Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 24th December, 2018 PRESS RELEASE Exception from online filing of application under section 197 and 206C (9) in the cases of NRIs and resident applicants The Central Board of Direct Taxes has decided to allow exception from online filing…
CBIC vide Circular No. 76/50/2018-GST dated 31st December, 2018 clarified that taxable value for the purposes of GST shall include the TCS amount collected under the provisions of the Income Tax Act since the value to be paid to the supplier by the buyer is inclusive of the said TCS. Against this clarification present writ been filed and…
Central Board of Direct Taxes (CBDT) | Press Release | 20.01.2019 New Delhi: Central Board of Direct Taxes (CBDT) today said that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2019-20). Now you can prepare TDS Returns for Q3 & Q4 of FY: 2018-19 and all quarters of the next FY: 2019-20. It covers: All TDS Returns for FY: 2019-20 All TDS Returns for FY: 2018-19 Pending TDS Returns of earlier years,…
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…
If the tax is deducted on 8th June it becomes due on 7th of next month i.e. 7th July (except for March for which it is 30th April), if this tax is deposited on 10th July to the government’s account i.e. not before 7th of July then it attracts interest at the rate of 1.5%…
If tax was deductible on 2nd June (i.e. at the time of giving credit or actual payment of the dues whichever is earlier) but was deducted on 3rd June then the interest charged would be 1% of the amount for the late deduction. Difference between Late Payment & Late Deduction Interest on Late Deduction of…
The difference between late payment and late deduction: Late payment: After the tax is deducted at source it has to be deposited into the government account by 7th of the next month (except March for which it is 30th April). If it is deposited later than the due date, late payment interest is charged. The…
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…
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the…