Interest Payable Under Section 234A, 234B, and 234C As the deadline for advance tax payment (especially the last installment due on 15th March) approaches, taxpayers and tax professionals gear up to compute and pay the…
If you're an employer or HR professional responsible for salary disbursements, understanding Form 24Q, its due dates, and challan requirements under Income Tax Act, 1961 is crucial. Filing accurate and timely TDS returns builds financial…
If your total income is below the taxable limit and you’re not liable to pay any tax, you can avoid this deduction by submitting Form 15G or 15H. 1. Form 15G: For individuals below 60…
As per amendment in section 200(3) of the Income-tax Act vide Finance Act, (No. 2) 2024, no correction statement shall be delivered after the expiry of six years from the end of the financial year…
Section 194T establishes a new framework for TDS on payments made by firms to their partners. The provisions of Section 194T are scheduled to take effect from April 1, 2025. Under this provision, any payment…
Also the threshold limit of TDS on payment of interest other than interest on securities to senior citizens is doubled from ₹50,000 to ₹1 lakh. Tax deduction limit on interest other than interest on securities…
As per Notification No. 25/2024-Central Tax, effective from 10.10.2024, any registered person receiving supplies of metal scrap classified under Chapters 72 to 81 of the First Schedule to the Customs Tariff Act, 1975 (51 of…
Clarification Kindly note that TDS rate reduced for section 194IB and not for section 194-I(b) TDS Rate u/s 194-I(b) is 10% only and not reduced to 2% Section 194-I has a threshold limit of Rs.2,40,000…