
The Madhya Pradesh High Court has stated that the non-operation of the Income Tax Department’s TRACES Portal cannot justify refusing an assessee the benefits provided under the Income Tax Act of 1961. A division bench of Justices Vivek Rusia and Anuradha Shukla carried that an assessee’ TDS refund cannot be rejected only on the ground […]
The TRACES website provides a convenient solution for taxpayers and deductees to address their concerns and complaints. Through the “Request for Resolution” module available on the TRACES website, users can raise and track their grievances effectively. This guide will explain the process of submitting and monitoring tax-related complaints on the TRACES website. How to File […]
Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during the submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry, as you can rectify them. This article has been written […]
A procedure, format, and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962 (“the IT Rules”), for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 (“the […]
Every individual who comes under the income chargeable to tax is needed to furnish the ITR to declare their income along with the tax liabilities. However, the income tax laws in India issue the collection or deduction of the tax at source (TDS/TCS) itself. The same gives the assurity about the regular flow of the […]
If Assessee has uploaded TDS return but there occur some mistakes while furnishing the TDS statement PAN is wrongly mentioned, short deduction of TDS amount, excess utilization of any challan etc. In that case, the assessee has to do online corrections in the TDS statement on “TRACES” (TDS Reconciliation Analysis and Correction Enabling System). Steps […]
Tax Deducted at Source (TDS) is a crucial part of India’s tax collection framework, as it facilitates the collection of tax at the point of income generation. Managing TDS obligations comprises a recurring and crucial responsibility for professionals such as chartered accountants, tax consultants, company accountants, and compliance managers. The process comprises distinct steps: calculation, […]
Tax Deducted at Source, or TDS, is a crucial requirement for employers and businesses in India. It is the method by which taxes are collected when people earn money, ensuring that the government receives its share within a specified time. Manual tracking of TDS is time-consuming and requires a significant amount of effort. It is […]
