Income Tax articles

How to submit Declaration of Non filing of TDS Statement

Important Information on Declaration of Non filing of Statement ♣ If a Deductor is not required to file statement for a particular period, then, Intimation or Show Cause notice from the Department can be avoided by giving Non Filing declaration ♣ Non Filing Declaration is implemented from Financial Year 2013-14 onwards ♣ It is requi...

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Posted Under: Income Tax |

How to edit deductee details in unmatched TDS/TCS challans

Brief Steps for Online Challan Correction- Edit deductee details in unmatched challans This feature enables deductor to Edit deductee details in unmatched challans , this Functionality is available from FY 13-14 onwards only if Digital Signature Certificate is registered at TRACES website Step 1 : Login to TRACES Step 2 : Go to “Request...

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Posted Under: Income Tax |

How to View Status of Regular & Correction TDS/ TCS statement filed

Important Information on Statement Status ♣ For Donwloading Form 16/16A, Consolidated file, justification Report, etc. and for filing Online correction, it is important that relevant statement should be processed. ♣ Statement Status can be viewed only after Login into TRACES by deductor ♣ Statement status will help Deductor to check...

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Posted Under: Income Tax |

How Capital Income Tax Is Calculated If We Demolish Property

One of the most lucrative investments in India is to invest in properties. People constantly buy, sell, renovate and even demolish properties as per their convenience. All of these transactions have income tax implications. Whenever there is a transaction of profit that falls in an appropriate income tax slab, the profit amount becomes ta...

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Furnishing of Form 15H where no tax payable after Sec 87A Rebate

As per the amended provisions of Section 87A of the Income Tax Act,  from AY 2020-21 i.e. FY 2019-20 onwards a tax rebate to the extent of Rs. 12,500/- is available to individual assesses being resident in India whose total income during the year does not exceed Rs.5 Lacs. Example: Mr. A resident of India […]...

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Profit Attribution to PE – a game changer

Author in this article discusses proposed taxation regime by CBDT on Profit attribution to a PE in India and recommendations thereon. It is definitely a welcome step as it will reduce the quantum of litigation....

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Posted Under: Income Tax |

How to Install / Register Digital Signature Registration on TRACES

Steps of Installation of Install Digital Signature certificate PFX file/Hard Token Requirement for usage of Digital signature certificate : ♣ Valid Digital Signature should be obtained from Third Party Vendor. ♣ Only class 2 or class 3 digital Signature certificates are allowed for the purpose of registration on TRACES. ♣ TRACES sup...

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Posted Under: Income Tax |

How to Request for Resolution under Online grievances module on Traces

Important information on Request for resolution Only registered Deductor can avail the facility of Request for Resolution under Online grievances module. Request for Resolution can be raised from FY 2007-08 onwards Deductor can upload the relevant documents along with the query Status of Tickets Open–Ticket is with TDS CPC and will be ...

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How to validate Section 197 & 195(3) Certificate from Traces

E-Tutorial 1. Important Information for Validation of 197/195(3) Certificate. 2. Brief steps for Validation of 197/195(3) Certificate. 3. Pictorial guide for Validation of 197/195(3) Certificate. 1. Important Information for “Validation of 197/195(3) Certificate.” Deductor can validate 197 & 195(3) Certificate from TRACES. This fa...

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Posted Under: Income Tax |

Online Correction of Personal Information in TDS / TCS Statement

Brief Steps for Online Correction-Personal Information This feature enables deductor to update his Personal Information in the statement. ‘Personal information’ should be updated with the latest information of the deductor. This is important as all the communication from TRACES will be done on the information available in the ...

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Posted Under: Income Tax |

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