Government has made it mandatory w.e.f 01.06.2013 on buyer of property to deduct TDS @ 1% on payment made after 01.06.2013 if Purchase Consideration of the Property exceeds Rs. 50 Lakh. Deductor can pay such TDS by any of the following mode:- Either make the payment online (through e-tax payment option) immediately or make the…
SECTION 245 OF THE INCOME-TAX ACT, 1961 – REFUNDS – SET OFF OF REFUNDS AGAINST TAX REMAINING PAYABLE – DATA PERTAINING TO NOTICES ISSUED UNDER SECTION 245 BY CPC, BANGALORE WHERE DEMAND/REFUND IS GREATER THAN RS. 5000 LETTER [F. NO. DIT(S)-III/CPC/2013-14/REFUND ADJUSTMENT], DATED 22-10-2013 In pursuance to the decision of Full Board and minutes of…
Section 203A of the Act makes it obligatory for all persons responsible for deducting tax at source to obtain and quote the Tax deduction and collection Account No (TAN) in the challans, TDS-certificates, statements and other documents. Detailed instructions in this regard are available in the department’s Circular No.497 [F.No.275/118/ 87-IT(B) dated 9.10.1987]. If a person fails to comply with the provisions of…
e-TDS return has to be prepared in accordance with the file format prescribed by the Income Tax Department. NSDL has provided free downloadable utility at http://tin-nsdl.com for the purpose of preparation of e-TDS return. Alternatively, various softwares are available for preparation of TDS returns. One can use TDSMAN software for preparation and filing of e-TDS Returns smartly and efficiently. Following points…
Nil return can be divided into two categories: 1. Nil eTDS return which have only Nil amount challan and no deductee details (We will refer it as a pure Nil eTDS return) 2. Nil TDS return having Nil amount challan and having deductee details also with remarks tag “A ” , “B” ,”T” ,”Z”,”Y” First…
As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS returns with a threshold limit of Permanent Account Number (PAN) of deductees. To facilitate deductors who face problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the…
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TDSCPC has sent a message to all the deductors, in which it has shown concern over wrong filing of TDS return by the deductors and has suggested few tips which may be helpful to file correct and timely eTDS returns. Letter send by TDSCPC is given below for your ready reference: Dear Deductor, You are…
The due date of TDS return filing for the 2nd Quarter is 15th October and during this year it is surrounded by a number of holidays including Dussehra, Navami, Ayutha Puja, Durga Mahashtami, Weekend (Saturday & Sunday). Keeping in view the stringent penalty in late filing of returns (Rs. 200/- per day), we strongly recommend…
Deductor can adust excess TDS deposited in previous Financial Year in current Financial Year with FVU version 4.0 mandatory w.e.f. 01.10.13 It means if, TDS Deductor are filing thier e-TDS return for Financial Year 2013-14, then they can also enter challan deposited in immediate previous Financial Year i.e. FY: 2012-13. All challans deposited after 01.04.2012…