As you are aware, currently online upload of e-TDS/TCS statement(s) and Annual Information return (AIR) facility is provided by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) on behalf of Income Tax Department (ITD). It may please be noted that from May 1, 2016, the functionality of Online Upload of e-TDS/TCS statement(s) is now available on e-filing…
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….
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…
Healthy practices for error-free TDS returns has been given below: 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…
Following are the points to be remembered by the buyer of the property: Deduct TDS @ 1% on the total sale consideration. Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card. PAN of seller as well as Purchaser/buyer should be mandatorily furnished in the online Form…
Currently, the Due dates for filing of TDS returns are different for Government Deductors and Non Government Deductors, which is as follows : Sl. No. Date of ending of the quarter of the financial year Due date for Government Deductors Due date for Non-Government Deductors (1) (2) (3) (4) 1. 30th June 31st July of the…
7 May 2016 – Due date for deposit of Tax deducted/collected for the month of April, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 May 2016 –…
Follow the steps mentioned below in case of Late Payment Intimation Received: The default amount will have to be deposited through challan number ITNS – 281 by ticking minor head ‘400’ Add Challan to statement (C9 correction) using “Online Correction Functionality” available on TRACES as C9 correction has been stopped in Offline Correction For closure…
Following are the points to be remembered by the seller of the property: Provide a copy of PAN Card to the Purchaser of the property for furnishing information regarding TDS to the Income Tax Department. Verify taxes deducted by the Purchaser in Part A2 of your Form 26AS Annual Tax Statement. Compare it with Form…