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TDS AND TCS PROVISIONS
ITR filing guide: Know when tax return filing is mandatory, who needs to file and who is exemptIndividuals and Hindu Undivided Families (HUFs) are required to file income tax returns (ITR) if their total taxable income before the appl...- 12 key income tax form changes every taxpayer should know: From Form 16 to Form 168A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old ones. Taxpayers will use these new fo...
- Six big TDS & TCS changes for Tax Year 2026-27: From TDS on NRI property to TCS on overseas remittance for education, know all that has changedNew tax rules for Tax Year 2026-27 begin April 1, 2026. Key changes affect TDS on NRI property and TCS on overseas remittances for educatio...
- Budget 2026 makes TDS/TCS deduction rules mandatory, know how it will help in reducing disputesBudget 2026 has made CBDT guidelines mandatory for all property TDS and transaction participants. This move aims to prevent disputes and li...
- Sitharaman just gave NRIs more reasons to park their cash in IndiaFinance Minister Nirmala Sitharaman proposed raising the tax collected at source (TCS) threshold on remittances under the RBI’s Liberalized...
- Budget 2025: TDS, TCS rejig will offer relief to businessesThere are a variety of TDS provisions applicable with different rates and different thresholds. There are about 33 Sections in the Income- ...
- 60 TDS rules with 10 TDS rates make life difficult for taxpayers: Can Budget 2025 cut TDS rates to 3?Budget 2025: The Union Budget 2025 presents a crucial opportunity to streamline and simplify TDS and TCS rules, enhancing clarity, reducing...
- Individuals get relief from income tax demand for short deduction of TDS due to inoperative PAN of deducteeTDS Notice: Individuals won't get income tax notice for failing to deduct a correct amount of TDS in cases where the deductee's PAN was in-...
- Missed ITR filing for FY 2021-22? You may be liable for higher TDS in current FY 2023-24The Union Budget 2022 has amended the existing laws after which missing ITR for even one year can lead to higher TDS/TCS in future financia...
- Did not file income tax return for FY 2020-21? You may be liable for higher TDS, TCS from Apr 1The law for higher TDS, TCS in case of not filing ITR was announced in Budget 2021 and amended in Budget 2022. If an individual does not fi...
- Missing ITR filing for even 1 year can lead to higher TDS: Budget 2022The higher TDS/TCS law was announced in Budget 2021 and became effective from July 1, 2021. Higher TDS and/or TCS is applicable to those in...
- Is higher TDS applicable to non-ITR filers submitting Form 15G,H?In order to discourage the practice of not filing an income tax return by a person in whose case a substantial amount of tax has been deduc...
- New TDS/TCS regime from July 1 - are you ready?The new provision coming into effect requires both sellers and buyers to undertake due diligence w.r.t. tax return filing status of the oth...
- Income Tax Department issues guidelines for applicability of TCS provision with effect from Oct 1The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-co...
- E commerce companies set to collect tax from sellersThe tax deducted at source (TDS) and tax collected at source (TCS) provisions under the goods and services tax (GST) have been notified to ...
- TDS/TCS provisions under GST to come into effect from October 1E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Service...
- GST provisions on TDS/TCS, reverse charge mechanism deferred by 3 monthsThe GST Council had suspended the provision for deduction of TDS and collection of TCS, as well as implementation of reverse charge mechani...
- Tax breather for e-commerce companies for three more monthsOnline platforms have to collect the tax from those selling goods on their sites while making payments for goods sold.
- E-commerce companies may need to prepare for withholding tax in two monthsThe tax deducted at source (TDS) and tax collected at source (TCS) provisions had been put on hold following petitions by industry that thi...
- Govt's move to defer TCS under GST will help sellers: AmazonFlipkart, Amazon and Snapdeal were to deduct 1 per cent TCS (tax collected at source) while making payments to suppliers under the GST that...
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