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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 Bombay High Court has ruled that interest earned on fixed deposits and TDS refunds related to business activities are eligible for deduction under Section 80IA of the Income Tax Act. This decision provides clarity on the classification of these income types in the context of tax deductions. Tax incentives for businesses are being given […]
The ITAT Mumbai Bench has ruled that payments made to foreign agents for services provided entirely outside of India do not need to be taxed in India. As a result, businesses are not required to deduct TDS from these payments. The taxpayer, Manisha Kiran Temkar, was in the international merchant trade under the name M/s. […]
The Delhi High Court has confirmed that payments by Indian companies to foreign entities for the resale or use of computer software are not classified as royalty. In a significant ruling, Justices V. Kameswar Rao and Vinod Kumar concluded that the Indian entity bears no obligation to tax deducted at source (TDS) in these circumstances. […]
The business can effectively manage its taxes using payroll software, particularly when it comes to TDS (Tax Deducted at Source). The software streamlines tax calculations, manages employee salaries, and handles various deductions. Form 24Q and Form 16 are the types of paperwork that payroll software navigates, sending reminders or automating payments to ensure due dates […]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a widow is entitled to claim Tax Deducted at Source (TDS) credit based on her deceased husband’s income. This decision clarifies the rights of widows regarding tax credits related to their late spouses. As per sub-rule (2) of Rule 37BA and sub-rule […]
What Do You Mean By TDS Form 24G? Form 24G is an important document used by government officials to report the money that has been withheld for taxes. This includes taxes taken from salaries, payments to non-salaried individuals, and even from non-residents. With Form 24G, all of these tax details can be reported in one […]
In the subject of taxes, a small error in the TDS (Tax Deducted at Source) information can lead to multiple issues. It includes delays in filing returns, receiving notices, and even penalties. Keeping TDS information appropriate cannot be easier for businesses and tax professionals. Modern TDS software solutions are there to support in determining and […]
As digital tax regulations evolve, both businesses and individuals are increasingly adopting TDS (Tax Deducted at Source) software to simplify tax compliance and reporting. Now the question arises whether to choose free TDS software or pay for a premium version. Each option has its advantages, though determining the suitable one depends on your needs, budget, […]
