Non-TAN requirement: Tenants do not need a TAN (Tax Deduction Accountant Number) to file Form 26QC or issue Form 16C.

The tenant must deduct 5 per cent TDS on the rent amount and deposit it with the government using Form 26QC within 30 days from the end of the month in which the rent is paid ...

Taxpayers claiming HRA exemptions but failing to deposit TDS on rent are receiving Income Tax Department notices. Under Section 194-I, tenants paying rents over ₹50,000 per month must deduct 2% TDS.

Steps for filing: Compute tax liability, reconcile income with Form 26AS/AIS/TIS, pay tax under Section 140B via Challan No. 280, and verify the return before submission. For updated returns filed ...

Salaried people who have failed to pay advance tax on extra income also have an opportunity to correct the default.

Interest on Non-Deduction/Deducted but Not Paid: Interest at 1% per month (or part thereof) on the amount of tax not deducted, and at 1.5% per month (or part thereof) on the amount of tax deducted but ...

ITAT Nagpur held that addition is liable to be deleted since the entire sales having already been recorded in the books of accounts and no sales having been found to have been made out of the books of ...

Former MP transport constable Saurabh Sharma got bail in the Lokayukta case due to a delayed challan but remains in jail as he awaits bail in money laundering case.

The landlord's PAN must be mentioned in the TDS challan. However, if the PAN is missing or inactive, the TDS is levied at 20% under Section 206AA. On the other hand, for Non-Resident Indian (NRI) ...

Mahila Samman Savings Certificate Women depositors have a unique investment opportunity in the form of the Mahila ... under Section 80D of the Income Tax Act. Challan-cum-statement March 30 ...

Before filing Income Tax Return (ITR) in FY 2024-25 under the old income tax regime you need to complete all necessary steps by March 31.

or any other taxable income. Read: Old and new tax regimes: How to choose the best option for saving money Check TDS deductions: Verify the TDS already deducted by your employer and banks (check Form ...