Filing of TDS Returns for the quarter ended March 2018 (FY:2017-18 Quarter 4) is already under way since 1st April. Last date for payment of tax deductions for March 2018 – 30th April, 2018. Calculation of Late Payment Interest Interest on Late Payment of TDS
From 1st June, 2017 individuals & HUF’s who are not under Tax Audit (under section 44AB) and does not have a Tax Account No. (TAN) while paying the rent of Rs. 50,000 or more needs to deduct TDS from the rent as per section 194IB. Form 26QC is the newly introduced online Challan – cum –…
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB) and does not have a Tax Account No. (TAN), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section…
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
NRI’s and foreign companies need to furnish PAN details or else they have to pay higher TDS rates. However, they can avoid higher TDS in absence of PAN card, by submitting the alternative documents listed below They need to submit: Name, email id and contact number Address of the foreign deductee Tax Residency Certificate (TRC)…
With effect from FY:2015-16, for investment in NPS, taxpayers can avail additional exemption of up to Rs. 50,000 as per Section 80CCD(1B) while computing the taxable income. This deduction is over and above the deduction up to Rs. 1,50,000 allowed for the sum total of deductions u/s 80C, 80CCC & 80CCD(1) and as placed in…
The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner must pass order, either accepting or rejecting assessee’s application, to reduce or waive interest, within a period of 12 months from the end of the month in which application is received. Also no order rejecting the application shall be passed unless the assessee…
The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may reduce or waive the amount of interest paid or payable by the taxpayer under section 220(2), if he is satisfied that: Payment of such interest has caused or would cause genuine hardship to the taxpayer. Default in the payment of the amount…
Every deductor has to furnish quarterly statement in respect of tax deducted by him i.e., TDS return. As per section 201(1A), interest for delay in payment of TDS should be paid before filing the TDS return to avoid the demand notice at a later date.
When a demand notice is served and an appeal or proceeding is filed or initiated with respect to the amount specified in the notice of demand(by the assessee) then such demand is valid till the appeal is disposed by the appellate authority or disposal of proceedings, and any such notice of demand shall have the…