Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
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Budget 2024-25: One-Month Grace Period for TDS/TCS Penalties from 1st April 2025
Update / Judgement Date
24 Jul 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Corporate ComplianceIncome Tax
The Budget 2024-25 introduces a one-month grace period for penalties related to late filing of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) statements, effective from April 1, 2025. Currently, no penalty is levied if TDS/TCS statements are filed within a year after paying the required fees and interest. The new amendment shortens this period to one month. This change aims to improve compliance and reduce mismatches in TDS/TCS during income tax return processing.
