This blog post provides a comprehensive overview of Section 201(1A) of the Income Tax Act, 1961, focusing on the interest levied for delayed TDS deduction or payment. It explains the two distinct scenarios for interest calculation (1% for failure to deduct, 1.5% for failure to pay after deduction), clarifies the "month or part of a month" rule, and illustrates calculations with clear examples. Furthermore, it details the severe implications for defaulting deductors, including "assessee in default" status, disallowance of expenditure under Section 40(a)(ia), various penalties (271C, 271H), and potential prosecution. The post concludes with practical best practices to help deductors ensure timely compliance and avoid these costly repercussions.

This blog post announces the release of new utility versions on the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal for Justification Reports (Version 3.4), Form 16A (Version 2.1L), and Form 27D (Version 1.4). It explains the purpose of each document, detailing how the updated Excel utility for Justification Reports enhances error analysis and how the new Form 16A and 27D utilities simplify certificate generation. The post emphasizes that these updates signify the Income Tax Department's commitment to improving compliance, reducing errors, and streamlining TDS/TCS processes for deductors and collectors.

This blog post offers a clear comparison of four important TDS sections related to property and rental income in India: 194I, 194-IA, 194-IB, and 194-IC. It explains each section's nature of payment, payer, payee, threshold limits, TDS rates (including recent changes for 194-IB and 194I for FY 2025-26), time of deduction, required forms, and TAN requirements. The post also discusses the connections between these sections, compliance issues, and best practices for individuals, businesses, and developers to manage the TDS landscape effectively and avoid penalties.

This blog post provides a comprehensive guide for individuals and HUFs paying monthly rent above 50,000, highlighting their often-overlooked TDS obligations under Section 194-IB of the Income Tax Act. It details who is applicable, the current TDS rate (2% from Oct 2024, 5% earlier), deduction and deposit timelines (annual deduction, 30 days for deposit), and the use of Form 26QC and Form 16C. Crucially, the post emphasizes the severe consequences of non-compliance, including various interest charges, late filing fees (up to 200/day), substantial penalties (10,000-1,00,000), and even potential prosecution. It also offers actionable steps for compliance and guidance for those who have missed previous deductions, urging tenants to prioritize this crucial tax duty to avoid significant financial and legal repercussions.

This comprehensive guide demystifies the process of buying property from a Non-Resident Indian (NRI) in India. It highlights critical tax implications for the buyer, particularly regarding Tax Deducted at Source (TDS), and outlines essential legal due diligence steps to ensure a clear title. The guide also covers FEMA regulations for payment, required documentation for buyers, and the importance of professional assistance, empowering prospective buyers to navigate this specific real estate transaction securely and compliantly.

This blog post summarizes CBDT Circular No. 8/2025, which clarifies that interest waivers for delayed TDS/TCS payments due to technical issues can apply to past charges, provided applications meet the one-year deadline

This blog explains the significant updates to GSTR-7 (TDS) and GSTR-8 (TCS) forms, effective February 11, 2025, aimed at enhancing transaction data detail. It covers the 'why' behind these changes, the expected new reporting requirements (with a crucial note on the GSTR-7 invoice-wise reporting deferment), who is affected, and actionable steps for businesses to prepare for smoother GST compliance and reconciliation.

TDS: Explained! From your salary slip to bank statements, understand what Tax Deducted at Source really means for your income tax in India. Learn its purpose, common types, and how to track your credits via Form 26AS. Ready to decode TDS and ensure accurate ITR filing? Myitronline is here to help you every step of the way.

This comprehensive blog post details the crucial updates to India's income tax refund rules for Non-Resident Indians (NRIs for Assessment Year 2025-26). It highlights the new "No Dues, No Refund" policy, emphasizing the necessity of clearing all outstanding tax demands and compliance issues for refund processing. The guide also covers revisited residential status rules, the default new tax regime, streamlined refund processing, and the vital role of Form 26AS and AIS/TIS. Special attention is given to capital gains and TDS on property sales, a common source of NRI refunds, outlining critical compliance steps. Finally, it provides actionable advice for NRIs to ensure their tax refunds are processed smoothly and without delays.

This blog post serves as a complete and detailed guide for businesses and individuals to understand Section 194C of the Income Tax Act, 1961. It explains TDS obligations on payments to contractors, outlines applicable rates and thresholds, and most importantly, teaches how to correctly report these deductions in your Income Tax Return (ITR). From verifying Form 26AS and AIS to avoiding mismatch notices, this article helps you ensure compliance, avoid scrutiny, and maintain a clean tax record.

This in-depth guide simplifies TDS (Tax Deducted at Source) for Financial Year 2025-26 (Assessment Year 2026-27). Discover how this crucial tax collection mechanism works, explore the latest changes from Union Budget 2025 including increased threshold limits, the introduction of Section 194T for partners' remuneration, and the removal of higher TDS for non-filers. We provide a detailed TDS rate chart and explain the implications of non-compliance, empowering both deductors and deductees for efficient tax planning and compliance

The Income Tax Department has notified updated ITR forms (ITR-1, ITR-2, ITR-3, ITR-4) for FY 2024-25 (AY 2025-26) incorporating several crucial changes. This blog details 9 important adjustments, including relaxed eligibility for ITR-1/ITR-4, mandatory TDS section reporting, removal of Aadhaar Enrolment ID acceptance, detailed disclosures for tax regime options, bifurcated capital gains reporting, new treatment for buyback proceeds, raised asset reporting threshold, additional requirement for disability deductions, and streamlined capital gains sections, all aimed at ensuring accurate and compliant tax filing.