Tax Insights & Financial Updates
Stay informed with the latest tax news, financial updates, expert insights, and practical guides to navigate your taxation and financial journey
TDS Returns Filing Guide: Forms 24Q, 26Q, 27Q & 27EQ (FY 2025–26)
Filing TDS returns accurately and on time is mandatory once TDS/TCS is deducted or collected.Incorrect returns lead to fees, penalties and income tax notices. This WonderTax guide explains all TDS return forms, their applicability and compliance time...
Section 194N: TDS on Cash Withdrawals (Limits, Exceptions & Business Impact – FY 2025–26)
To discourage excessive cash usage and improve tax compliance, the government introduced Section 194N, which mandates TDS on cash withdrawals from banks, co-operative banks and post offices. Many businesses and individuals are unaware of this section...
Section 194S: TDS on Crypto & Virtual Digital Assets (VDA) – FY 2025–26 Guide
To track crypto transactions, the government introduced Section 194S, mandating 1% TDS on transfer of Virtual Digital Assets (VDAs). This applies even if: Transaction is loss-making Trade is peer-to-peer Exchange is foreign Applicability of Sec...
Section 197: Lower / Nil TDS Certificate (How to Reduce Excess TDS)
Many taxpayers suffer huge cash-flow issues due to excess TDS.Section 197 allows eligible taxpayers to apply for a Lower or Nil TDS Certificate. This WonderTax guide explains: Who can apply How to apply online Common mistakes Practical examples ...
Section 195: TDS on Payments to NRIs (Rates, DTAA & Common Mistakes) – FY 2025–26 Guide
Payments to Non-Resident Indians (NRIs) attract special tax treatment in India.Section 195 is one of the most critical and high-risk TDS provisions, as wrong deduction can block remittances, invite notices, and cause litigation. This WonderTax guide ...
Section 194IC: TDS on Joint Development Agreements (JDA)
Joint Development Agreements (JDAs) are common in real estate projects.To ensure tax compliance, Section 194IC requires TDS on monetary consideration paid by developers to landowners. What Is Section 194IC? Section 194IC applies when: Landowner ent...
Section 194IA: TDS on Property Purchase (Buyer’s Compliance Guide)
Property buyers often overlook TDS obligations, leading to heavy penalties.Section 194IA makes the buyer responsible for deducting TDS while purchasing property. This WonderTax guide explains everything a buyer must know. Applicability of Section 19...
Section 206C(1H): TCS on Sale of Goods (FY 2025–26 Complete Guide)
Section 206C(1H) introduced Tax Collected at Source (TCS) on sale of goods to widen the tax base and track large commercial transactions. This provision often causes confusion because of its overlap with Section 194Q (TDS on purchase of goods). This ...
Section 194Q: TDS on Purchase of Goods (FY 2025–26 Practical Guide)
Section 194Q introduced a buyer-based TDS obligation on purchase of goods, creating confusion due to overlap with Section 206C(1H) (TCS). This WonderTax guide simplifies: When 194Q applies Who deducts TDS Priority between TDS & TCS Examples and c...
Section 194C: TDS on Contractors & Sub-Contractors (FY 2025–26 Complete Guide)
Payments to contractors and sub-contractors are extremely common across industries — construction, logistics, manufacturing, IT services, and marketing. Section 194C governs TDS on contract payments, and errors here are among the top triggers for TDS...
