Section 272A

Download TDS Certificates at TRACES within Due date -Reminder

Income Tax - There are many Deductors who have filed TDS Statements for different quarters but not yet downloaded TDS Certificates (Forms 16/ 16A) from TRACES  portal should download the same immediately to avoid Penal Consequences. Downloading of TDS Certificates from TRACES made mandatory:   In this regard, your attention is invited to the CBDT ...

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Rationalisation of provisions relating to TDS and TCS

Income Tax - Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is r...

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Don't Take TDS Lightly

Income Tax - Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961. In this article we are discussing some of these provisions which makes it clea...

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Delay in Download of TDS Certificate attracts Penalty

Income Tax - Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

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Consequance for Non – Filing of TDS Statements

Income Tax - For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them....

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Recent Posts in "Section 272A"

Download TDS Certificates at TRACES within Due date -Reminder

There are many Deductors who have filed TDS Statements for different quarters but not yet downloaded TDS Certificates (Forms 16/ 16A) from TRACES  portal should download the same immediately to avoid Penal Consequences. Downloading of TDS Certificates from TRACES made mandatory:   In this regard, your attention is invited to the CBDT ...

Read More
Posted Under: Income Tax | ,

Rationalisation of provisions relating to TDS and TCS

Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is r...

Read More
Posted Under: Income Tax |

Don't Take TDS Lightly

Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961. In this article we are discussing some of these provisions which makes it clea...

Read More
Posted Under: Income Tax |

Delay in Download of TDS Certificate attracts Penalty

Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

Read More
Posted Under: Income Tax | ,

Consequance for Non – Filing of TDS Statements

For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them....

Read More
Posted Under: Income Tax | ,

TDS / TCS : CBDT Releases new version 3.8 of Return Preparation Utility (RPU)

The new version 3.8 of the Return Preparation Utility (RPU) features following significant changes from the previous: Discontinuation of functionality to delete Deductee records: For the purpose of correct reporting, deletion of Deductee rows is no longer permissible in the TDS statements. Accordingly, the delete option available unde...

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Posted Under: Income Tax | ,

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