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form 26a
Form 26a (Non-Deduction Or Short Deduction) – Legal Provisions, Benefits & Procedure

admin Posted On | May 6, 2025

There are instances where deductor fail to deduct or short-deduct the TDS on certain payments. Non-Deduction or short deducted results in the deductor being labelled as “Assessee in Default” under section 201(1) of the Income Tax Act, 1961. Deductor with “Assessee in Default” have to face the consequences such as interest payment on short deduction/Non-Deduction, […]

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form 26a
Posted On | May 6, 2025

Form 26a (Non-Deduction Or Short Deduction) – Legal Provisions, Benefits & Procedure

There are instances where deductor fail to deduct or short-deduct the TDS on certain payments. Non-Deduction or short deducted results in the deductor being labelled as “Assessee in Default” under section 201(1) of the Income Tax Act, 1961. Deductor with “Assessee in Default” have to face the consequences such as interest payment on short deduction/Non-Deduction, […]

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tds on sale of property
Posted On | May 3, 2025

TDS on Sale of Property: Step-by-Step Filing & Compliance Guide

When a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50 lakhs, buyer has to deduct tax at source at 1% under section 194IA of the total sale amount when he pays the seller. i]. If the payment is made by […]

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certificates tds form 13
Posted On | April 28, 2025

Understanding Lower Deduction Certificates-TDS (Form 13)

Tax Deducted at Source (TDS) is a mechanism in India where tax is collected at the time of payment to ensure compliance and prevent tax evasion. However, in certain cases, taxpayers may be eligible for a lower or nil deduction of TDS, which is facilitated through Form 13. What is Form 13? Form 13 is […]

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fatca crs in india
Posted On | April 25, 2025

FATCA & CRS in India: Purpose, Process, and Reporting Explained

Why Needs for FATCA and CRS arrived: The use of offshore financial accounts for tax evasion and avoidance is a pressing concern for governments all around the world. There is an international consensus that the domestic measures taken to address this problem must be supplemented by enhanced cooperation amongst governments including exchange of tax information on […]

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MSME Form 1 compliance
Posted On | April 22, 2025

MSME Form 1 Compliance Tightened: New Disclosure Norms Every Company Should Know

In its constant endeavour to bring ease of doing business, the Ministry of Corporate Affairs (MCA) has been in the process of shifting all the e-forms from V2 version of MCA portal to V3 version of the Portal wherein all the forms are in the format of web-based forms. In this brief article, we shall […]

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tds and tcs compliances in cooperative banks
Posted On | April 19, 2025

TDS and TCS Compliances in Cooperative Banks

TDS (Tax Deducted at Source) is a mechanism where a certain percentage of tax is deducted from the income of an individual or entity at the time of payment, such as salary, interest, dividends, or contract payments.

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Reverse Charge Mechanism
Posted On | April 14, 2025

Reverse Charge Mechanism (RCM) in GST: Full Guide for 2025

In India’s evolving GST framework, the Reverse Charge Mechanism (RCM) ensures compliance, particularly in transactions involving unregistered suppliers, imports, or specific notified goods and services. Under RCM, the recipient of goods or services becomes liable to pay GST, not the supplier. This blog presents a complete guide to RCM, covering: What is Reverse Charge Mechanism (RCM)? RCM […]

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Small Finance Banks
Posted On | April 5, 2025

Understanding Small Finance Banks (SFBs) and Their Role in TDS Compliance

Small Finance Banks (SFBs) play a crucial role in financial inclusion by extending banking services to underserved and unbanked sections of society.

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SFT Form 61A
Posted On | March 31, 2025

Understanding & Reporting Guidelines of the SFT (Form 61A) & FATCA (Form 61B) of the Income Tax Act

Managing finances and staying compliant with the taxes can be tough in India, the Income Tax Act has various forms like Form 61, 61A, and 61B for reporting financial transactions as mandated by the Section 285BA. What is Form 61? Form 61 is for the people who don’t have a Permanent Account Number (PAN). If […]

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