TDS and TCS are two of the most significant sources of income for the government. And, it’s crucial for businesses to make such on-time tax payments to avoid penalties and stay compliant. Read as we take a deep dive into the difference betweenTDSand TCS and their importance for businesses...
section 206AA and 206AB are applicable i.e. the specified person has not submitted the PAN as well as not filed the return; the tax shall be deducted at the higher rate amongst both the sections i.e. TDS is required to be deducted at the higher rates amongst section...
Applicability of sections 206AA and 206CCA Section 206AB was inserted after the previously existing section 206AA of the Act. Another new section, 206CCA, was inserted after the previously existing section 206CC. The existing sections provide for a higher rate of TDS/TCS when no PAN i...
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TDSMAN is a comprehensive software that helps in preparing Error-Free TDS & TCS Returns.This has been designed as per the system guidelines and requirements of the Income Tax Department, Govt. of India. The software enables TDS & TCS compliances for all types of Forms - 24Q, 26Q, 27Q,...
i. TAN: In case, the TAN of the Deductor/Collector as per CSI file does not match with the TAN as per the TDS/TCS statement, FVU will reject the TDS/TCS file and appropriate error message "TAN of deductor in statement does not ma...
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Difference between TDS and TCS TAX DEDUCTED AT SOURCE (TDS) TAX COLLECTED AT SOURCE (TCS) Meaning TDS is tax deducted at source by any company or individual making a payment if the payment exceeds the thresholds mentioned under respective sections. TCS is a tax collected by the seller, at...
the specified person has not submitted the PAN as well as not filed the return; the tax shall be deducted at the higher rate amongst both the sections i.e. TDS is required to be deducted at the higher rates amongst section 206AA and 206AB....
section 206AA and 206AB are applicable i.e. the specified person has not submitted the PAN as well as not filed the return; the tax shall be deducted at the higher rate amongst both the sections i.e. TDS is required to be deducted at the higher rates amongst section...