• KBC, What People Don’t Know About Prize Money?

    Watching KBC these days? We are too…

    Who would not like to participate and win big in KBC? We would certainly like to participate but didn’t get the chance this year also. Don’t worry, you might have a great luck and could be the next participant we see on the show.  Best of Luck!

    Kaun Banega Crorepati aka KBC is one of the most watched programs in India and people have been

  • Guide Book On ITR Filling 2019-20

    Income tax return filing is a scheduled process of every taxpayer and has to be filed every year. The income tax return filing is also a mandatory process to be followed for multiple reasons including financial and record maintenance while beneficial for the future loan perspective. It is to be noted that due date for filing the Income Tax Return by Assesse is 30th September 2020 for all the Audit cases and for the Non Audit cases the due

  • A Full Guide On Filling ITR-2 Online AY 2020-21

    Read Full Details on ITR-2

    What is the ITR 2 Form?
    The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income or any agricultural income more than Rs 5,000.

    What is ITR 2 Form
    Changes in ITR 2 for AY 2020-21

  • Easy Ways To Save Income Tax - 2021 Edition

    What is Income Tax?
    Income tax is a portion of your income that you pay to the government. This tax is collected on an annual basis. The authorities use this money to perform administrative tasks.

    Guide To Save Income Tax In India:
    There are two ways to save tax in India:

    By Claiming Expenses:
    You will have to claim the expenses you have made to save income tax.

    By Investing in Tax-Saving

  • E-Tds/Tcs File Validation Utility

    E-Tds/Tcs File Validation Utility

    The e-TDS/TCS File Validation Utility (FVU) version 4.1 and 2.137 which has been released on January 3, 2014 has

  • No TDS on deposits doesn't mean these are tax-free

    Are you receiving emails or telephone calls from banks advising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.


    No TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government. However, the fixed deposit holder will have to include this interest income in her/his total income

  • Handbook on Section 194C- TDS on Contractors & Sub-Contractors- FAQs

    Meaning and applicability of Section 194C
    Section 194C deals with the provisions for tax deduction at source at the time of payment to contractors/subcontractors.


  • Who can use ITR 1, ITR 2, ITR 3 and ITR 4 Sugam for A.Y. 2021-22

    The start of a tax year marks the beginning of many timelines with the filing of return of income occupying a prime spot. As much as tax return filing is the bounden duty of every taxpayer, it is also pertinent to use the correct Form so that the requisite disclosures are made and penal consequences not triggered. Selecting the appropriate Form is only the starting

  • FAQs on new provision relating to TDS on purchase of goods

    Is it a coincidence or an irony that TDS and Tedious sound similar? Currently, the Income-tax Act has 36 provisions which require deduction of tax at source from various payment. The number is proposed to be increased to 38 by the Finance Bill, 2021. If all these provisions are projected in a table, they may look like a Periodic Table of Element. There

  • Latest TDS Rate Applicable for FY 2021-22 or AY 2022-23

    Nature of Payment

    TDS on Property Sale under Sec 194IA

    TDS on Property Sale under Sec 194IA

    To reduce the money laundering (i.e. routing of Black in property transaction) and tax evasion by

  • How To Register Tds Traces Site By Anita Khedar


    How To Register Tds Traces Site


    All About Changes in TDS and TCS Provisions by Finance Bill, 2021


    The Finance Bill, 2021 contains many provisions relating to amendment and changes in various TDS and TCS provisions and further introduced many new TDS and TCS provisions in the statute. Besides, certain provisions of the Income Tax Act have been amended which


    Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic
    company then he shall not be liable to pay any tax on such dividend as it is exempt from
    tax under section 10(34) of the Act. However, in such cases, the domestic company is
    liable to pay a Dividend Distribution Tax (DDT) under section 115-O. The Finance Act,
    2020 has abolished the DDT and move to the classical system of taxation wherein...

  • e-TDS/TCS RPU (Version 3.9) & e Validation Utility (FVU) version 2.138 applicable from 26.04.2014

    e Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are available for download from TIN website and the same is mandatory with effect from April 26, 2014.

    e-TDS/TCS RPU (Version 3.9) for Statements from FY 2007-08 is available for download from TIN website (applicable from April 26, 2014).

    Key feature of FVU

  • Use of single TDS challan for all purposes-Analysis

    CPC (TDS) Website has made a communication dated 10th Sept’ 2014 in which it has issued advisory for deductors using multiple challans in a month, for payment of Tax Deducted.

    In this advisory it has discussed the following three key areas-

    Payment of Tax Deducted under different sections of the Income Tax Act, 1961

    Payment of Tax Deducted for different Assessment Years:

    Different challans used for the purpose

  • Difference Between TDS and TCS (Tax Collected At Source) – Tax Slabs and Faqs

    What is TDS?
    Tax deducted at source or TDS, as its name suggests, is an indirect way of collecting the tax, and it leads to the collection of revenue at the recipient’s income. It integrates the phrase of ‘pay as you earn’ and ‘make collection when it will be earned’, which

  • How to raise a Grievance and submit a Request for Resolution on TRACES ?


    TRACES means TDS Reconciliation Analysis and Correction Enabling System. It is the online portal for administration and implementation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). If you want to report a complaint or file a grievance related to the TRACES

  • Correction of unmatched challan mandatory to download Consolidated file from TDSCPC

    The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of “Short Payment defaults” in the quarterly TDS statements due to Unmatched Challans, before the Conso files can be downloaded from TRACES for the relevant statements. Following are key information to be noted in this regard:


    · CPC(TDS) mandates to close the above default by tagging unconsumed challans, if

  • CBDT - Standard Operating Procedures (SOP) for Administering TDS