TDS Challan correction for Income Tax Act, 2025 needs to be done using the old TRACES portal; Here’s how to do itTaxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed unde...
Paying rent above Rs 50,000? Failure to deduct TDS can make you an assessee in default; know what to doTenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is ...
ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sourc...
Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reducedManoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through t...
Good news for taxpayers! Faster tax refunds, quicker dispute resolution, TDS framework improvements and more planned by CBDT for 2026-27Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes. The Central Board of Direct Taxe...
New Form 141 introduced for TDS filing: 4 existing forms merged into one challan-cum-statementThe Income Tax Department has introduced Form 141, a consolidated challan-cum-statement, merging four previous TDS forms. This new form sim...
TDS certificate issuance deadline extended by Income Tax dept due to technical glitches on the e-filing ITR portalTechnical issues plaguing the income tax e-filing portal have prompted the CBDT to extend the deadline for issuing TDS certificates. Employ...
Paying high rent? Don't forget to deduct TDS before March 31, 2026 or you may face penalties and interestTenants paying more than Rs 50,000 in monthly rent must deduct TDS at 2% before March 31, 2026. This compliance is for the financial year e...
Can you download Form 16, Form 16A, other TDS certificates from TRACES website if your tax has been deducted?Taxpayers cannot directly download Form 16 or 16A from the TRACES portal; only deductors like employers or banks are authorized to do so. W...
March 31, 2025, is deadline to claim pending TDS credit for these past years: Ask bank, deductor to revise TDS returnTDS credit: March 31, 2025 is the deadline to file a revised TDS return for FY 2007-08 to 2018-19. What this means is if you have any pendi...
Will the government extend the October 7 tax audit, TDS payment deadlines due to glitches on the e-filing ITR portal?Tax audit deadline: The tax portal was facing glitches as of October 7, 2024. Karnataka State Chartered Accountants Association (KSCAA) sai...
When is TDS to be deducted from house rent payments to the landlord?If you are paying a house rent of more than Rs 50,000 per month, then make sure to deduct TDS from such rent and deposit it in the governme...
Revised procedure for TDS certificates: What NRIs need to knowUnlike residents, NRIs cannot use Form 15G/H and must apply for a reduced or zero TDS certificate. The process involves submitting an onlin...
New income tax portal errors resulting in reduced tax refund amounts for manyThe pre-filled data fetched on the new income tax portal is showing a mismatch with the total TDS amount mentioned in Form 26AS. Even after...
How banks, mutual funds and companies will check if you have filed ITRDeductors of TDS/TCS like banks, mutual fund houses etc can now check if you have filed ITR when your income crosses the TDS limit from Jul...
Govt extends deadline for filing TDS returns for Oct-Dec to Jan 2019The TDS provisions under the goods and services tax (GST) were brought into effect from October 1, 2018.
I-T Dept simplifies online rectification of TDS in ITREarlier, taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing po...