Income Tax & TDS: Updates

Amidst the economic uncertainties caused due to the pandemic, the trend of taking up jobs on a freelance basis has gained prominence. Here in this discussion, we shall take a dive in this issue from various perspectives and specifically from the tax perspective. Freelancing generally means being temporarily hired for undertaking and completing specific assignments. You get paid […]

In order to provide relief to the taxpayers facing the hardship due to covid 19, the government has announced certain tax benefits and compliance reliefs for the taxpayers. Here are some of the important announcements that you should know about. 1) No tax on the amount received by employees from employers or any other person

The Finance Act of 2021 introduced some significant modifications to TDS standards such as purchases of goods, and higher TDS rates for non-filers of ITR. From July 1, 2021 new TDS norms for purchases of goods and higher TDS rates for non-filers of ITR will come into force. Section 194Q, which was recently added, is

As per income tax rules any individual having an annual income of more than Rs 2.50 lakh is required to file income tax return. It is necessary irrespective of the source of income. While salary income and business income are taxed as per the applicable individual tax slabs, there are certain sources of income that

Need For Challan Correction While depositing TDS payment to the Central Government Account using either Online or Offline mode, following errors can occur at the Deductor’s end or Bank’s end:- 1. Mentioned Other TAN Number 2. Mentioned PAN instead of TAN 3. Selected wrong Minor Head/Major Head 4. Selected wrong Assessment Year 5. Selected wrong Nature of

WHAT IS TDS/TCS? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by

While the transaction via e-wallets and UPI transactions have increased manifold in the current times when there are restrictions in respect of withdrawal from same bank ATM and there are fee charges and people prefer to go cashless. There are some implications of these e-wallet or UPI transactions that you need to have an understanding

After the end of each fiscal year, specified individuals are required to file an ITR. To facilitate prompt filing of returns, the Income Tax Department has set a deadline by which an individual can file a return without incurring late fees. This last date is referred to as the ITR filing deadline or due date.