Income-Tax (16th Amendment) Rules, 2020 – Gazette Notification
Income-Tax (16th Amendment) Rules, 2020 – Change in TDS Return Form 26Q & Form 27Q – Gazette Notification No. 43/2020
Exercising Option for deduction of TDS under Old or New Rates of Income Tax
Exercising Option for deduction of TDS under Old or New Rates of Income Tax for the financial year 2020-21: MoRTH Circular dated 15.05.2020
Calling of option for new personal taxation regime of reduced tax rates with no exemptions
Calling of option for new personal taxation regime of reduced tax rates with no exemptions or deductions or setoff of loss etc. in case of individuals & HUFs as provided u/s 115 BAC of the IT Act, 1961 (applicable w.e.f. AY 2021-22)
TDS guidelines on payments made to VRS 2019 Optees
Tax Deduction at Source (TDS) guidelines on payments made to BSNL VRS 2019 Optees – TDS on ex-gratia, Leave Encashment, Form 16, Tax Exemption etc.
Corrigendum: Income Tax Deduction from Salaries during the FY 2019-2020
Corrigendum to Circular No. 4/2020 – Income Tax Deduction from Salaries during the Financial Year 2019-2020 under Section 192 of the Income-Tax Act, 1961
New Income Tax notification details on TDS on cash withdrawal
The Ministry of Finance recently notified Form 26QD for TDS Return and Form 16D for TDS Certificate under section 194M and 194N of the Income Tax Act.
New income tax rule on receipt of maturity benefits from insurance policy w.e.f 1st September 2019
From September 1 this year, the government introduced a new set of income tax rules that included higher TDS or tax deducted on source on life insurance in specific cases. Other changes included TDS on cash withdrawals exceeding ₹1 crore in aggregate in a year from finance institutions. In case of property transactions the definition…
Procedure for online filing eTDS/TCS statement through e-filing portal or submission at TIN Facilitation Centres
Procedure for online filing eTDS/TCS statement through e-filing portal or submission at TIN Facilitation Centres – CBDT Notification
Last date of issue of Form 16 and Form 24Q for FY 2018-19 extended
Extension of the due date of filing of TDS statement in Form 24Q for FY 2018-19 upto 30th of June, 2019 and issue of TDS certificate in Form 16 upto 10th of July, 2019
You can submit Form 15G/Form 15H even if your total income exceeds Rs. 2.5 lakh
Form 15G or 15H has to be submitted by fixed deposit holders at the start of a financial year to the relevant financial entity like a bank. This is done to avoid TDS (tax deducted at source) on the interest income earned. But did you know that you can submit this form even if your…
Now TDS/TCS for GST also, provisions to come into effect from October 1
The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers in excess…
Consequences for Non Payment or Late Payment of TDS
A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account