TDS / TCS (Income Tax) – Information & Resource Bank
TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.8 and FVU ver. 2.144). All 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 4.8 – For Statements pertaining to FY…
In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS. The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever…
The Income Tax Department has released the following new File Validation Utilities: FVU version 4.8-For statement pertaining to FY 2010-11 onwards. FVU version 2.144-For statement pertaining to FY 2007-08 to FY 2009-10. Click here to view the key features of FVU version 4.8 Click here to view the key features of FVU version 2.144 TDSMAN…
1. Discontinuation of C9 Correction Statements: As directed by Income Tax Department (ITD), C9 correction i.e. addition of new Challans in Correction Statement(s) has been discontinued. 2. This version of FVU will be applicable with effect from September 29, 2015.
1. Section code 192A: In addition to Form no. 26Q, this section will also be applicable for Form no. 27Q where the date of payment to deductee is on or after 01/06/2015. 2. Discontinuation of C9 Correction Statements: As directed by Income Tax Department (ITD), C9 correction i.e. addition of new Challans in Correction Statement(s) has…
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 the following examples: Correct Format 1111AA111A; Incorrect Format: 1111AA111A/194C Certificate Number should be valid during the period for which it is quoted. The Certificate Number should be for the…
Implications of Non/Late filing of TDS Statements has been given below: For Tax payers: Non/ Late etds filing results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them. For Deductors:…
TDS compliance for 2nd quarter of FY: 2015-16 has been given below: Last date for payment of tax deductions for September 2015 – 7th October, 2015 Last date for filing of TDS returns for Q2 of FY: 2015-16 – 15th October, 2015 Last date for issuance of TDS certificates for Q2 of FY: 2015-16 –…
In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. The Central Board of Direct Taxes, the apex policy-making body of the…
Given below are some relevant guidelines related to payment of TDS/ TCS liability: A. Central Government Account (Receipts and Payments) Rules, 1983: Date of Receipt for Cheques or Drafts: The Central Government Account (Receipts and Payments) Rules, 1983 contain, inter alia, regulate public moneys received by or on behalf of the Government of India. As…