Home Audit & Assurance Functionality for Application for Lower or Nil TDS/TCS deduction for FY 2024-25 live on Portal

Functionality for Application for Lower or Nil TDS/TCS deduction for FY 2024-25 live on Portal

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Functionality for Application for Lower or Nil TDS/TCS deduction for FY 2024-25 live on Portal

Traces Replace: Performance for Utility for Decrease or Nil TDS/TCS deduction for FY 2024-25 reside on Portal

The Revenue Tax Division has issued an replace on the TDS/ TCS deduction for FY 2024-25. The Performance for Utility for Decrease or Nil TDS/TCS deduction for FY 2024-25 is reside now on the Traces Portal.

The Tax Deducted at Supply (TDS) regime is vital to income assortment. Nonetheless, taxpayers generally discover themselves in conditions the place TDS deductions outweigh their precise tax legal responsibility, affecting their money circulate. To resolve this, the Tax Deduction and Assortment Account Quantity (TAN) system has applied the TDS Reconciliation Evaluation and Correction Enabling System (TRACES), which permits taxpayers to submit for a lesser or zero TDS deduction, thereby enhancing their monetary state of affairs.

The Updates are as follows:

1. The performance to file software in Kind 13 for decrease/nil deduction certificates below part 197 of the Revenue Tax Act 1961 for Monetary Yr 2024-25 will probably be accessible from 28.02.2024 onwards.

2. The performance to file software in Kind 15E for decrease/nil deduction certificates below part 195(2) of the Revenue Tax Act 1961 for Monetary Yr 2024-25 will probably be accessible from 28.02.2024 onwards.

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