Form No. 16 has to be issued annually by an employer (deductor) to its employees (deductee) in case of deduction made under section 192 (Salaries). It is to be noted that Form No. 16 should be issued by 31st May of the financial year immediately following the financial year in which income was paid and…
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax – Systems). Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the…
While generating Form 16 / 16A, if you are getting a message “0 PDF files generated successfully”, please download the updated version of the PDF converter utility 1.3L. Procedure to Download and install utility: Download the PDF Generation Utility by logging in to TRACES. Click on Requested Downloads under Downloads menu and then click on…
This booklet has been brought out for the first time under the Tax Payers Information Series. It is an attempt to help the taxpayers who want to apply for PAN and to explain to them the importance of PAN in their day to day functioning. The book contains the following topics :- 1. What is…
Government urges all tax payers to disclose their true income and pay appropriate taxes within the current financial year; A Compliance Management Cell has been set-up to ensure follow-up action and track return filing and tax payment of the target segment; 70,000 letters are being sent in 2 batches to high priority cases in this…
A major reason for difference in refund amount during processing is that the details of tax payment or TDS do not match with the data available with the Department. The critical checkpoints are as under: Corresponding deduction of tax (TDS) on salary by all Employers should be correctly entered in Schedule TDS1 in ITR1 or…
Relevant Sections of Income Tax Act, 1961: 139(1), 139(3), 139(4A), 139(4B), 139(4C), 139(4D), 142(1), 148(1), 153A All Applicable Return Forms for A Y 2013-14: ITR-1 (SAHAJ), ITR-2, ITR-3, ITR -4S (SUGAM), ITR-4, ITR-5, ITR-6, ITR-7 Filling of Income Tax Return in ITR-1 (SAHAJ) Assessee Category: Only Individuals Conditions: Total Income Includes = 1. Salary/Family Pension 2….
TIN with effect from May 4, 2013, revised rates for acceptance of e-TDS/TCS, Form 24G Statements and AIR at TIN Facilitation Centres (TIN-FCs). They are as under: Basis of charges Charges* 0-100 records 35.00 100-1000 records 200.00 More than 1000 records 650.00 *Inclusive of service tax
A taxpayer can view the following information in Form 26AS: Details in Form 26AS Details of tax deducted on behalf of the tax payer by deductors Details of tax collected on behalf of the tax payer by collectors Advance tax / self-assessment tax / regular assessment tax etc. deposited by the tax payers (PAN holders)…
FVU 3.71 is released and would have to be used from 26th May 2013. Click here for details TDSMAN has been updated to FVU 3.71 Please Note: FVU 3.7 has been withdrawn by IT Department