New Income Tax Law: Sections 390 to 430 Explained (TDS, TCS & Advance Tax) | TDS is Changing Forever скачать в хорошем качестве

New Income Tax Law: Sections 390 to 430 Explained (TDS, TCS & Advance Tax) | TDS is Changing Forever

New Income Tax Law: Sections 390 to 430 Explained (TDS, TCS & Advance Tax) Deep Dive into Section 393: The New TDS Table Format vs. Old 194 Series Decoding the New Direct Tax Law: From Assessment Year to "Later Tax Year" TDS, TCS, and Advance Tax: Comprehensive Analysis of Chapter 19 (New Law) Legal Analysis: Interest, Penalties, and Prosecution under Sections 423-498 Income Tax Transition: Mapping Old TDS Sections to New Sections (392-394) What’s New in TDS & Advance Tax? Old 1961 Act vs. New 2026 Provisions The End of "Previous Year" & "Assessment Year"? Understanding the New "Tax Year" New TDS Table vs. Old Section 194: Why the New Law looks like GST Major Changes in Advance Tax (Sec 403-410): What Every Accountant Should Know ALERT: Big Changes in TDS & Advance Tax Rules from April 2026! Is the New TDS Law Harder? Everything You Need to Know (Sec 390-430) Don't Make This TDS Mistake! New Interest & Penalty Rules Explained TDS is Changing Forever: The Move to a Tabular Structure Explained New Income Tax Law simplified: TDS, TCS & Advance Tax in One Video New Income Tax Law me TDS/TCS kaise check karein? Sections 392, 393 & 394 Advance Tax and TDS New Provisions: Old Law se Connection kaise banayein? Naya Income Tax Kanoon: TDS Table and New Sections 390-430 ki Puri Jankari 1. Conceptual Shift: "Tax Year" vs. "Assessment Year" The new law replaces the old "Previous Year" and "Assessment Year" terminology. Current Tax Year: The year income is earned. Later Tax Year: The year income is assessed. Prepaid Tax: Any tax (TDS, TCS, Advance Tax) paid in the Current Tax Year for a liability belonging to the Later Tax Year. 2. Core Objectives TDS/TCS: Primarily designed to prevent tax evasion by collecting tax at the point of transaction. Advance Tax: Serves two purposes—meeting the government's daily expenditure needs and solving liquidity issues for taxpayers by spreading payments across installments. 3. Key Section Mapping (Old vs. New) The new Act consolidates many individual sections into tables: TDS on Salary: Section 392 (formerly 192). TDS on Other Payments: Section 393 (formerly the 194 series). These are now organized into a large table under Section 393(1). TCS: Section 394 (formerly 206C). Advance Tax: Sections 403–410 (formerly 208–211). Interest/Late Fees: Sections 423–430 (formerly the 234 series). TAN Application: Section 397 (formerly 203A). 4. Structural Changes: The "Table" Format The new Act moves away from descriptive sections to a tabular structure (similar to GST notifications). Citations: Referencing law will now be more complex (e.g., "Section 393, Sub-section 1, Table, Serial No. 5"). Definitions: Detailed definitions (like "specified person," "brokerage," or "rent") are moved to a specific "Interpretation" section at the end of the chapter (Section 402). 5. Compliance and Violations Deductors are viewed as "agents" of the government. Consequences for defaults include: Interest (Section 398): 1% for failure to deduct; 1.5% for failure to deposit after deduction. Penalties: Section 448 (TDS) and 449 (TCS). Relief: If the payee pays the tax and files their return, the deductor may be exempted from being an "assessee in default," provided they submit a CA certificate and declaration. 6. Practical Conclusion The group concluded that because the structure has shifted to a "GST-style" notification format, practitioners must perform a line-by-line Bare Act analysis. Comparing it to the old law is helpful for context, but the new grammatical structure and tabular references are significantly different and require fresh study. Rules and forms are expected to be notified by mid-February 2026 for an April 1st implementation. ___________________________________ ___________________________________ Enjoy & stay connected with us! 👉 Join Tax By KK to watch premium GST updates:    / @gst_expert_kk   👉 Website: TaxByKK.com 👉 E Mail: contact@taxbykk.com 👉 Connect us on LinkedIn:   / gstexpertcskk   👉 Join our What's app community: https://whatsapp.com/channel/0029Va9l...