Explains how Section 194Q requires buyers with large turnover to deduct TDS on purchases above ₹50 lakh. Key takeaway: The buyer becomes responsible for compliance, ensuring major transactions are ...
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Filing ITR? Decoding TDS and TCS – who pays, who collects and key differences taxpayers must know
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are two separate provisions under the Indian tax regime, both intended to facilitate early and efficient tax collection. Though applied ...
The Finance Act 2025 brings about one of the biggest changes to India’s income tax structure in recent years. With a view to simplifying the tax law, improving compliance, and reducing litigation, the ...
ITR Filing: New TDS/TCS statement correction deadline; here's what you should do to avoid tax notice
According to the advisory, the correction statements for TDS and TCS can only be filed for Q4 of FY 2018-19 up to Q3 of FY 2023-24 until March 31, 2026. Earlier, the 6-year duration permitted for the ...
The reforms, which come in response to long-standing demands from India Inc., are designed to simplify the process and reduce unnecessary disputes that have plagued taxpayers The Budget 2025 has ...
Deloitte urges the Budget to refine the new Income Tax Act by simplifying TDS/TCS, clarifying digital tax rules and boosting ...
The landmark Income-tax Act, 2025, which replaced the six-decade-old 1961 law, promised simplicity by eliminating provisos and explanations. But according to O.P. Yadav, former Principal Commissioner ...
In a relief to Income Tax deductors and collectors, Central Board of Direct Taxes (CBDT) has widened the window for avoiding adverse consequences arising from inoperative PANs (Permanent Account ...
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