Income Tax : Form 128 allows taxpayers to apply for reduced or nil tax deduction or collection under the Income-tax Act, 2025. It helps avoid e...
Income Tax : Form 130 becomes the new TDS certificate from April 2026 under the 2025 Act. The key takeaway is that the format changes, but the ...
Income Tax : Learn how to apply for a lower or nil TDS certificate under Form 13. Covers eligibility, applicable incomes, filing steps, validit...
Income Tax : Understand TDS on rent under Sections 194-I and 194-IB, including threshold limits, rates, timelines, filing requirements, and PAN...
Income Tax : Learn how to apply for a Lower TDS Deduction Certificate under Section 197. Understand the step-by-step process, required document...
Income Tax : The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advanc...
Income Tax : NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by t...
Income Tax : Download e-Tutorial – Form 16A (PPT) As per Income Tax Department (ITD) circular no. 03/2011 dated May 13, 2011 Companies an...
Income Tax : The existing provisions of section 203(3) of the Income-tax Act dispense with the requirement of furnishing of TDS certificates by...
Income Tax : A scheme for dematerialisation of Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) certificates was introduced through ...
Income Tax : Whether the Learned Income Tax Appellate Tribunal erred in law in holding that the amount shown in 26AS only should be taken into ...
Income Tax : Held that in absence of TDS certificate, assessee has to furnish any other evidence to support deduction of tax at source by the p...
Income Tax : Respondents have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the detail...
Income Tax : It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides th...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
Income Tax : Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with...
Income Tax : Notification No. 41/2010-Income Tax Time and mode of payment to Government account of tax deducted at source or tax paid under sub...
Income Tax : Notification No.31/2009 - Income Tax , Amendment in rules related to payment of TDS, Mode of Payment and time period for furnishin...
Income Tax : Trade Cir. No. 4 T of 2008 Section 31 of the Maharashtra Value Added Tax Act, 2002 provides for deduction of tax at Source. Sectio...
Let us say you want to send Salary Slips to Employees on a monthly basis or Form 16 to Employees on a yearly basis or Form 16A to Deductees on a quarterly basis or any other Personnel specific attachment. Many Companies/Businesses send these Forms in hard copy by couriering it to the receiving Party which calls for the Courier cost and the company’s resources.
We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely 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.
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 under “Updation mode for Deductee” has been removed from the RPU.
Immediate amendment required in Income Tax Rule 31 Rule 31 of Income Tax Rules, 1962 requires that the certificate of tax deducted at source to be furnished to the deductee within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. (i.e. on quarterly basis).
NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by the deductor. To know the correctness deductee must have the following details or should have a copy of TDS certificate issued by the deductor as information from the same need to be filled in online verification form to verify correctness of TDS Certificate (Form 16A) issued by the deductor.
CBDT has issued a Circular No. 03/2011 dated May 13, 2011 as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12 onwards). Taxpayers are advised to insist on Form 16A (quarterly TDS certificate) that has been downloaded by the Deductors from TIN Central System only.
Download e-Tutorial – Form 16A (PPT) As per Income Tax Department (ITD) circular no. 03/2011 dated May 13, 2011 Companies and Banks are required to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12). Form 16A is available to registered TANs at TIN. Form 16A is available from F.Y. 2010-11. Form 16A can be requested from TIN by all category of deductors (example; Individual, Firm, HUF, Company, Government, etc.)
It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides the procedure and circumstances for refund of tax deducted at source under section 195 of the Act to the tax deductor. How
NSDL has notified changes in data structure and validations for filing eTDS statement for FY 2010-11. These changes are effective for the forthcoming second quarter statement filing due on Oct 15, 2010. The changes are primarily to give effect to Notification 41.
