No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI. “The Finance Act, 2016 has amended section 192A of…
As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller in the following manner:- Scenario 1 If Buyer has deducted & deposited Rs.50,000/- on…
Circular No.18/2016 F.No 142/32/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 23rd May, 2016 Sub: Relaxation for Furnishing of UID in case of Form 15G/15H for certain quarters-reg The existing provisions of section 197A of the Income-tax Act, 1961(the Act) inter alia provide that tax…
Last date for issuance of TDS certificates for Q4 of FY: 2015-16: 1) Form 16A (Non Salary) – 30th May, 2016 2) Form 16 (Salary) – 31st May, 2016 Delay in certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted. Click here for…
The details available are as below: Name / Address / TAN of Deductor Name / Address / PAN of Tax Payer Certificate Number Summary of payment made by Deductor Summary of tax deducted at source in respect of Tax Payer Details of tax deducted and deposited in Central Government account through challan / Book Adjustment…
TDS Rates for FY: 2016-17 (Domestic) Nature of Payment Made To Residents Threshold(Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section – Description IT Rate (%) IT Rate (%) IT Rate (%) 192 – Salaries – NA Average rates as applicable 30 192A – Payment…
Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 7/2016 New Delhi, 4th May, 2016 Procedure for submission of declaration by person claiming receipt of certain incomes without deduction of tax in Form 15G/15H under sub-section (1) or under sub-section (1A) of section 197A of the…
Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 6/2016 New Delhi, 4th May, 2016 Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under provison to sub-section (3) of section 206C of…
TDS Rates for F.Y. 2016-17 TCS Rates for F.Y. 2016-17 Prepare zero error TDS returns with TDSMAN For more information, visit www.tdsman.com To view the TDS rates of FY: 2012-13, Click here To view the TDS rates of FY: 2013-14, Click here To view the TDS rates of FY: 2015-16, Click here To view the TDS rates of FY: 2016-17 (Domestic), Click here…
What is the Late Filing Fee u/s 234(E) of the Income Tax Act, 1961? As per section 234E, where a person fails to file the TDS/TCS statement on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of INR 200 for every…