Owing to pay salary to an employee the employer deducts a certain amount of TDS from salary of that employee u/s 192. The employer should file TDS return on salary in form 24Q. This form should be submitted on quarterly basis. Required details of salary paid to the employees and amount of TDS deducted on…
High Court of Gujarat in case of Devarsh Pravinbhai Patel v/s Asst Commissioner Of Income Tax has held that TDS credit has to be provided by Income-tax authorities to the deductee even if TDS is not deposited by the deductor. If employer deducted TDS on salary payments made to the assessee and did not deposit…
A TAN holder who fails to deduct whole or any part of the tax at source is treated as an assessee-in-default. But, as per provision in section 201 the TAN holder who fails to deduct the whole or any part of the tax on the payment made to a payee shall not be considered to…
Ms Karnataka Power Transmission Corpn. Ltd. Vs ITO (OSD) (TDS) (ITAT Bangalore) FACTS – Karnataka Power Transmission Corporation Ltd. paid cash equivalent of unutilized leave at the time of retirement of their employees, however, they didn’t deducted TDS on the same. As per section 10(10AA), in case of payment towards unutilized leave period, entire payment…
What is the difference between section 194-I and 194-IB? Section 194-I is applicable to the tenant who is an individual or HUF (Hindu Undivided Family) and is liable to deduct tax (having a TAN) during the financial year while paying rent. Section 194-IB is applicable to the tenant who is an individual or HUF (Hindu…
As per the provisions in section 201, if a person liable to deduct tax at source does not deduct it, then, such person, shall be liable to pay simple interest of 1% for every month or part of a month on the amount of such tax from the date on which such tax was deductible…
If any person who after deducting tax at source fails to pay, the whole or any part of the tax to the credit of the Government as per section 201, then that person will be liable to pay simple interest of 1.5% for every month or part of a month on the amount of such…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2019-20). Now you can prepare TDS Returns for 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…
Please note that 7th March, 2019 is the last date for TDS and TCS payments for the deductions made in February 2019. 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…