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tax deducted at source

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Interest for failure to Collect/Deduct & for delayed TDS/TCS Payment

Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...

June 6, 2022 156754 Views 2 comments Print

TDS U/s. 194A, 194J &193 of Income Tax Act, 1961

Income Tax : For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of gene...

June 6, 2022 234173 Views 3 comments Print

Lower or No Deduction Certificate – Let’s Apply!

Corporate Law : Introduction: Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is a kind of advance tax that needs to be deposited wi...

May 19, 2021 9546 Views 2 comments Print

Guide to meet TDS / TCS Obligations for deductor/Collector

Income Tax : What Is TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the for...

July 28, 2020 22996 Views 5 comments Print

Duties of Person Deducting Tax at Source (TDS)

Income Tax : Deduct Tax at Correct Rate and deposit in Government Account, Electronic payment of taxes, Issue a TDS certificate, File Return/Qu...

April 3, 2020 24723 Views 2 comments Print


Latest News


Income Tax Department takes Several Punitive and Deterrent Steps to Unearth Unaccounted Money And Curb Tax Evasion

Income Tax : The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These incl...

August 6, 2011 2013 Views 0 comment Print

IT dept surveyed Hospitals for TDS compliance

Income Tax : The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with ...

October 4, 2010 471 Views 0 comment Print

CBDT put burden on Taxpayers to persuade the deductors to rectify the deficiencies in TDS returns filed by them

Income Tax : On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpa...

August 21, 2010 3504 Views 0 comment Print

Centralised Processing Centre (CPC) At Bangalore Performing Successfully

Income Tax : Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed an...

August 4, 2010 36513 Views 78 comments Print

Incomplete TDS certificates issued by deductor delaying Income tax refunds

Income Tax : Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the t...

July 30, 2010 1367 Views 0 comment Print


Latest Notifications


TDS Amendment – Payment Due Date/ Mode, Furnishing of TDS certificate

Income Tax : Notification No.31/2009 - Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishin...

March 25, 2009 52872 Views 19 comments Print

New Income Tax Notification on Credit of TDS on the basis of info submitted by deductee

Income Tax : Notification No. 28/2009 - Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inser...

March 16, 2009 10250 Views 0 comment Print


TDS Amendment – Payment Due Date/ Mode, Furnishing of TDS certificate

March 25, 2009 52872 Views 19 comments Print

Notification No.31/2009 – Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishing of TDS certificate. Form No.16 shall be furnished to the deductee within one week after the date on which the sum of tax deducted at source is paid to the credit of the Central Government if the payment in respect of which the tax so deducted is by way of crediting on the date upto which the accounts of the deductor are made;

New Rule on Tax Credit clarified person other then deductees who else can claim Tax Credit

March 22, 2009 32447 Views 0 comment Print

Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]

New Income Tax Notification on Credit of TDS on the basis of info submitted by deductee

March 16, 2009 10250 Views 0 comment Print

Notification No. 28/2009 – Income Tax 2. In the Income-tax Rules, 1962,- (A) after rule 37B, the following rule shall be inserted, namely:- “Credit for tax deducted at source for the purposes of section 199. 37BA. (1) Credit for tax deducted at source and paid to the Central Government in accordance with the provisions of Chapter XVII, shall be given to the person to whom payment has been made or credit has been given (hereinafter referred to as deductee) on the basis of information relating to deduction of tax furnished by the deductor to the income-tax authority or the person authorised by such authority.

Last date for payment of advance tax is March 15, Pay Tax to avoid Interest

March 10, 2009 5948 Views 0 comment Print

Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]

IT Dept launches campaign against TDS payment defulters

February 20, 2009 510 Views 0 comment Print

The income-tax department has launched a campaign against those assessees who deduct tax from various payments they make but don’t remit the same into the government treasury, Pradeep Sharma, commissioner of income-tax for tax deducted at source (TDS) said on Monday. Sharma said the department has begun checking the records of assessees to find out […]

I-T dept Mumbai surveyed 50-60 companies who defaulted in payment of TDS

January 22, 2009 357 Views 0 comment Print

The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department.

Failure to remit tax will invite prosecution: IT department

January 18, 2009 423 Views 0 comment Print

Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution.

E-returns – Income Tax dept discovers Rs 1,700 cr gap

December 26, 2008 433 Views 0 comment Print

During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).

Higher TDS IF PAN no. Not disclosed to deductor

July 23, 2008 2096 Views 0 comment Print

Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income. The Central Board of Direct Taxes is considering changes to the Act to this effect.

CBDT clarifies no annexures to be attached to Income Tax Returns Form (ITR)

July 21, 2008 956 Views 0 comment Print

(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures; (ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be received by giving a Return Receipt Number, as if it were a return. These ITR-V verification forms are to be received in separate counters to be set up for the purpose and these forms should be kept in safe custody