How many times can I furnish a correction TDS/TCS statement? A correction TDS/TCS return can be furnished many times to make changes in the regular TDS/TCS return where as a regular TDS/TCS return will be accepted at the TIN central system only once. What are the relevant points to be kept in mind while preparing…
What is 197 Certificate? The section 197 of Income Tax Act, 1961 provides the facility of non-deduction or lower deduction of tax. The assesse whose TDS is to be deducted on certain receipts can make application before Assessing Officer to get this benefit. The deductee can apply for certificate for non-deduction or lower deduction of…
Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement, verification keys from challan data should match with the corresponding fields in regular statement Verification keys for Non Nil Statement-Last transfer voucher number, Last Bank-Branch…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of TDS/TCS Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending Intermediate Default Communication…
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…
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is…
Following are the basic duties of the person who is liable to deduct tax at source: One shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. One shall deduct the tax at source at the applicable rate. One shall pay the tax deducted by him at source…
Now you can prepare TDS Returns for all quarters of the next FY: 20-21 It covers: ✔ All TDS Returns for FY: 2020-21 ✔ All TDS Returns for FY: 2019-20 ✔ Pending TDS Returns of earlier years, if any ✔ Online Filing ✔ Rectification of TDS Defaults TDSMAN is packaged with advanced corrective and validation…
Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of: –1% in case if the payee is an Individual or a Hindu Undivided Family (HUF), and –2% in case of other payees (i.e. partnership firm, company, trust,…