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 …
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
Last date of TDS return filing for Quarter 1 of FY: 2015-16 is 15th July, 2015 With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget…
We thank all our subscribers and visitors for relying upon the TDSMAN Blog which has been progressing steadily ever since its launch around four years back. TDSMAN is one of the most popular software for preparing TDS Returns. For all readers and subscribers, we are pleased to offer a 10% discount on TDSMAN (FY:2015-16) Software….
The following are the basic principles of TDS compliance: Deduction/ Collection of Tax at Correct Rates Timely Deposit of Tax Deducted at Source Accurate Reporting of data related to tax deductions/ collections made Submission of TDS Statements within the due dates Verification and Issuance of TDS Certificates within time CPC (TDS) is now sending Intermediate…
NSDL department recently released FVU 4.7 and introduced following changes: I. New Sections 192A & 194LBB introduced Section 192A: TDS deducted against payment of accumulated balance due to an employee made by the trustees of the Employees Provident Fund Scheme, 1952 As per the notification number WSU/6(1)2011/IT/Vol-IV/5931 released by EPFO on 21st May 2015 a…
Given below are some dos and dont for filing of TDS returns: Dos Ensure that TDS return is filed with same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee record….
We installed around 200 packs in MSEDCLs offices across Maharashtra. Team TDSMAN received a letter of appreciation from them which reads as under: Sub: Letter of Appreciation Dear Sir, For our TDS Returns, we have successfully implemented TDSMAN in 196 of our offices across Maharashtra since September 2014. We place on record our appreciation to…
The interest is to be calculated as per illustrations below: Case 1: Tax Deducted on 26th June, TDS deposited on 9th July (due date was 7th July) The period of 26th June to 30th June will be calculated as one month (being part of a month) & from 1st July to 9th July will also be treated as one month. As…