Invoice-wise Reporting Functionality in Form GSTR-7 on portal-reg
Invoice wise reporting functionality in GSTR-7
Tag: tax deducted at source TDS
PAN-Aadhaar linking: CBDT modifies norms to address grievances
The Central Board of Direct Taxes (CBDT) has issued a fresh circular modifying earlier guidelines on the consequences of Permanent Account Number (PAN) becoming inoperative under Rule 114AAA of the Income-tax Rules, 1962. The move provides relief to tax deductors and collectors facing notices for short deduction or collection of TDS/TCS.
Now parents can claim TCS credits for children’s foreign education
The Central Board of Direct Taxes (CBDT) recently amended income tax laws, allowing individuals other than the original tax payer to claim Tax Collected at Source (TCS) credits. The new guidelines offer greater flexibility to parents in managing tax obligations of children who are studying abroad. They can claim TCS credits against their taxable income, potentially reducing overall tax liability.
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents
Central Board of Direct Taxes (CBDT) has notified amendments in income-tax rules for ease in claiming credit for TCS collected/TDS deducted for salaried employees and enabling claiming TCS credit of minors in the hands of parents. Sub-section (2B) of Section 192 of the Income-tax Act, 1961 (‘the Act’) was amended vide the Finance (No. 2) Act, 2024 (FA (No. 2)) to include any tax deducted or collected at source under the provisions of Chapter XVII-B or Chapter XVII-BB, as applicable, for the purpose of making tax deductions in the case of salaried employees.
SC rules companies need not deduct tax for discounted SIM cards sales
The Supreme Court on Wednesday said that telecom companies need not deduct tax for selling discounted pre-paid SIM cards/recharge vouchers…