Course Module: Ultimate TDS and TCS Guideline FY: 2024-2025

Course Module: TDS and TCS FY: 2024-2025

TDS & TCS are super crucial! This course goes deep into these tools—trust me; they’re gold if you’re looking into consultancy. Expect clarity on sections, applying for TAN, filing returns through NSDL, correcting or revising returns…the whole package really is covered!

Income Tax Course: Income Tax and ITR Filing: Ultimate Course Content 2024-2025

1. TDS Conceptual Clarity

Definition and Purpose: Gain a clear understanding of Tax Deducted at Source, its purpose, and its role in ensuring tax compliance.
Applicability: Explore who is required to deduct Tax Deducted at Source and under which conditions.

2. How to Apply for TAN

Definition and Importance: Learn about the Tax Deduction and Collection Account Number (TAN) and why it’s essential for TDS/TCS compliance.
Application Process: Step-by-step guide on applying for TAN through various methods.

3. New TAN Registration Process on Income Tax Portal

Online Registration: Detailed instructions for registering for TAN on the Income Tax Department’s e-filing portal.

4. How to Register and Activate TAN on TRACES

TRACES Overview: Introduction to the TRACES portal and its importance.
Registration and Activation: Detailed steps to register and activate TAN on TRACES.

5. Know PAN for Tax Deducted at Source

Role of PAN: Understanding the significance of Permanent Account Number (PAN) in TDS.
PAN Verification: Methods for verifying PAN details to ensure correct TDS deductions.

6. Sec 192 TDS on Salary

Overview: How TDS is deducted from salaries according to Section 192.
Calculation: Procedure for calculating Tax Deducted at Source on salary payments.

You Can Also Read this Blog: Big Update: New TDS Changes on Salary in Budget 2024

7. Changes in TDS on Salary FY 2024-25

Updates: Review recent changes and updates to Tax Deducted at Source rules for salaries for the financial year 2024-25.

8. Sec 192A Premature Withdrawal of Provident Fund

Overview: TDS implications on premature Provident Fund withdrawals under Section 192A.
Changes from April 2023: New rules and updates impacting TDS on PF withdrawals.

9. Form 24Q Filing

Purpose and Requirements: Learn about Form 24Q, used for Tax Deducted at Source on salaries.
Filing Procedure: How to correctly file Form 24Q.

10. New Changes in Form 24Q and PAN Verification Process

Updates: Recent changes in Form 24Q and the PAN verification process.

11. Sec 194C Tax Deducted at Source on Contractor

Contractor Payments: TDS requirements for payments made to contractors as per Section 194C.

12. Sec 194D, 194H & 194G TDS on Commission

Commission Payments: TDS implications for payments of commission and brokerage under Sections 194D, 194H, and 194G.

13. Sec 193 Interest on Securities

Interest TDS: Understanding TDS on interest earned from securities as specified in Section 193.
Changes from April 2023: Latest updates affecting this section.

14. Sec 194A Tax Deducted at Source on Interest Other Than Securities

Interest TDS: Detailed explanation of TDS on interest income not related to securities under Section 194A.

15. Sec 194 Tax Deducted at Source on Dividend

Dividend Payments: How TDS is applied to dividend payments as per Section 194.

16. Sec 194B & BB TDS on Winnings

Winnings TDS: TDS requirements for winnings from lotteries and other sources under Sections 194B and 194BB.

17. Detailed Discussion of New Section 194BA TDS on Online Gaming

New Section 194BA: Insights into the new provisions for TDS on online gaming.

18. Section 194B & BB and New Section 194BA Changes from April 2023

Updates: Recent amendments to Sections 194B, 194BB, and the introduction of Section 194BA.

19. Sec 194DA Payment of Maturity Amount of Life Insurance Premium

Maturity Payments TDS: TDS implications for maturity proceeds of life insurance policies under Section 194DA.

20. Sec 194E Payment to Non-Resident Sportsmen or Sports Associations or Entertainers

Non-Resident Payments: TDS on payments to non-resident sportsmen, sports associations, or entertainers under Section 194E.

21. Sec 194EE National Saving Scheme

NSC TDS: TDS implications for National Saving Certificate payments as per Section 194EE.

22. Sec 194F Payment on Repurchase of Units by Mutual Funds/UTI

Mutual Funds TDS: Understanding TDS on the repurchase of units by Mutual Funds/UTI under Section 194F.

23. Sec 194I Tax Deducted at Source on Rent

Rent Payments: TDS requirements for rental payments under Section 194I.

24. Sec 194IB TDS on Rent by Certain Individuals with Filing of 26QC

Specific Rent TDS: TDS on rent paid by specific individuals and the process for filing Form 26QC under Section 194IB.

25. Sec 194IC Payment Under Joint Development Agreement

Joint Development Agreement: TDS requirements under Section 194IC for payments related to joint development agreements.

26. Section 194IC Change from April 2023

Updates: Recent changes to Section 194IC effective from April 2023.

27. Sec 194J Tax Deducted at Source on Professional Services

Professional Services TDS: TDS on payments for professional services under Section 194J.

28. Sec 194LA Compensation on Compulsory Acquisition of Immovable Property

Compensation TDS: TDS on compensation for compulsory acquisition of immovable property under Section 194LA.

