If you are a business owner or the person responsible for deducting taxes at source (TDS), getting a TAN (Tax Deduction and Collection Account Number) is mandatory. The Income Tax Department issues TAN and it is compulsory for entities involved in tax deduction or collection at source. Not getting a TAN can lead to penalties … Read more
The government of India has made some important reforms in the 2025 budget for the middle class. However, there is not much relief for cryptocurrency investors. Despite the hope, the government has still kept the huge 30% tax rate on crypto income with 1% TDS on transactions. Key Changes introduced for Crypto Traders in Budget … Read more
Fixed Deposits are one of the safest investments, with assured returns. If the interest generated on an FD exceeds a specified limit, the banks deduct Tax Deducted at Source (TDS). Many investors might not fall into the taxable bracket and are eligible to claim a TDS refund on a fixed deposit. In this guide, we … Read more
When it comes to taxation for partnership firms in India, a critical aspect is the treatment of salary paid to partners. With recent updates, there’s often confusion about the applicability of TDS (Tax Deducted at Source) on partner salaries. Let’s understand the TDS on Partner Salary to Firm through this article. Why is TDS Not … Read more
For those who love to travel, managing money when earning in India as a Non-Resident Indian (NRI) can be both fun and tough. It’s important to understand TDS according to Section 195 of the Income Tax Act. This helps with following tax rules for transactions across borders. If you’re an NRI, you can look into … Read more
It is mandatory for a buyer to deduct TDS when he or she buys an immovable property of cost more than Rs. 50 Lakhs in India. Immovable property means a building or part of a building or any land other than agricultural land. Section 194-IA of the Income Tax Act from 1st June 2013 mandates … Read more
The Central Board of Direct Taxes (CBDT) has just given more time for people to submit certain statements related to TDS/TCS (Tax Deducted at Source/Tax Collected at Source). They made this decision in Circular 9/2023 dated June 28, 2023, to help taxpayers and make it easier to follow the rules. TDS/TCS Statement Filing Deadline Extended … Read more
Good news for online gaming enthusiasts and gaming operators. There will now be no TDS(Tax Deducted at Source) on your wins. And for game operators, you won’t have to do compliances for such winnings. Let’s read this news in detail for better clarity. Income Tax Department Clarifies TDS Rules for Online Gaming Platforms The Income … Read more
In case of failure to deduct TDS as mandated by the statutory provisions of the Income Tax Act, an individual may incur interest and penalty charges. This article covers the relevant Defaults and Penalties in TDS Payments & TDS Return filing. Understanding the consequences of TDS defaults is crucial for you, as it helps in … Read more
Facebook Ads, also known as Meta Ads, is a popular advertising platform that lets companies and individuals market their products and services to a vast number of internet users. Facebook charges advertising fees which you can pay from Facebook Ads Account through various payment modes such as credit or debit card, Netbanking, Paytm Wallet, Facebook … Read more