What is the Late payment interest? When deductor deposits the TDS after due date of deposit, it is a case of late payment and interest will be charged accordingly. What is the Interest Rate for Late Payment? Prior to 1st July 2010-1% per month After 1st July 2010-1.5% per month What is the procedure of…
The Income Tax (I-T) department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the deductor on this issue in the future. The Central Board of Direct Taxes (CBDT) has issued a circular in this regard to the assessing officers…
Following are the guidelines for an employer to deduct TDS and issue Form 16: Make mandatory for all the employees to declare previous salary, investment proofs and TDS details, if any. Employer has to consider the declaration before deducting TDS from salary. Fill Annexure II for all employees who work or worked for any period…
The due dates for filing statements for different forms are as per the below table: Quarter Period Government Deductor Non-Government Deductor Q1 1 Apr-30 June 31st July 15th July Q2 1 July-30 Sep 31st Oct 15th Oct Q3 1 Oct-31 Dec 31st Jan 15th Jan Q4 1 Jan-31 Mar 15th May 15th May Form 24Q,…
TDS Compliance for the 4th Quarter of FY: 2015-16 has been given below: Last date of TDS payment for the month of March, 2016 – 30th April, 2016 Last date for filing of TDS returns for Q4 of FY: 2015-16 – 15th May, 2016 Last date for issuance of TDS certificates for Q4 of FY: 2015-16:…
The Income Tax Department has released the new File Validation Utility (FVU) Ver. 5.0 on 13th April 2016 and is applicable for all TDS Returns & Correction Statements filed from the same date onwards. Highlights and its analysis are summarized below: Changes is Form 26Q (TDS Returns for Non-Salary) The applicability of value B in…
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 5.0 – For statement pertaining to FY 2010-11 onwards FVU ver. 2.146 – For statement up to FY 2009-10 Steps to Update: 1. Click on Update File Validation Utility in Utilities menu to update these utilities. 2. Click on Update Software…
Given below are the steps for the submission of statements at TIN Facilitation Centers (TIN-FCs) or submission of statements at TIN website: 1. Submission of Statements at TIN Facilitation Centers (TIN-FCs). a. Please refer following URL https://www.tin-nsdl.com/tin-facilities.php to locate address details of TIN-FCs nearby you. b. Please submit .FVU file validated through latest File Validation…
The Income Tax Department has released today (13th April, 2016), the following new File Validation Utilities: FVU version 5.0-For statement pertaining to FY 2010-11 onwards FVU version 2.146-For statement up to FY 2009-10 Click here to view the key features of FVU version 5.0 Click here to view the key features of FVU version 2.146…
The key features of File Validation Utility (FVU) version 2.146 has been given below: Incorporation of TAN and TAN name in the Challan Status Inquiry (i.e. .CSI) file and verification with the TDS/TCS statement during the time of validation through the FVU. TAN: In case, the TAN of the Deductor/Collector as per .CSI file does not…