TDS / TCS (Income Tax) – Information & Resource Bank
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…
Filing of TDS Returns for the quarter ended March 2019 (FY:2018-19 Quarter 4) is already under way since 1st April. Last date for payment of tax deductions for March 2019 – 30th April, 2019. Calculation of Late Payment Interest Interest on Late Payment of TDS
From Financial Year 2013-14 (AY: 2014-15), while preparing the employee details to file TDS Returns (Form 24Q) in the 4th quarter (Jan-Mar), a provision has been made to separate out the salary earnings of the current and previous employer. This is applicable in case the employee has earned from more than one employer during the…
From 1st June, 2017 individuals & HUF’s who are not under Tax Audit (under section 44AB) and does not have a Tax Account No. (TAN) while paying the rent of Rs. 50,000 or more needs to deduct TDS from the rent as per section 194IB. Form 26QC is the newly introduced online Challan – cum –…
Form 16C is the newly introduced TDS certificate to be issued by rent payer (deductor) i.e. individuals & HUF’s who are not under Tax audit (under section 44AB) and does not have a Tax Account No. (TAN), paying a rent of Rs. 50,000/- or above per month, to the rent receiver (deductee) as per section…
The following details are required for registration with TRACES: For Deductors Step-1: TAN of Deductor Step-2: 1. Token Number of the regular statement corresponding to the Financial Year, Quarter and Form Type displayed on screen. 2. Challan details of one particular CIN which has been mapped to at least three deductee rows. If there is…
The Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, wherein the employer was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments. One of the requirements in Form 12BB for claiming the interest on house property is…
NRI’s and foreign companies need to furnish PAN details or else they have to pay higher TDS rates. However, they can avoid higher TDS in absence of PAN card, by submitting the alternative documents listed below They need to submit: Name, email id and contact number Address of the foreign deductee Tax Residency Certificate (TRC)…
There are 2 types of scenarios in which an individual may be working for more than one employers in a financial year. they are as follows: • When he changes his job • When he is working for two employers simultaneously In each case the employee needs to provide following details to the employer who…
The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may reduce or waive the amount of interest paid or payable by the taxpayer under section 220(2), if he is satisfied that: Payment of such interest has caused or would cause genuine hardship to the taxpayer. Default in the payment of the amount…