A few new TDS sections were introduced with effect from 01/07/2022. These included TDS on Transfer of Virtual Digital Assets (sec. 194S), TDS on Perquisites of Business or Profession (sec. 194R) among others. As the Income Tax Department is still in the process of revising the format of Form 26Q to include the above provisions,…
Income like rent on house property, annual value of property “deemed” to be let out are considered as income from House Property and is taxable in hands the hand of the Assessee. Deduction of interest on borrowed capital while computing the Income from House Property is allowed as follows: House Property is self-occupied: Deduction of…
As per Section 192 of the Income Tax Act, “any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time of payment” In case of salary is payable in foreign currency, the amount of TDS deducted is to be calculated after converting the salary payable…
Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable : This column has 2 options – 0020: This is applicable in case of income tax of companies if deductee is a company 0021: This…
To ease the compliance burden, CBDT (Central Board of Direct Taxes) vide Circular No. 11 of 2021 dated 21st June 2021, has announced a new functionality that will help Tax Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the…
Section 193 – TDS shall be deducted on interest paid on securities by the interest payer Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductee- The interest receiver needs to be a Resident TDS Rate- TDS at a flat rate of 10% shall be applicable. If…
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…
7th October 2022 – Due date for TDS/TCS payment for deductions/collections during September 2022 15th October 2022 – Due date of filing TCS Return for Quarter 2 of Financial Year 2022-2023 30th October 2022 – Due date of issuing TCS certificate for Quarter 2 of Financial Year 2022-2023 31st October 2022 – Due date of filing TDS Return for Quarter 2 of Financial Year 2022-2023 *Please ensure timely compliance to avoid interest and/or…