We’re only human—mistakes can happen, even in filing taxes. Errors in Tax Deducted at Source (TDS) returns might occur due to incorrect details or missing information. Fortunately, revising a TDS return is an option that can help correct these errors. This article will guide you through the online and offline processes, available correction tools, and the benefits of revising TDS
The Central Board of Direct Taxes (CBDT) has rolled out significant updates for Tax Deducted at Source (TDS) rates, which will be applicable in the financial year 2024-25 and the corresponding assessment year 2025-26. These adjustments, introduced through the Finance (No. 2) Act, 2024, bring changes across various income categories such as salary, interest from securities, winnings from lotteries, and
The Central Board of Direct Taxes (CBDT) continues to shape India’s tax landscape, bringing more clarity to tax processes with the latest changes to the Income-tax (Eighth Amendment) Rules, 2024. In their Notification No. 112/2024, issued on October 15, 2024, significant modifications have been introduced to streamline tax deductions at source (TDS) and tax collection at source (TCS). These changes
The Indian Income Tax Act, 1961, is one of the most significant and complex pieces of legislation governing taxation in India. Over the years, this Act has undergone multiple amendments, making it quite intricate. To simplify and modernize it, the Central Board of Direct Taxes (CBDT) has formed a committee aimed at conducting a comprehensive review. As part of this
International financial dealings can be confusing, especially when it comes to taxes. If you’re managing money abroad, knowing how to claim the Foreign Tax Credit (FTC) using Form 67 is crucial. This guide will help you navigate Form 67, ensuring you optimize your tax position and avoid double taxation. Why Is the Foreign Tax Credit Important? When earning income
Tax Audit Due Date Extended for FY 2023-24 to 7th October 2024 The Central Board of Direct Taxes (CBDT) has announced an important extension for tax audits for the fiscal year 2023-24. This extension offers taxpayers a critical reprieve, providing additional time to file essential audit reports. What is the New Deadline for Tax Audits? The new deadline for filing
