PAN stands for Permanent Account Number. This is a 10 character alpha- numeric number used for the identification of the tax paying Indian Nationals. Example: AAECP6176D, AGUPG4076H. The first five characters are alphabets, next four are numerals and the last character is alphabet. Following is important to understand. The fourth character indicates the type of…
Filing accurate TDS Returns on-time is the prime objective – whether done in-house or outsourced. Some of the key advantages do it in-house is summarized as under: All relevant data i.e. tax deductions and its payments is readily available It is simple to record this data and prepare the TDS Return for filing Convenient to…
No hassles of buying any software No hassles of keeping checks of updates Steps to prepare your first return online: Visit www.tdsmanonline.com Sign up with your Name & Email ID Complete the Email verification A sign-up bonus of Rs. 500/- is credited to your account Log in to your account Go ahead with preparing the…
Unused Challan value can be used for future quarters/ financial years Unused tax paid in a challan can be used in the remaining quarters of the current financial year and can also be carried forward to the next year. For Example unused tax payment in Q1 of FY16-17 can be used for payment of TDS…
Same Payment Challan can be used for TDS under different Sections/ Heads Payments can be made for TDS against multiple Sections in a single challan. For example a payment against Sections 194A, 194C & 194J can be made together in a single challan. Unused Challan value can be used for future quarters/ financial years
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Popular reasons for shifting out from outsourcing to preparing TDS Returns in-house: Based on a sample survey of around 100 organizations that shifted out of outsourcing, some of the popular cited reasons included the following: Receiving a number of Default Notices for earlier filed Returns On receiving Default Notices, low priority by the agency for…
Tips to avoid Defaults in TDS Returns § Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. § Tax needs to be deducted either when payment is made or when amount is credited, whichever is earlier. It implies that…
The Basic principles of TDS compliance are as follows Deduction of tax at correct rates at right time TDS needs to be deposited timely every month Correct reporting of the deduction/collection made Filing of the quarterly TDS return on time Issue of TDS certificates within stipulated time
All tax deductions for June 2017 need to be deposited latest by 7th July 2017 Filing of TDS Returns for the quarter ended June 2017 (FY:2017-18 Quarter 1) is already under way since 1st July and the last date is 31st July 2017 Last date for filing TCS return is 15th July Last date for…