It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/ Banks are clubbing the interest income accrued to the minor in the hand of grandparents and issuing TDS certificates to the grandparents, which is not in accordance with the law as the Income-tax…
The Central Board of Direct Taxes (CBDT) had earlier issued Circular No. 4/2002 and Circular No. 7/2015 having details of entities whose income is unconditionally exempted under section 10 of Income Tax Act and who are also statutorily not required to file return of income as per section 139 of the act, there would be…
In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS. The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever…
31st May is the last date for filing your TDS Returns for FY:2016-17, Quarter 4. File on time and avoid unwarranted penalties and default notice. Click here for more details Healthy Practices for Error-Free TDS Returns Ensure tax has been deducted at correct rates TDS has been deposited (including interest, if any, for delay in…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
Bombay High Court has ruled that payment of salary under secondment agreement does not attract tax deducted at source (TDS). Secondment agreement is an agreement between a foreign Company and its Indian counterpart wherein the staff of foreign company deputed to the Indian counterpart for a certain period of time, remains on the payroll of…
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…
Credit of TDS If tax has been deducted at source u/s 192 to 194 A/B/BB/C/ D/E/EE/F/G/H/I/J/K, 195, 196A/B/C and D, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted (Sec.205). Moreover u/s…
TDS/TCS Compliance for 4th Quarter of FY: 2016-17 has been given below: Last date for filing of TDS returns for Q4 of FY:2016-17 – 31st May, 2017 Last date for issuance of TDS certificates for Q4 of FY:2016-17 – 15th June, 2017 Last date for issuance of TCS certificates for Q4 of FY:2016-17 – 30th…
Deduct Tax at Correct Rate and deposit in Government Account-Sec 200 Every person responsible for deducting tax at source shall at the time of payment or credit of income, whichever is earlier, verify whether the payment being made is to be subject to deduction of tax at source. If it is so, he must deduct…