TDS / TCS (Income Tax) – Information & Resource Bank
For delayed payment of TDS or delayed deduction, the deductor needs to pay interest for these delays. The interest is paid in through Challan / Book Entry similar to TDS payments. While preparing TDS Returns, one needs to ‘allocate’ the interest component from each Challan. Unless this is explicitly not allocated / specified, the Department…
TDS shall be deducted on winnings from horse races. 1. Applicability: Winning amount needs to be more than Rs 10,000. 2. Deductor: Any person shall deduct the tax at the time of payment. Any person, here means a book-maker or a person to whom a license has been granted by the Government for horse racing…
TDS shall be deducted on winnings from lottery, game shows and puzzles by the prize distributor. 1. Applicability: Winning amount needs to be more than Rs 10,000 2. Deductor: Prize distributor can be any person and shall deduct the TDS at the time of payment 3. TDS Rate: TDS at a flat rate of 30%…
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…
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…
7th September 2021 – Due date for TDS / TCS payment for deductions / collections during August 2021 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any professional help.