April 2017

CPC(TDS) reminder communication to Banks: Closure of defaults in Quarterly TDS Statements from Financial Year 2007-08 to Financial Year 2016-17 (Q3)

TDSMAN04 mins

Date of communication: 19/04/2017 The Principal Officer Name: XXXXXXX TAN: XXXXXXXXXXXX Please refer to the earlier CPC(TDS) Communication regarding defaults in TDS Statements for different TAN’s associated with your PAN. The Centralized Processing Centre (TDS) has observed from its records that there are Defaults in Quarterly TDS Statements submitted by different TANs associated with your…

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Employers required to collect PAN of the lender banks from the employees to claim Interest in House Property in the salary return

TDSMAN03 mins

The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB  to allow any claim for any deduction and/or tax saving investments. One of the requirements in Form 12BB for claiming the interest on house property is…

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TDS & TCS RATE CHART (FY: 2017-18 / AY: 2018-19)

TDSMAN05 mins

  TDS RATE CHART FY: 2017-18 (AY: 2018-19) Section Nature of Payment  Threshold Indv/ HUF Others     Rs. TDS Rate (%) 192 Salaries  –  Avg  – 192A Premature withdrawal from EPF  50000 10 – 193 Interest on Securities  10000 10 10 194 Dividends  2500 10 10 194A Interest (Banks)  10000 10 10 194A Interest…

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Consequences for a deductor if he fails to deduct TDS or fails to deposit it to the Government’s account

TDSMAN34 mins

A deductor would face the following consequences if he fails to deduct TDS or after deducting the same fails to deposit it to the credit of Central Government’s account:- a) Disallowance of expenditure As per section 40(a)(i) of the Income-tax Act, any sum (other than salary) payable outside India or to a non-resident, which is…

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