As per the gazetted notification issued by Govt. of India, all due dates, prescribed or notified under the Income Tax Act, which will falls during the period – 20th March 2020 to 29th June 2020, has been extended to 30th June 2020. Based on the above notification, the due date of filing TDS / TCS Returns for quarter…
Filing of TDS Returns for the quarter ended March 2020 (FY:2019-20 Quarter 4) is already under way since 1st April. Due date for payment of tax deductions for March 2020 – 30th April, 2020. COVID 2019 – No change in TDS / TCS payment dates
The procedure for requesting Form 16 from TRACES website has been given below: Since FY:18-19 onwards, the Income Tax department is now providing both Part A and Part B of Form 16 (TDS certificate for employee) The steps for requesting Form 16 are: Login to TRACES after giving User ID, Password, TAN of the Deductor…
CBDT vide Notification No. F.No.275/25/2020-IT(B) dated 31st March 2020 has provided relief to the applicants of certificates for lower or nil TDS / TCS, under section 195, 197, 206C of the Act for the FY 2020-21 owing the disruption caused by COVID-19. The date has been extended in the following cases: Assessees who have applied…
Section 115BAC has been inserted in the Finance Act 2020 in the recent budget. This allows the option to Individuals & HUF to avail concessional rate of income tax with certain conditions pertaining to claiming deductions & other concessions. The other existing option will also continue. This comes into effect from April 2020 (i.e. FY:2020-21…
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…
F. No. 275/25/2020-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** North-Block, New Delhi 3rd April, 2020 Order u/s 119 of Income Tax Act, 1961 regarding submission of Form 15G and 15H for Financial Year 2020-21 Due to outbreak of pandemic COVID-19 virus, there is severe disruption in…
As per the press note issued by Department of Revenue, Ministry of Finance on 31/03/2020, the following has been mentioned related to TDS & TCS: “It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction…
CBDT vide Notification No. F.No.275/25/2020-IT(B) dated 31st March 2020 has provided relief to the applicants of certificates for lower or nil TDS / TCS, under section 195, 197, 206C of the Act for the FY 2020-21 owing the disruption caused by COVID-19. The date has been extended in the following cases: Assessees who have applied…