a) Section 276B of The Income Tax Act provides that if a person fails to deposit TDS deducted, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months ...
To minimise tax deduction and maximise the benefit of government Tax saving schemes it is important to be punctual and complete filing and documentation before the Income Tax department's deadline. In ...
The Income Tax Department has set a crucial deadline for filing TDS and TCS correction statements. Taxpayers must ensure all ...
As the financial year draws to a close, many salaried employees are preparing to receive their Form 16, a crucial document for filing Income Tax Returns (ITRs). Form 16, which details salary income, ...
ITR Filing: New TDS/TCS statement correction deadline; here's what you should do to avoid tax notice
According to the advisory, the correction statements for TDS and TCS can only be filed for Q4 of FY 2018-19 up to Q3 of FY 2023-24 until March 31, 2026. Earlier, the 6-year duration permitted for the ...
TDS and TCS are vital mechanisms under the Indian tax system for early tax collection. TDS involves payers deducting tax on payments like rent and salary, while TCS requires sellers to collect tax on ...
Banks or financial institutions deduct TDS on fixed deposits when the interest earned exceeds certain thresholds. September 15, 2025, last date for submitting the Income Tax Returns (ITRs) for the ...
New Delhi: Salaried individuals often need to file an Income Tax Return (ITR) just to claim a refund of Tax Deducted at Source (TDS), even if their income is below the taxable limit. The government is ...
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