The procedure for paying the TDS amount into the bank subsequently, i.e. not immediately after furnishing the purchase transaction details online are: Using this facility deductor (Buyer) can furnish the details online and make the payment of taxes subsequently either through net-banking account or by visiting any of the authorized bank branches. Following are the…
E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the authorized banks. Please follow the steps as under to pay tax online:- Step 1: a) Log on to NSDL-TIN website (www.tin-nsdl.com). b) Click on the option Furnish TDS on property….
TDS certificate in Part A of Form 16 shall be generated only for those PANs that have been reported in Annexure II(Salary Details) of 24Q statement for 4th quarter.
After incorporating the new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any software. Steps to file Income Tax Returns without using software: 1. Log on to www.incometaxindiaefiling.gov.in 2. Click on login option. 3. Once you click the login option, you will be…
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should…
Provisions related to TDS payment and furnishing of TDS Certificate 1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made. 2. TDS payment u/s. 194-IA shall be accompanied by a…
A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages Section No. Nature of Payment Threshold Total Payment During the Year Payment to Individual or HUF Others 193 Interest on Debentures Rs. 5000/- 10% 10% 194 Deemed Dividend – 10% 10% 194 A Interest by banks (Other than interest on securities)…
From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number. The Central Board of Direct Taxes (CBDT)…