CBDT has vide notification no. 30/2016 dated 29-04-2016 has revised the due date for filing TDS Returns for Government and Non-Government Deductors w.e.f 1st June, 2016. The New Dates for TDS Return filing effective from FY: 2016-17 is as under: Sl. No. Date of ending of quarter of financial year Due date w.e.f 01.06.2016 for Government and Non-Government Deductors 1. 30th June…
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. 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…
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…
Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Earlier, the Interest liable to be paid was…
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income…
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…
Following are the basic duties of the person who is liable to deduct tax at source: He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. He shall deduct the tax at source at the applicable rate. He shall pay the tax deducted by him at source…