TDS / TCS (Income Tax) – Information & Resource Bank
The Central Board of Direct Taxes (CBDT) has issued a detailed clarification on 29th September 2020, regarding the new TDS / TCS provisions set to become applicable from 1st October 2020. The provisions says that the seller of goods shall collect TCS @0.1% (0.075% up to 31.03.2021). The points regarding the doubts and their clarifications…
Indeed, it is a great privilege for Team TDSMAN and our mother organization PDS Infotech Pvt. Ltd. to be on the news. TDSMAN Software is a widely used TDS Returns preparing software, having its presence across India. We are grateful to our respected clients, eco system partners, vendors and other stakeholders, who helped us build…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
Get Standard Editions of TDSMAN (FY: 2020-21) & TDSMAN (FY: 2021-22) at Rs. 6300/- + GST @ 18% instead of Rs. 8400/- + GST@18% Click here to Order Now Prepare TDS Returns for all quarters for the current financial year and earlier years (including preparing Correction Statements) and also the forthcoming financial year. Please note TDSMAN (FY: 2020-21) will…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty…
Form 24Q (Salary TDS Return), in the fourth quarter (Q4) includes two annexures – Annexure I and Annexure II. – Annexure I is the regular quarterly data for the months of January to March. – Annexure II is the tax computation calculation information for each employee along with summary and tax deduction (TDS) for the…
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 7.0 – For statement pertaining to FY 2020-21 onwards FVU ver. 2.166 – 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 7.0 & FVU 2.166
The various items of payment on which tax is to be deducted by the payer has been provided in Section 192 to 195. The tax deducted by the payer (i.e., a non-Government payer) has to be paid to the credit of the Government as follows: Tax deducted during the month of April to February should…
The Income Tax Department has released by today (2nd January, 2021), the following new File Validation Utilities: FVU version 7.0 – For statement pertaining to FY 2020-21 onwards FVU version 2.166 – For statement up to FY 2009-10 Click here to view the key features of FVU version 7.0 & FVU 2.166 TDSMAN will incorporate…
File Validation Utility (FVU) version 7.0 1. Addition of Section code 194O for Form 26Q • 194O – TDS on e-Commerce transactions This section will be applicable for regular and correction statements pertaining to FY:20-21 for quarter 3 onwards. 2. Addition of Section codes 206C-O, 206C-P, 206C-Q and 206C-R for Form 27EQ • 206C-O –…