29. Sec 194K Tax Deducted at Source on Contract, Commission or Brokerage or Fee for Professional Service

Comprehensive TDS: TDS requirements under Section 194K for contracts, commissions, brokerage, and professional fees.

30. Sec 194M Tax Deducted at Source on Certain Payments

Certain Payments: TDS implications on specified payments under Section 194M.

31. Sec 194N Tax Deducted at Source on Cash Withdrawal

Cash Withdrawal TDS: TDS requirements for large cash withdrawals under Section 194N.
Changes from April 2023: Updates affecting Section 194N.

32. Sec 194O Tax Deducted at Source on E-Commerce

E-Commerce TDS: TDS requirements for e-commerce transactions under Section 194O.

33. New Way to Pay TDS and TCS w.e.f. 1st April 2023

Payment Methods: Introduction of new procedures for paying TDS and TCS from April 2023.

34. New TDS Rules from January 2024 for Section 194O and 194H

Upcoming Changes: New TDS rules for Sections 194O and 194H effective from January 2024.

35. Sec 194P Pension (Along with Interest on Bank Account)

Pension TDS: TDS on pension and interest on bank accounts under Section 194P.

36. Sec 194Q Tax Deducted at Source on Purchase of Goods

Goods Purchase TDS: TDS implications for the purchase of goods under Section 194Q.

37. Sec 194R Tax Deducted at Source on Perquisites

Perquisites TDS: Understanding TDS on perquisites under Section 194R.

38. Sec 194S TDS on Virtual Digital Assets

Digital Assets TDS: TDS requirements for virtual digital assets (cryptocurrencies) under Section 194S.
Challan 26QE: Procedures related to Challan 26QE for digital assets.

39. TCS All Sections (Complete Concept Clarity)

TCS Overview: Detailed discussion of all TCS provisions, including TCS on certain goods, sales of goods, motor vehicles, leases, toll plazas, and foreign remittances.
TCS Rate Chart: Current TCS rates and applicable transactions.

40. TCS Changes from April 2023

Updates: Recent changes in TCS regulations from April 2023.

41. TCS Changes from October 2023

Updates: Additional changes in TCS regulations effective from October 2023.

42. Form 26Q Filing

Purpose and Procedure: How to file Form 26Q for TDS on payments other than salaries.

43. Form 27EQ Filing

Purpose and Procedure: Filing Form 27EQ for TCS returns.

44. Correction of TDS Returns

Correction Procedures: Steps to correct errors in TDS returns.

45. Form 16, 16A Download

Forms Overview: How to download Form 16 and Form 16A, crucial for TDS compliance.

46. Section 195 Tax Deducted at Source on Non-Resident Payments

Non-Resident TDS: TDS obligations on payments to non-residents under Section 195.

47. TDS & TCS Return Filing Due Dates, Late Filing, Late Deduction, Late Payment

Deadlines: Understanding due dates for TDS and TCS return filing, and the consequences of late filing, deduction, or payment.

48. Form 27Q Filing

Purpose and Procedure: How to file Form 27Q for TDS on payments to non-residents.

49. How to Pay TDS and TCS Online

Online Payment: Procedures for online payment of TDS and TCS.

50. How to Download CSI File

CSI File: Instructions for downloading the Computation of Source Information (CSI) file.

51. How to Download TDS RPU Free Utility

RPU Utility: Steps to download and use the TDS Return Preparation Utility (RPU).

52. How to Upload TDS and TCS Return Online

Online Upload: Process for uploading TDS and TCS returns online.

53. How to Do OLTAS Challan Correction

Challan Correction: How to correct errors in OLTAS challans.

54. How to Register DSC on TRACES

DSC Registration: Steps for registering a Digital Signature Certificate (DSC) on the TRACES portal.

55. How to Download Justification Report

Justification Report: Process for downloading justification reports for TDS and TCS.

56. How to Do Offline Correction in TDS and TCS Return

Offline Corrections: Methods for making offline corrections to TDS and TCS returns.

57. New Way to Pay TDS/TCS and Download CSI File

Updated Procedures: New methods for paying TDS/TCS and downloading the CSI file.

58. TDS on Purchase of Goods (Section 194Q)

Purchase of Goods TDS: Detailed explanation of TDS on goods purchases under Section 194Q.

59. TCS on Sales of Goods

Sales of Goods TCS: Understanding TCS on sales of goods, including rate charts and applicable provisions.

60. Section 194IA Tax Deducted at Source on Sale of Property

Property Sale TDS: Detailed discussion on TDS for property sales under Section 194IA.
Live Filing of 26QB: Practical guidance on filing Form 26QB.
TRACES Website: Register and login procedures through PAN.
Correction in Form 26QB: Methods to correct Form 26QB errors, both via TRACES and Internet Banking.
Download Form 16B: How to obtain Form 16B.
NRI Property Sale: TDS implications for non-resident sellers and how to apply for a lower deduction certificate using Form 13.
New Way to Pay TDS on Property 26QB: Updates to the payment process for TDS on property sales effective from April 2023.

This course module provides a comprehensive overview of the latest updates and procedures related to TDS and TCS for the financial year 2024-2025. Each section is designed to give you clear insights into the specific requirements, updates, and processes involved in tax compliance.