In the Finance Act of 2021, the Indian government inserted Section 194Q. The Indian government’s intention behind enacting this law was to generate a trail of high-value purchases and sales of products. What is Section 194Q? As per this new provision 194Q, a buyer of the goods needs to deduct the TDS if the product…
For the different payment types, as per applicability, standard TDS rates are specified. Under certain provisions of the Act, there could be deviation from this standard deduction rate. The ‘Remarks’ column in the TDS Return is used when; either higher or lower deduction is applicable. If standard rate is being used, the ‘Remarks’ column normally…
Vide Notification No. 36/2019 by the Income Tax Department it had substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from FY:18-19. Correspondingly, the information to be provided by the employer in Annexure II of Form 24Q-Q4 (Salary Details – providing tax computation of each employee)…
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…
Reduction of TDS Rates applicable under Sec 192A in case of non-availability of PAN Presently, section 192A provides that TDS should be deducted at the rate of 10% of the taxable component on the payment of the accumulated balance due to the employees under the Employees Provident Fund Act However, employees who could not furnish…
TRACES over email Ref. No. – 02/2023, dated 16/01/2023, has explained to deductors about the e-verification Scheme. The content & the communication is as under: Income Tax Department relies on non-intrusive means of helping taxpayers file their returns of income accurately and timely. We are grateful for the Statements of Financial Transactions/TDS/TCS filed by you….
Salaried employees form the major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Here we shall cover major deductions and exemptions available to salaried employees under the Income Tax to reduce their tax. Exemptions: House Rent Allowance: An Individual having a rented accommodation…
7th February 2023 – Due date for TDS/TCS payment for deductions/collections during January 2023 15th February 2023 – Due date of issuing TDS Certificate for Quarter 3 of Financial Year 2022-2023 *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.
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2023-24). Now you can prepare TDS Returns for all quarters of FY: 2022-23 and FY: 2023-24. It covers: All TDS/TCS Returns for FY: 2023-24 All TDS/TCS Returns for FY: 2022-23 Pending TDS/TCS Returns of earlier years, if any Rectification of TDS Defaults Error Free…