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e- TDS return – How to make correction or Revision in TDS Payment challan Details?

September 15, 2011 7676 Views 0 comment Print

How can I update a challan? You can update any of the details provided in the challan viz; CIN details, amounts etc. Points to be kept in mind while updating challan: identify the challan to be updated by its sequence no as per regular statement , CIN, deposit amount as per regular statement. Update the challan detail as required. Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular statement as well.

PAN-wise ledger & different views to be available soon online

September 15, 2011 4348 Views 0 comment Print

How will the PAN-wise ledger account be created by NSDL in respect of payment of TDS made by deductors in banks? The PAN-wise ledger account will be created after matching the information in the TDS/TCS statements filed by the deductor/collector and the details of tax deposited in banks coming through On Line Tax Account System (OLTAS).

Why to furnish Correction / Revised TDS/TCS statement & Procedure

September 15, 2011 7548 Views 9 comments Print

Deductor/collector is required to furnish one regular TDS/TCS statement for a particular TAN, Form, Financial year and quarter. In case there are any additions/updations to be made to the details of the regular statement accepted at the TIN central system, the same should be done by furnishing a correction statement. The payment information provided in the regular TDS/TCS statement, is verified with the corresponding details provided by the bank where tax was deposited. On successful verification credit of tax deducted/collected by you is reflected in the annual tax statement (Form 26AS) of the deductees/transacting parties where PAN of deductee / transacting party is present.

e-TDS Return – Preparation of Correction Statement More than Once on the Same Regular Statement (Correction on Correction)

September 14, 2011 12096 Views 0 comment Print

How many times can I furnish a correction TDS/TCS statement? A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once. What are the important points to be kept in mind while preparing correction statement more than once on the same regular statement?

How to Verify correctness of e-TDS/TCS return Prepared and FAQs on File Validation Utility (FVU)

September 14, 2011 5731 Views 1 comment Print

After I prepare my e-TDS/TCS return, is there any way I can check/verify whether it conforms to the prescribed data structure (file format)? Yes, after you have prepared your e-TDS/TCS return you can check/verify the same by using the File Validation Utility (FVU). This utility is freely downloadable from the NSDL-TIN website.

How Form No. 24Q to be filled up in absence of column for section 80C & FAQ

September 14, 2011 6889 Views 0 comment Print

The manner of computing total income has been changed in the budget for the current year by allowing deduction under section 80C. However, the present Form No. 24Q shows a column for rebate under section 88, 88B, 88C and 88D. How should Form No. 24Q be filled up in absence of a column for section 80C?

TDS/TCS return – Where to File, Basic Details, Charges, Due Dates, Procedure, Forms

September 14, 2011 4182 Views 1 comment Print

Where can I file my TDS/TCS return? You can file your TDS/TCS return at any of the TIN-FCs managed by NSDL. TIN-FCs are set-up at specified locations across the country. Details are given in the NSDL-TIN website. These can also be furnished directly at NSDL-TIN web-site.

Procedure for filing e-TDS/TCS Returns with Insufficient Deductee PAN

September 14, 2011 2449 Views 0 comment Print

How do I file my quarterly e-TDS/TCS return, if I don’t have PANs of all deductees? You can file your e-TDS/TCS return for the deductees who have valid PANs and subsequently file correction return for remaining deductees whose PANs were not available with you while furnishing regular return.

Criteria / Guidelines for Income tax Scrutiny for A.Y. 2010-11 / F.Y. 2009-2010

September 10, 2011 11706 Views 0 comment Print

Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing officers to their respective Range heads by the 15th of the following month and also displayed on the notice Board of their offices .

Tower sharing not liable for VAT – Karnataka HC

September 7, 2011 2931 Views 3 comments Print

Division Bench of the Karnataka High Court held that tower sharing by Telecom Infrastructure companies with telecom service providers is not liable for levy of VAT, as there is no transfer of right to use. M/s. Indus Tower Limited V/s. The Deputy Commissioner of Commercial taxes

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