January 8, 2016

Advisory regarding Lower Deduction Certificate for Deductor(s)

TDSMAN02 mins

Advisory for Deductors Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS return. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario of…

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Basic principles of TDS Compliance

TDSMAN02 mins

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 return within the due dates Verification and Issuance of TDS Certificates within time CPC (TDS) is now sending “Intermediate…

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