TDS / TCS (Income Tax) – Information & Resource Bank
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…
TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.7 and FVU ver. 2.143) All licensed and trial users are advised to update the software and File Validation Utility from the Utilities menu provided in the software in order to process the TDS returns. FVU ver 4.7-For statements pertaining to…
The Income Tax Department has released the following new File Validation Utilities: FVU version 4.7-For statement pertaining to FY 2010-11 onwards. FVU version 2.143-For statements pertaining to FY 2007-08 to FY 2009-10. Click here to view the key features of FVU version 4.7 Click here to view the key features of FVU version 2.143 TDSMAN…
Remark T (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable only for Form 26Q). Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I). This version of FVU…
Incorporation section code 192A and 194LBB: 192A & 194LBB have been added for below forms which will be applicable for statements pertain to FY 2015-16 & Q1 onwards. Section code 192A will be applicable for Form 26Q. Section code 194LBB will be applicable only for Form 26Q and 27Q. For section code 192A, select 92D…
The TDS/TCS Compliance for 1st Quarter of FY: 2015-16 has been given below: Last date for payment of tax deductions for June 2015 – 7th July, 2015 Last date for filing of TDS/TCS returns for Q1 of FY: 2015-16-15th July, 2015 Last date for issuance of TDS/TCS certificates for Q1 of FY: 2015-16-30th July, 2015
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 income to…
Following are the common reasons for rejecting a correction statement: TAN is not valid as per data at TDSCPC Statement corresponding to regular token number / previous token number field, as given in correction return, does not exist Previous token number does not correspond to the last accepted correction statement at TDSCPC Correction is filed…
It is proposed to release new version of NSDL e-Gov TDS/TCS-Return Preparation Utility (RPU) and File Validation Utility (FVU) tentatively on 19th June, 2015. Details of which are given below:- 1. Return Preparation Utility (RPU) Version 1.2 (Java based) Version 4.4 (VB based) 2. File Validation Utility (FVU) Version 4.7:- For quarterly e-TDS/TCS statement pertaining…
Income Tax Department has compiled the list of all TDS Defaulters. List of TDS Defaulters includes: TDS return filed but deducted amount not deposited TDS amount deposited but return not filed Tax amount deducted but TDS return not filed Tax amount deducted but tax not deposited and return not filed Note: Failure to comply with…