TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 5.8 – For statement pertaining to FY 2010-11 onwards FVU ver. 2.154 – For statement up to FY 2009-10 To update TDSMAN – Click on: Utilities – Update Software Click here to view the key features of FVU version 5.8 & FVU 2.154
File Validation Utility (FVU) version 5.8 A new column for “Deduction under Section 16 (ia)” is added under Annexure II (i.e. Salary details) for Form 24Q-Q4 : The above referred deduction is applicable for Regular and Correction statements for Form 24Q-Q4. Deduction under Section 16 (ia) will be applicable for statements pertaining to F.Y. 2018-19…
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…
Given below are some relevant guidelines related to payment of TDS/ TCS liability: A. Central Government Account (Receipts and Payments) Rules, 1983: Date of Receipt for Cheques or Drafts: The Central Government Account (Receipts and Payments) Rules, 1983 contain, inter alia, regulate public moneys received by or on behalf of the Government of India. As…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty…
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…
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…
What is Form 16 / 16A? It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act. Form 16 is issued on deduction of tax by the employer on behalf of the employee under section 192 of IT Act, 1961. Form 16A is issued if the deduction…
The procedure for requesting Form 16 from TRACES website has been given below: From FY:18-19 onwards, the Income Tax department is now providing both Part A and Part B of Form 16 (TDS certificate for employee) The steps for requesting Form 16 are: Login to TRACES after giving User ID, Password, TAN of the Deductor…
Following are different matching statuses in Form 16 / Form 16A: U – Unmatched (Deductor has not deposited taxes or has furnished incorrect particulars of tax payment. Final credit will be reflected only when payment detail in bank matches with details of deposit in TDS/TCS statement) P – Provisional (Provisional tax credit is effected only…