7th March – last date for TDS payment for deductions during February, 2018 7th March – last date for TCS payment for collections during February, 2018. Basic provisions relating to due date for payment of TDS Sections under which interest for various delays/ defaults need to be paid
The sections under which interest for various delays/ defaults need to be paid are as follows: Section 234A for delay in filing the return of income Section 234B for default in payment of advance tax Section 234C for deferment of payment of individual instalment or instalments of advance tax Section 234D for excess refund granted…
The various items of payment on which tax is to be deducted by the payer has been provided in Section 192 to 195. The tax deducted by the payer (i.e., a non-Government payer) has to be paid to the credit of the Government as follows: Tax deducted during the month of April to February should…
Steps for filing TDS/ TCS Return online: Step – I The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Step – II e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename…
As per the Budget proposal for 2018-19, if the charitable trust does not deduct TDS as expenses in which it was supposed to do so, 30% of such expenditure will be disallowed. The text in the Finance Bill 2018 reads as under: Tax deduction at source and manner of payment in respect of certain exempt…
As per the budget proposal of 2018-19, for senior citizens there needs to be no TDS deducted on interest upto Rs. 50,000/- under section 194A. Earlier this limit was Rs. 10,000/-. This limit is applicable on deposits with banks, deposits with post office, fixed deposit schemes and recurring deposit schemes. The rate of TDS applicable…
We are pleased to announce the release of TDSMAN (FY: 2018-19) – one of the most comprehensive and popular software for TDS Returns. It will serve you for: All TDS Returns for FY: 2018-19 TDS Returns for Quarter 4 – FY: 2017-18 Pending TDS Returns of earlier years, if any Rectification of TDS Defaults The…
Please note that 7th February, 2018 is the last date for TDS and TCS payments for the deductions made in January 2018. Make sure to do the needful on time to avoid interest. To understand the details/ calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment…
All tax deductions for January 2018 need to be deposited latest by 7th February, 2018. Make sure to do the needful on time to avoid interest. To understand the details/ calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of TDS Last date for issue…