Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
Income Tax: It is proposed to amend sub-section (3) of section 271H to provide that no penalty shall be levied if the person proves that after paying TDS/TCS along with fees and interest to the credit of the Central Government, the TDS/TCS statement is filed within one month from the prescribed due date, instead of the current one year time limit. This amendment aims to ensure better compliance and will take effect from April 1, 2025.
Income Tax: It is proposed to amend sub-section (3) of section 271H to provide that no penalty shall be levied if the person proves that after paying TDS/TCS along with fees and interest to the credit of the Central Government, the TDS/TCS statement is filed within one month from the prescribed due date, instead of the current one year time limit. This amendment aims to ensure better compliance and will take effect from April 1, 2025.
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