Section 194T Compliance is Mandatory from 1st April 2025!
Effective from 1st April 2025, the Income Tax Act
introduces a new compliance requirement under Section 194T for payments made to
partners. If a firm makes payments such as salary, bonus, commission, or
interest to its partners exceeding ?20,000 during a financial year, it will be
liable to deduct TDS (Tax Deducted at Source) at the rate of 10%.
- 21st Jan 2025
- Category: Taxation
- views: 206
Time of Supply in GST
The Time of Supply under GST determines when GST
liability arises. Understanding these rules is essential for timely compliance
and accurate tax payments.
- 16th Jan 2025
- Category: Taxation
- views: 278
Place of Supply in GST
The Place of Supply under GST is essential for
determining whether a transaction is intra-state or inter-state, which decides
the type of tax—SGST and CGST for intra-state or IGST for inter-state.
Understanding these rules ensures compliance and correct tax application.
- 10th Jan 2025
- Category: Taxation
- views: 150
UPI Transactions Lead to Tax Notice
In a growing digital economy, Unified Payments
Interface (UPI) platforms such as Google Pay, PhonePe, and Paytm have made
transactions seamless and cashless. However, recent developments highlight that
even UPI payments are being tracked by tax authorities. Businesses exceeding
specific turnover thresholds are now receiving notices, and non-compliance with
GST regulations can result in hefty penalties.
- 18th Dec 2024
- Category: Taxation
- views: 194
