In the evening of 12th July 2013, TRACES has restructured their website which resulted in changes in the links of the different functions (such as downloading of consolidated statement, TDS certificate, etc.) within their website. For these reasons, integration to TRACES through TDSMAN was affected owing to which users were facing difficulties. On emergency basis,…
The persons responsible to deduct TDS are mainly: Principal Officer of a company for TDS purpose including the employer in case of private employment or an employee making payment on behalf of the employer. DDO (Drawing & Disbursing Officer), In case of Govt. Office any officer designated as such. In the case of “interest on…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit): Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty Equal amount…
NSDL had launched the new FVU version 3.8 with effect from 1st July 2013 with major changes. Owing to this, downloading of Consolidated TDS file from TRACES and subsequent preparation and filing of Correction Statements was temporarily suspended. This has again resumed from 9th July 2013 and the TDSMAN team is happy to incorporate all the…
CBDT has issued an important instruction to all officers regarding refund of TDS without matching of tds amount with form 26AS. As per new instructions when an assessee approaches the Assessing Officer with requisite details and particulars in the form of TDS certificate as an evidence against any mismatched amount, the said Assessing Officer will…
From Financial Year 2013-14 (AY: 2014-15), while preparing the employee details to file TDS Returns (Form 24Q) in the 4th quarter (Jan-Mar), a provision has been made to separate out the salary earnings of the current and previous employer. This is applicable in case the employee has earned from more than one employer during the…
As rent on plant & machinery and rent on property & furniture attracted different rate of TDS, there was lot of confusion which resulted in incorrect deductions leading to unintentional defaults. This has now been addressed and from the FY: 2013-14, Section 194I (Rent Payment) has now been bifurcated into two sections as under: 194I(a)…
Income Tax Department has released Income Tax Return (ITR ) 7 as applicable for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the following link: Download ITR Form…
TDSMAN has been updated in compliance with the significant structural changes as per the new File Validation Utilitiy-FVU Ver 3.8 that has come into effect from 1st July 2013. Click here to view the changes in this new FVU. All licensed and trial users are advised to update the software. Download Trial Version Place Order…
You can download the new challan file for TDS/TCS payments from the following link: Download New challan file This file includes field for payment of late fee u/s 234E.