The Indian Income Tax Department has introduced the latest versions of its Excel utilities for filing Income Tax Returns (ITRs) for the Assessment Year 2024-25.
From October 1, 2024, the government mandated employers to consider the TDS/TCS deducted on non-salary income when computing TDS on salary. This adjustment aims to reduce the excessive TDS deductions often faced by salaried employees by ensuring that tax already paid on non-salaried income is accounted for.
In this article, we discuss its implications on composition taxpayers and give some tips to reduce the financial and compliance burden.
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