TCS - Page 36

Frequently asked question on Annual Tax Statement (ATS)

What is the annual tax statement? The annual tax statement is a list that contains details about all the tax deducted at source (TDS) or tax collected at source (TCS) for a particular permanent account number. This amount may be deducted either by an employer in case of salaried individuals or by bank for fixed […]...

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Posted Under: Income Tax |

Effective tax rate for IT Companies will go up once exemption for STPI comes to end

IT firms such as TCS, Infosys and Wipro expect their effective tax rates to go up in the coming years as more of their delivery units come out of Software Technology Parks of India. This would further impact the net profit of these companies, already under pressure because of the global economic crisis. The actual […]...

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Posted Under: Income Tax |

Quoting of Unique transaction Number (UTN) in ITR and practical issues

It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database […]...

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Posted Under: Income Tax |

Analysis of new system for TDS / TCS payment and information reporting

Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TC...

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Posted Under: Income Tax |

Income Tax Return (ITR) Filing Procedure for A.Y. 2009-10

ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head P...

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Posted Under: Income Tax |

New TDS and TCS payment and information reporting system

Circular No. 02/2009-Income tax (21/05/2009)

CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The advance tax and self assessment tax is p...

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CBDT postponed payment of TDS in form No. 17 to 1st July 2009

The Central Board of Direct Taxes have decided to defer the implementation of Notification No.31/2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come into effect on 1st July 2009 instead of 1st April 2009....

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Posted Under: Income Tax |

Income tax forms in excel, word & PDF format

On the request of my viewers I have uploaded some of the Income Tax forms in Excel, Word and PDF Format. Although, I haven’t uploaded all the forms but I uploaded most of the important forms. If any viewers have any form other then those uploaded in excel word format he can mail those to us at our mail id info@taxguru.in and we will upl...

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NSDL hiked fees for E-Filing of TDS, TCS & AIR Return & TAN application

NSDL has hiked the fees for E-Filing of TDS, TCS & AIR Return & TAN application. Revise fees structure is as follows:-...

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Posted Under: Income Tax |

Amendments to the provisions of Dematerialisation of TDS and TCS certificates

A scheme for dematerialisation of Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) certificates was introduced through the Finance Act, 2004, with effect from 01.04.2005 for any deduction or collection of tax at source made on or after 01.04.2005. The commencement of this scheme was postponed to 01.04.2006 by the Finance Act, 2...

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Posted Under: Income Tax |

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