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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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TDS/TCS Rates Chart for Financial Year 2015-16 / Assessment Year 2016-17 vide Finance Act 2015 i.e Budget 2015-16- We have updated the TDS rate chart considering the amendments made by Finance Act, 2015. Some of these amendments takes effect from 01.04.2015 and other have taken effect from 01.06.2015.
Through the Finance Act, 2015, no. of changes has been introduced In Income Tax Act, 1961 (‘Act’) in respect of TDS Compliance provisions. Some of these changes has taken effect from April 1, 2015 and some of the changes will take effect from June 1, 2015. I have tried to summarize these changes which can effect to the corporates. A Gist of the same is as follows:
Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LB , 194LC or 194LD) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head “Salaries” ) shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash , cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.
The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The Provision Shall Take effect from 01st June 2015. Income Tax should be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal to Rs. 30,000/-, with service than 5 years:-
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Income Tax Department has introduced the provision of TDS deduction on the Interest of Fixed Deposits of Co-Operative Banks in the Financial Budget of 2015-16. What are its effects and who will they affect? It seems that a lot many people will be in trouble on rural India!
NSDL has issued new file validation utility (FVU) version 4.6 for filling and correction of TDS quarterly return from FY 2010-11 and onwards. It has some additional controls put in which check various calculations and tried to get maximum information with less error. However due to more control authority has not kept in mind few concepts of TDS on salary. It is very difficult to prepare TDS on salary form 24Q return.
Have you received TDS Certificates from all your Customers? If not, you can follow up for the TDS Certificates by sending mails automatically to your Customers by following the procedure mentioned below:
Section 40 of the Income Tax Act, 1961 provides for non deduction of amount of expenditure specifically mentioned there in. One of the important provisions which merit our attention and faced by many assesses in day to day transactions is 40(a)(ia). Section 40(a)(ia) provides for disallowance of expenditure in relation to interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services payable to resident, or amounts payable to a resident contractor or sub – contractor for carrying out any work including supply of labour for carrying out any work.
As you may be aware, the due date (May 15, 2015) for filing of TDS statements for Q4, Financial Year 2014-15 is approaching fast and therefore, we are giving below the action to be taken for timely , complete and correct reporting in exercise of the above activity :- Key information to note: CPC (TDS) […]
Centralized Processing Cell (TDS) has observed that Online Corrections have been submitted by deductors on TRACES website by using Digital Signature Certificate. However, there was no Registered Digital Signature Certificates (DSC) was available in his profile on TRACES website. Immediate Attention: The Centralized Processing Cell (TDS) has provisioned for use of Digital Signature Certificate (DSC) […]