In the Finance Act 2020, a new sub section has been added which is vide Section 206C (1H) to give effect to the Tax collected at source (TCS) on sales of goods. From 1st October 2020, onwards TCS will be applicable on all goods. Whereas before adding this sub-section, TCS was applicable on some specified…
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…
Another proud moment for Team TDSMAN. For the second consecutive year, PDS Infotech (P) Ltd. has been bestowed the ‘Most Trusted Award’ by The Economic Times & Rotary International for the category ‘Software Products – Taxation’. A big thank you to all our clients, eco-system partners, vendors and other stakeholders. We reaffirm our determination to…
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…
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,…
In the TDS Return filed, the intimation for Late Payment can be received for the following reasons: Case #1: There was a delay in payment of TDS dues for which interest was not paid before filing TDS Return Case #2: The interest component was present in the Challan, but the ‘interest was not allocated’ Case…
Now you can prepare TDS/TCS Returns for all quarters of the next FY: 20-21 It covers: ✔ All TDS/TCS Returns for FY: 2020-21 ✔ All TDS/TCS Returns for FY: 2019-20 ✔ Pending TDS/TCS Returns of earlier years, if any ✔ Online Filing ✔ Rectification of TDS/TCS Defaults TDSMAN is packaged with advanced corrective and validation…