TDS Payment

All about Online payment of Direct Taxes

Income Tax - An Assessee may have to pay Income-tax, Corporate tax (i.e., income-tax paid by a company),Tax deducted at source (TDS),Tax collected at source (TCS),Securities Transaction Tax (STT) ,Wealth-tax and other direct taxes like gift tax, expenditure tax, etc.In this article we discussed for whom online payment is Compulsory , what details is r...

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E Payment of Income Tax – Fine tuning is required

Income Tax -  CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]...

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Simple ways to avoid Defaults in TDS Statements

Income Tax - 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...

Read More

Synopsis of Recent Amendments In Provisions Of TDS

Income Tax - In case of salaries and other payments, the tax deducted by the employer/deductor is required to be deposited with the tax authorities on or before seven days from the end of the month in which the tax has been deducted. A relaxation has been provid...

Read More

Do and don’ts in respect of TDS payment, TCS Payment, Advance tax payment and TDS/ TCS return filing

Income Tax - Use challan type 281 for deposit of TDS/TCS. Quote the correct 10-digit Tax Deduction Account Number (TAN), and name & address of the deductor on each challan used for depositing tax. You may verify your TAN details from Income Tax Department web-site (www.incometaxindia.gov.in) prior to depositing TDS/TCS....

Read More

Companies deducts TDS but not pay on time

Income Tax - The survey was carried out to verify whether tax was deducted under the provisions of tax deducted at source (TDS). While examining documents, the department found out that in several cases, companies have defaulted in transferring TDS to the I-T dep...

Read More

S. 234E: Recovery of fee is subject to outcome of Petition; Govt to reply on S. 234E notices – Rajasthan HC

Om Prakash Dhoot Vs UOI (Rajashthan High Court) - Under Section 234E wef 1st of July 2012 deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed. ...

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Once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction

Yashpal Sahni Vs. Assistant Commissioner of Income-tax (Bombay High Court) - From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of t...

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Extension of Due date of deposit of TDS / TCS for September 2014

PRESS RELEASE - F.No. 385/10/2014-IT(B) - (01/10/2014) - The Central Board of Direct Taxes has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month of September, 2014 from 7th October, 2014 to 10th October, 2014 without entailing any consequential interest. However, the due date for filing ...

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How to calculate TDS on Salary FY 2013-14 / AY 2014-15

Circular No. 8/2013-Income Tax - (10/10/2013) - Circular No. 8/2013-Income Tax Provisions of TDS on Salary as applicable on Income from Salary for Financial year 2013-14 / Assessment year 2014-15. This includes how to calculate TDS on Salary for Financial year 2013-14 and taxability of various components of Salary, Eligible deduction for Salarie...

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

Notification No.31/2009 - Income Tax - (25/03/2009) - 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...

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Recent Posts in "TDS Payment"

All about Online payment of Direct Taxes

An Assessee may have to pay Income-tax, Corporate tax (i.e., income-tax paid by a company),Tax deducted at source (TDS),Tax collected at source (TCS),Securities Transaction Tax (STT) ,Wealth-tax and other direct taxes like gift tax, expenditure tax, etc.In this article we discussed for whom online payment is Compulsory , what details is r...

Read More
Posted Under: Income Tax |

E Payment of Income Tax – Fine tuning is required

 CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]...

Read More
Posted Under: Income Tax |

Extension of Due date of deposit of TDS / TCS for September 2014

PRESS RELEASE - F.No. 385/10/2014-IT(B) (01/10/2014)

The Central Board of Direct Taxes has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month of September, 2014 from 7th October, 2014 to 10th October, 2014 without entailing any consequential interest. However, the due date for filing of TDS/TCS statements for the 2nd Quarte...

Read More

Simple ways to avoid Defaults in TDS Statements

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...

Read More
Posted Under: Income Tax | ,

S. 234E: Recovery of fee is subject to outcome of Petition; Govt to reply on S. 234E notices – Rajasthan HC

Om Prakash Dhoot Vs UOI (Rajashthan High Court)

Under Section 234E wef 1st of July 2012 deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues, However, the total fee cannot exceed the amount of TDS deductible for which statement was required to be filed. ...

Read More

How to calculate TDS on Salary FY 2013-14 / AY 2014-15

Circular No. 8/2013-Income Tax (10/10/2013)

Circular No. 8/2013-Income Tax Provisions of TDS on Salary as applicable on Income from Salary for Financial year 2013-14 / Assessment year 2014-15. This includes how to calculate TDS on Salary for Financial year 2013-14 and taxability of various components of Salary, Eligible deduction for Salaried Employees, TDS Due Date and TDS return...

Read More

Once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction

Yashpal Sahni Vs. Assistant Commissioner of Income-tax (Bombay High Court)

From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of the Act comes into operation and it is im...

Read More

Synopsis of Recent Amendments In Provisions Of TDS

In case of salaries and other payments, the tax deducted by the employer/deductor is required to be deposited with the tax authorities on or before seven days from the end of the month in which the tax has been deducted. A relaxation has been provid...

Read More
Posted Under: Income Tax |

Companies deducts TDS but not pay on time

The survey was carried out to verify whether tax was deducted under the provisions of tax deducted at source (TDS). While examining documents, the department found out that in several cases, companies have defaulted in transferring TDS to the I-T dep...

Read More
Posted Under: Income Tax |

Do and don’ts in respect of TDS payment, TCS Payment, Advance tax payment and TDS/ TCS return filing

Use challan type 281 for deposit of TDS/TCS. Quote the correct 10-digit Tax Deduction Account Number (TAN), and name & address of the deductor on each challan used for depositing tax. You may verify your TAN details from Income Tax Department web-site (www.incometaxindia.gov.in) prior to depositing TDS/TCS....

Read More
Posted Under: Income Tax |
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