Dividend received by resident shareholders are now taxable as per the income tax slab rates. Sec 194 has gained prominence as TDS shall be deducted on dividend by the company issuing and paying dividend to the shareholders. Time of Deduction- TDS to be deducted before making the payment. Deductor- Principal officer of a company which…
Relief is provided under section 89(1), if salary pertaining to another period is received in advance/ or in arrears during a financial year, leading to additional tax liability. What is meant by Salary Arrears? Arrears refer to “money that is owed and should have been paid earlier”. Salary received now for an earlier period is…
7th January 2022 – Due date for TDS/TCS payment for deductions/collections during December 2021 15th January 2022 – Due date of filing TCS Return for Quarter 3 of Financial Year 2021-2022 30th January 2022 – Due date of issuing TCS certificate for Quarter 3 of Financial Year 2021-2022 31st January 2022 – Due date of filing TDS Return for Quarter 3 of Financial Year 2021-2022 *Please ensure timely compliance to avoid interest and/or…
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released on 5th January 2022. The key features of this FVU is summarized as under: File Validation Utility (FVU): FVU Version 7.4 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.170 – Applicable for quarterly TDS/TCS statements from FY…
TDS needs to be deducted on maturity payment in respect of life insurance policy. Time of Deduction- TDS to be deducted at the time of payment. Deductor- Any person who makes a payment should deduct TDS Deductee- The payment of interest should be made to a resident. If payment is made to a non-resident, TDS…