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Income Tax : Receive a reminder from CPC (TDS) to file your TDS Statement 26Q for Quarter 4, F.Y. 2023-24. Understand implications of non-compl...
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Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
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Government of India vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31.03.2020. notified relief measures related to Income Tax return filings, GST compliance, PAN-Aadhar linkage and other statutory and regulatory issues. Income Tax Act 1961 also covers under the Specified Act as per Para 2 of the ordinance. Extension of TDS Return […]
Section 194C Note on Deduction of Tax At Source From Payment To Contractors/Sub-Contractors Definition/Meaning Any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor. The term contractor will include a sub-contractor also. Scope […]
Many times we file application for obtaining lower deduction or nil deduction certificate u/s 197. But while obtaining this certificate we might miss out on some important factors due to which incorrect reporting under section 197 will occur and hence assessee will be consider as assessee in default. Incorrect reporting of 197 Certificates: Please refer […]
As we all aware that currently this is the TDS compliance period is going on. At the time of compliance many tax deductor face the confusion at the time of tax deduction such at what amount the TDS should be deducted and at what amount, when the invoice is issue within ambit of GST? That […]
Centralized Processing Cell (TDS) has observed from its records that though you have reported deductees with more than Rs. 50,000 of TDS in your Quarterly TDS statements, but the PANs are either ‘Not Available’ or ‘Invalid’. The ‘Invalid’ PANs appear structurally valid, however, they are actually incorrect, as they are not available in the PAN Master records.
Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They […]
Article explains Amendments as passed by The Finance Act, 2020 on 27 March 2020 viz viz Amendments as introduced by The Finance Bill, 2020 on 1 February 2020 related to Section 194A and SECTION 197A by which Central Government Is Empowered To Provide For A Lower Rate Of TDS, Section 194J related to TDS In […]
Ques: What is online challan correction? Ans: Online challan correction is a utility introduced by the CPC(TDS) wherein any mismatch in the challans in the statements filed by the deductors can be corrected through the online mechanism on the CPC (TDS) Website itself.
The concept of TDS requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient.
Many times, we faced this situation where we have TAN but we do not have any transaction for which we need to file any TDS return for that quarter. So in such situation most of people just don’t file return as well as they don’t even intimate regarding this to the department. Due to this […]