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: Proposed amendment to sub-section (2B) of section 192 to expand its scope to include tax deducted/collected under Chapter XVII-B or Chapter XVII-BB for computing deduction of tax on salary income, easing compliance and avoiding cash flow issues for salaried employees by allowing credit for TCS/TDS paid. The amendment will take effect from October 1, 2024.
Income Tax: Proposed amendment to sub-section (2B) of section 192 to expand its scope to include tax deducted/collected under Chapter XVII-B or Chapter XVII-BB for computing deduction of tax on salary income, easing compliance and avoiding cash flow issues for salaried employees by allowing credit for TCS/TDS paid. The amendment will take effect from October 1, 2024.
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