ALL Tax & Roc Compliance

04/09/2025

24/07/2024

The Finance Bill, 2024 introduces a new section 194T under the Income Tax Act to mandate the deduction of tax at source (TDS) by partnership firms on certain payments to partners. Key points of this amendment include:

1. **Introduction of Section 194T**: Partnership firms must deduct TDS on payments such as salary, remuneration, commission, bonus, or interest to their partners.

2. **TDS Rate and Threshold**:
- The TDS rate is set at 10%.
- No TDS is required if the total payment to a partner does not exceed Rs 20,000 in a financial year.

3. **Effective Date**: The new TDS provision will be effective from April 1, 2025 (Assessment Year 2025-26 onwards).

4. **Timing of Deduction**: TDS must be deducted either at the time of crediting the sum to the partner's account (including capital account) or at the time of actual payment, whichever occurs earlier.

This amendment aims to bring transparency and compliance in financial transactions within partnership firms.

23/06/2024

Due date for filing Income Tax Return ( Non Audit) Assesses is 31.07.2024

26/01/2022

HAPPY REPUBLIC DAY

01/01/2022

HAPPY NEW YEAR TO ALL

25/12/2021

Merry Christmas to all

04/11/2021

Wish u all a very Happy & Prosperous Diwali

09/09/2021

"Extension of Due Date of Return filing under IncomeTax"

The details are as under:

1. ITR: 31st July, 2021 as extended to 30th September, is further extended to 31st December, 2021

2. Tax Audit: 30th September, 2021, as extended to 31st October, 2021 is further extended to 15th January, 2022;

3. Transfer Pricing Report: 31st October, 2021, as extended to 30th November, 2021 is extended to 31st January, 2022;

4. ITR: 31st October, 2021 as extended to 30th November, 2021 is further extended to 15th February, 2022;

5. ITR: 30th November, 2021 as extended to 31st December, 2021 is further extended to 28th February, 2022;

6. Belated/Revised ITR: 31st December, 2021 as extended to 31st January, 2022 is further extended to 31st March, 2022;

Interest under Sec 234A applicable where tax more than Rs.1 Lakh.

On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Incom