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…
Steps for Preparing Correction Returns Request for TDS (Consolidated) file from TRACES Download requested TDS (Consolidated) file from TRACES Upload TDS (Consolidated) file for correction into the software. This file is password protected [Password: TAN_Request Number]. While uploading, the software will automatically determine the password and read the data at the time of uploading Make corrections & validate Generate the…
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 6.8 – For statement pertaining to FY 2020-21 onwards FVU ver. 2.164 – For statement up to FY 2009-10 To update TDSMAN – Click on: Utilities – Update Software Click here to view the key features of FVU version 6.8 & FVU 2.164
The Income Tax Department has released by today (7th August, 2020), the following new File Validation Utilities: FVU version 6.8 – For statement pertaining to FY 2020-21 onwards FVU version 2.164 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.8 & FVU 2.164 TDSMAN will incorporate…
File Validation Utility (FVU) version 6.8 Addition of new section code 194J(a) and 194J(b) for Form 26Q Same will be applicable for regular and correction statements pertaining to FY:2020-21 onwards Integration of new Encryption Certificate into File Validation Utility (FVU) Renewed Encryption Certificate with extended validity has been integrated in FVUs This version of FVU…
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…
* 7th August – due date for TDS/TCS payment for deductions/collections during July 2020 * 15th August – due date for issuing TDS/TCS certificate(Form 16 and 16A) for Q4 of FY: 2019-20 * Make sure to do the needful to avoid interest. Extension of due dates for TDS/TCS related compliances