Finance : Navigate TDS rates and compliances for FY 2023-24 onwards. Learn about TDS payment due dates, late fees, interest, penalty, prosec...
Income Tax : Stay compliant with TDS regulations. Learn about the TDS rate chart for various payments under the Income Tax Act to ensure accura...
Income Tax : In this article, various TDS rates applicable for FY 2021-2022 (AY 2022-2023) i.e. for the period from 01.04.2021 to 31.03.2022 ...
Income Tax : The Tax deducted at source (TDS) is covered under chapter XVII of the Income Tax Act, 1961. There are number of sections & subsect...
Income Tax : A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a r...
Corporate Law : Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TD...
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...
Income Tax : Onora Hospitality Pvt. Ltd. Vs ACIT (Karnataka High Court) The issue under consideration is whether the prosecution of the petitio...
Income Tax : The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said ...
Income Tax : 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 T...
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. 46/2014-Income Tax (4) The certificate for no deduction of tax shall be valid only with regard to the person resp...
Income Tax : Circular No. 8/2013-Income Tax Provisions of TDS on Salary as applicable on Income from Salary for Financial year 2013-14 / Asses...
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...
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
Centralized Processing Cell (TDS) has observed from its records that C9 Corrections for Quarterly TDS Statements have repeatedly been submitted during Financial Year 2013-14. Please note that CPC (TDS) does not encourage frequent submission of C9 corrections.
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.
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 and deduction provisions.
Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issued by the Directorate of Income Tax – Systems). Flag “Y” should be selected in the field of ‘Reason for non deduction/ lower deduction/higher deduction/ threshold’ to highlight transactions where TDS is not deducted as the threshold for deducting tax has not exceeded. If threshold flag is provided then rate of deduction should be ‘0.0000’ and tax deducted/ deposited (deductee) amount should be ‘0.00’. Threshold flag is can be quoted only against the following section codes in corresponding challan details:
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
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 (3) of section 200.Statement of collection of tax under proviso to sub-section (3) of section 206C.
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 corporations, […]
Background The Central Board of Direct Taxes (“CBDT”) has issued notifications amending the rules in relation to compliance procedures as follows: • Forms for furnishing information to the income-tax department by a person responsible for making payments to a non-resident / foreign company. • Withholding tax or tax deducted at source (“TDS”) / tax collected […]
