TDS Provisions

Income Tax Deductors! Time To File TDS Statement

Income Tax - E-File TDS Statement for the Quarter ended on 31st March 2019 by 31st May 2019. Due date is extended to 30th June 2019 for Odisha. Avoid Late Fees of Rs. 200/- per day and levy of Penalty upto Rs. 1,00,000 by filing TDS Statement on or before due date. INCOME TAX DEDUCTORS! -TIME TO FILE […]...

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TDS Rate Chart for AY 2020-21 / FY 2019-20

Income Tax - The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up […]...

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TDS Rate Chart for the FY-2019-2020

Income Tax - TDS Rate Chart for the Financial Year (FY) -2019-2020 / TDS Rate Chart for the Assessment Year (AY) -2020-2021. Article Prescribes Nature of Payment on which TDS is deductible, Section under which TDS is deductible, Basic amount per annum on which TDS is not deductible, TDS rate if PAN is not deductible. TDS rates are […]...

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Due date of Filing TDS statement

Income Tax - To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-...

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How to Automate Year End Investment Submission and Verification System

Income Tax - Employers need to deduct taxes from the salaries of their employees every month. To save these taxes, employees submit investment declarations through which they claim allowances and deductions. So, before deducting taxes, an employer computes the taxable income of his employees based on these declarations....

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TDS Provision U/s. 194C applicable to association of persons and body of individuals

Income Tax - Sub-section (1) of section 194C of the Income-tax Act provides for deduction of income-tax at source from any sum credited or paid to a resident contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and the Government, local authorities, statutory corp...

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT Vs M/s Sess Resources Ltd. (ITAT Panaji) - The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agen...

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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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Revised procedure for issue of Part B of TDS certificate in Form No. 16

Notification No. 9/2019-Income Tax - (06/05/2019) - Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg....

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Issue nil TDS certificate to deductor & lower TDS certificate to recipient of income – CBDT Directs

Notification No. 46/2014-Income Tax - (24/09/2014) - Notification No. 46/2014-Income Tax (4) The certificate for no deduction of tax shall be valid only with regard to the person responsible for deducting the tax and named therein. (5) The certificate referred to in sub-rule (4) shall be issued direct to the person responsible for deducting the tax un...

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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 /TCS Changes in Due Date for Payment, Return Filing, Mode of Payment, Time to Furnish Certificate

Notification No. 41/2010-Income Tax - (31/05/2010) - Notification No. 41/2010-Income Tax Time and mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192. Mode of payment . Certificate of tax deducted at source to be furnished under section 203.Statement of deduction of tax under sub-section (...

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Recent Posts in "TDS Provisions"

Income Tax Deductors! Time To File TDS Statement

E-File TDS Statement for the Quarter ended on 31st March 2019 by 31st May 2019. Due date is extended to 30th June 2019 for Odisha. Avoid Late Fees of Rs. 200/- per day and levy of Penalty upto Rs. 1,00,000 by filing TDS Statement on or before due date. INCOME TAX DEDUCTORS! -TIME TO FILE […]...

Read More
Posted Under: Income Tax | ,

Revised procedure for issue of Part B of TDS certificate in Form No. 16

Notification No. 9/2019-Income Tax (06/05/2019)

Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg....

Read More

TDS Rate Chart for AY 2020-21 / FY 2019-20

The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up […]...

Read More
Posted Under: Income Tax |

TDS Rate Chart for the FY-2019-2020

TDS Rate Chart for the Financial Year (FY) -2019-2020 / TDS Rate Chart for the Assessment Year (AY) -2020-2021. Article Prescribes Nature of Payment on which TDS is deductible, Section under which TDS is deductible, Basic amount per annum on which TDS is not deductible, TDS rate if PAN is not deductible. TDS rates are […]...

Read More
Posted Under: Income Tax |

Due date of Filing TDS statement

To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-...

Read More
Posted Under: Income Tax | ,

How to Automate Year End Investment Submission and Verification System

Employers need to deduct taxes from the salaries of their employees every month. To save these taxes, employees submit investment declarations through which they claim allowances and deductions. So, before deducting taxes, an employer computes the taxable income of his employees based on these declarations....

Read More

TDS Rate chart as applicable for Financial Year 2017-18

Download TDS RATE FOR A.Y 2018-19 / F.Y. 2017-18  in PDF Format TDS Rate chart applicable for Financial Year 2017-18 S.no Section Nature of Income Amout over which TDS to be deducted Rate of TDS If PAN is available If PAN is not available 1 192 Salary to be seen as per slab Average Rate […]...

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Posted Under: Income Tax |

No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT Vs M/s Sess Resources Ltd. (ITAT Panaji)

The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agent arise & thus there is no liability to ...

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TDS on Salaries – Procedure to deduct TDS – Compliances

CA C. Maheshwar Reddy TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Back Ground: Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable […]...

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Posted Under: Income Tax | ,

TDS Under Income Tax: Tedious Job With No Carrots Only Sticks..!!!

We can blame it on abbreviation , but TDS ( Tax Deducted at Source ) rhymes with TEDIOUS, as if reflecting the plight of Tax Payers and Tax practitioners. This is the most convenient way of collecting Income Tax by creating legal obligation on person making certain payments. ...

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Posted Under: Income Tax | ,

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