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A demand notice has been received before various TCS employees from the income tax department for the alleged discrepancies in their tax deduction at source (TDS) claims. The IT giant TCS has asked its employees to wait for additional instructions before paying the sought amount. Between Rs. 50000 to Rs. 1.5 lakh, the tax demand […]
On March 31, 2020, the Central Board of Direct Taxes (CBDT) issued some new provisions related to Tax Deducted at Source (TDS) and TCS collections and other related works. The provisions were introduced because of the outbreak of COVID-91 in the country. The provisions were issued related to the issue of certificates of the lower […]
Due to the technical glitches at GSTN Network, E-commerce firms have been facing difficulties to file the details of tax collected at source (TCS) which adversely influencing the working capital of small retailer firms.
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 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, […]
The Central Board of Direct Taxes (CBDT) issued notification no. 35/2025 to widen the tax base and ensure effective monitoring of high-value transactions by revising the Income Tax Rules, 1962. The newly released Income-tax (11th Amendment) rules, 2025, section 295, read with section 206C of the Income-tax Act, 1961, sellers are now obligated to collect […]
Circular No. 05/2025 has been issued by the Central Board of Direct Taxes (CBDT) to provide relief to taxpayers facing charges under Section 201(1A)(ii) and Section 206C(7) of the Income-tax Act, 1961. The circular allows for an exemption from interest on late payments of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) that resulted […]
Various significant changes have been announced by the Centre in the Budget related to tax, particularly to make TDS and TCS more straightforward. From April 1, 2025, these changes aim to simplify tax compliance for common taxpayers and traders and eliminate unnecessary complexities. Such an amendment will ensure that taxpayers do not suffer the issues […]
On May 27, 2024, two notifications were released by CBDT, presenting higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities who were unable to file their Income Tax Returns (ITR). In Notifications No. 45 and 46/2024, these directives are detailed and specify an important development in […]
