TDS / TCS (Income Tax) – Information & Resource Bank
Salary income: Employer deducts TDS on total income, including income other than salary after taking into account all deductions and exemptions. This saves the individual the hassle of paying tax himself. TDS rate: As applicable to individual based on his income and deductions. Interest income: TDS is deducted by banks on FDs and RDs if…
NSDL has sent an intimation to all the deductor/collector regarding due dates and filing of quarterly TDS return and TCS return. The intimation sent by NSDL has been given below: Dear Deductor/Collector, Its time to file the quarterly TDS/TCS statement. The quick steps are as follows: Due Date: Periodicity Due date for TDS statements (all Deductors) Due date…
CPC (TDS) has issued a communication to the deductors regarding updation of the address mentioned in the statement filed by them. The issued communication has been given below: Date of communication : 23/08/2016 Dear Deductor (TAN: XXXXXXXXXXXX), Centralized Processing Cell (TDS) has observed that intimations sent to you have not been delivered / served as per…
CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department. An exclusive ‘e-nivaran’ (electronic resolution) link has recently been activated on…
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 5.2-For statement pertaining to FY 2010-11 onwards FVU ver. 2.148-For statement up to FY 2009-10 Steps to Update: Click on Update File Validation Utility in Utilities menu to update these utilities. Click on Update Software in Utilities menu to update software…
Date of communication: 20/08/2016 Dear Deductor,(TAN:XXXXXXXXXXXX) The Centralized Processing Cell (TDS) has provided an integrated platform for taxpayers, deductors & assessing officer. The objective of the functionality is to provide the taxpaying citizen to report missing TDS credits in their 26AS account directly to the deductors and assessing officers for its quick resolution. As a…
The Income Tax Department has released today (17th September, 2016), the following new File Validation Utilities: FVU version 5.2-For statement pertaining to FY 2010-11 onwards FVU version 2.148-For statement up to FY 2009-10 Click here to view the key features of FVU version 5.2 Click here to view the key features of FVU version 2.148…
Changes in Form 27A generated from File Validation Utility. The Quarter of the statement is made available in Form 27A as generated from FVU. Example: if the statement is validated from FVU pertaining to FY 2016-17 of the second quarter (i.e. July 1, 2016 to September 30, 2016), in such case, Form 27A will have…
Addition of new fields for Form 24Q-Q4 under Annexure ll (i.e. salary details) as below: Aggregate rent payment exceeds rupees one lakh during the previous year: – The above is applicable for regular as well as correction statements pertaining to FY 2016-17 onwards. – If the rent payment exceeds rupees one lakh, in such case,…
Date of Communication: 13/08/2016 Dear Deductor, TAN (XXXXXXXXXX) Centralized Processing Cell (TDS) has observed from its records that you have reported “Structurally Correct, however Invalid PANs” in your TDS Statement filed for Quarter 1, 2 and 3 of Financial Year 2015-16. To correct such errors, CPC (TDS) Analytics provides facility of correct PAN suggestions for…