Income Tax : This guide explains when Section 206AA requires TDS at a higher rate due to non-furnishing of PAN and the applicable exceptions. I...
Income Tax : Learn how TDS on rent is governed under Sections 194-I and 194-IB, including eligibility, deduction rates, thresholds, and complia...
Income Tax : The guide explains Sections 206AA and 206AB, detailing higher TDS consequences for non-furnishing of PAN and return-filing default...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : Finance Bill 2025 removes higher TDS/TCS for non-filers, effective from April 1, 2025, easing compliance burdens, though higher ra...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : DGIT(S)/ADG(S)-2/Compliance Check/432/2021-22 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of...
Income Tax : The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. Th...
Income Tax : Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/col...
Income Tax : t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resid...
t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resident who does not have a permanent establishment in India. Tax deductors & collectors are expected to carry out necessary due diligence in respect of a specified person established by the above referred functionality to consider him as non-specified, if the fall under these provisos.
Understand the new TDS provision for non-filing of income tax return from 1.07.2021. Learn about the applicability and requirements under Section 206AB.
Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961(‘Act’) for the purposes of launch of Compliance Check Functionality for Section 206AB & 206CCA – regarding Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961 for the purposes of launch of Compliance Check Functionality for Section 206AB & 206CCA – To facilitate the process […]
For checking Applicability of Section 194Q and Interplay between section 194Q or Section 206C(1H) and the TDS/TCS calculation, we have build an automatic utility for ease of Professionals or small tax payers.
Section 206AB, Section 206CCA and Section 139AA of Income Tax Act and compliance thereof In the already Compliance burdened Assessee, Government of India has introduced new section 206AB/206CCA and implemented Section 139 AA under Income-tax Act, 1961, (‘the Act’) w.e.f July 1, 2021. Under this section, TDS/TCS will be deducted/collected at higher rate to the […]
Section 194Q: TDS on purchase of goods: -Applicable to the Buyer whose Turnover/Gross Receipts in the preceeding Financial year exceeds 10Cr. and aggregate amount of purchases from such particular buyer exceeds Rs.50L. -TDS is required to be deducted @1% on the amount exceeding Rs.50L (The threshold limit of Rs.50L is to be reckoned from the […]
It has always been the Government’s endeavour to widen the tax base and ensure that more and more people file their tax returns in time. A number of steps have been used in the past to achieve this goal. The Finance Act 2021, introduced a new provision Sec 206AB, through which the Government has tried […]
Understanding the new amendment under section 206AB of the Income Tax Act. Learn about the format and applicability of this provision for TDS deduction.
Higher TDS / TCS Rates for Non-Fillers – Section 206AB / 206CCA read with 206AA Before going into the details of the subject, let me first clarify that these provisions are applicable to ALL taxpayers who are required to deduct TDS or collect TCS. There is no threshold limit nor bifurcation of small taxpayers, large […]
भारत सरकार उन सारे लोगो को पकड़ना चाहती हैं जिनकी कमाई तो हैं पर जो ना टैक्स भरते हैं ना ही अपना इनकम टैक्स रिटर्न दाखिल करते हैं l सरकार टैक्स च्रोरो को पकड़ने के लिए नए नए उपाय सोचती रहती हैं, धारा 206AB भी उसमे से एक हैं l धारा 206AB के तहत ये बताया गया […]
