LAST DATE OF TDS RETURN FILING FOR QUARTER 2, FY: 2018-19 IS 31st OCTOBER, 2018 With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file…
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…
Based on a sample survey of around 100 organizations that shifted out of outsourcing, some of the popularly 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 its rectification Little time to check data before filing Returns lead to…
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 for Q2, Q3 and Q4 of FY 16-17 and if required…
Fees 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 return is…
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 the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending…
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 are readily available It is simple to record this data and prepare the TDS Return for filing Convenient to…
Given below are some dos and don’t for the filing of TDS returns: Dos Ensure that TDS return is filed with the same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each…
Use TDSMAN Software to simplify your TDS Returns preparation and effectively handle defaults and corrections. It will serve you for: ✔ All TDS Returns for FY: 2018-19 ✔ Online Filing ✔ Pending TDS Returns of earlier years, if any ✔ PAN Verification ✔ TRACES Integrated ✔ Default Predictor ✔ Interest & Auto Tax Calculator Visit…