In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 6.0 – For statement pertaining to FY 2010-11 onwards FVU ver. 2.156 – 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 6.0 & FVU 2.156
The Income Tax Department has released today (21st December, 2018), the following new File Validation Utilities: FVU version 6.0 – For statement pertaining to FY 2010-11 onwards FVU version 2.156 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.0 & FVU 2.156 TDSMAN will incorporate new…
File Validation Utility (FVU) version 6.0 Field level validation for field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” have been relaxed Existing structural validations for field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details are relaxed (as per existing validations, the format of…
Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income…
We are sharing with you some insights on good practices related to tax deductions for non-salary related payments: Based on the type of payment, make sure the Section is properly determined For each Section, be aware of the threshold limit applicable for exemption of deductions Check out the percentage of tax to be deducted This…
For tax deductions of employees, vendors or others, one needs to ensure timely transfer of tax credit to their account. This is possible only by proper compliances which is listed below: • Make sure taxes are deducted correctly – this is a routine accounting activity • Deposit these tax deductions before the stipulated date –…
Steps: Request for TDS (Consolidated) file from Traces Download requested TDS (Consolidated) file from Traces Upload TDS(Consolidated) file for correction into the software Make corrections Generate the correction return Submit The correction return to NSDL Types of Corrections in TDS Returns Use TDSMAN one of the leading software for preparing correction returns
Please note that 7th December 2018 is the last date for TDS and TCS payments for the deductions made in November 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…