Key Features of File Validation Utility (FVU) version 2.142
Quoting of PAN of responsible person for deducting/ collecting tax. This version of FVU will be applicable with effect from April 21, 2015.
April 2015
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Key Features of File Validation Utility (FVU) version 4.6
Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e.,through transfer voucher. Quoting of BIN details mandatory only for the statements pertaining to FY 2013-14 onwards. Update of tax deposit amount in deductee details enabled for the deductee records where…
Payment of taxes – Do’s & Dont’s
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed…
Rights of Employees & Others (TDS Deductees)
Credit of TDS – If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover…
Duties of Tax Deductors (TDS)
Deduct Tax at Correct Rate and deposit in Government Account-Sec. 200 Every person responsible for deducting tax at source shall at the time of payment or credit of income, whichever is earlier, verify whether the payment being made is to be subject to deduction of tax at source. If it is so, he must deduct…
Problem in validation of Salary Returns (Form 24Q) for quarter ended March 2015
File Validation Utility (FVU) Ver. 4.5 is the latest FVU released by the Income Tax Department for validating all TDS Returns from financial year 2010-11. While validating Form 24Q (Salary TDS Return) pertaining to FY: 2014-15 (Q4), this FVU is validating the upper limit of Deduction U/s 80C as Rs. 1,00,000 instead of Rs. 1,50,000…
TDSMAN (FY: 2015-16) software can also be used for preparing TDS Returns for FY: 2014-15 (Quarter 4)
Prepare yourself with the updated TDSMAN for the financial year 2015-16. Apart from filing TDS returns for FY: 2015-16, it can also be used to file TDS returns for FY: 2014-15-Quarter 4 which falls due at 15th May, 2015 at no extra cost. Further, the same software can also be used to prepare returns (including corrections…
TDS Default Types & Tips to avoid it
One can avoid defaults in the TDS statements, by way of adherence to the following basic principles: Timely Payment of total taxes deducted/ collected Correct Reporting with regard to PANs, Tax Rate and Challans Complete Reporting for all Deductees Timely filing of TDS Statements One needs to understand the different reasons & types of…
TDS/TCS Rates Chart for F.Y. 2015-16
The TDS and TCS rates chart for the financial year 2015-16 has been given below: TDS rates for F.Y. 2015-16 Nature of Payment Made To Residents Cutoff (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section – Description …
Changes in Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) in Budget 2015
Several amendments have been proposed in the sections dealing with the deduction of tax at source. 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 1.1 Currently, the person responsible for paying salary has to depend upon the evidence/particulars furnished by the employee in respect of deductions, exemptions and set-off of loss claimed….