Applicability: This shall be effective 1st July’21 TDS Rate: 0.1% on amount exceeding Rs 50L 5% if PAN is not furnished When to Deduct? Assessee deducts while paying for the goods purchased Aggregate value of goods purchased exceeds Rs.50L in the previous year Deduction by Whom? Tax shall be deducted by the buyer whose total…
30th January 2024 – Due date of issuing TCS certificates for Quarter 3 of Financial Year 2023-2024 31st January 2024 – Due date of filing TDS Returns for Quarter 3 of Financial Year 2023-2024 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any…
CSI file is provided by the Income Tax Department through its web portal for validating the Payment Challans reported in the quarterly TDS / TCS Return. CSI File is mandatory to be downloaded from the portal and is supposed to be used at the time of generating the FVU file through the File Validation Utility….
For all new PAN issued as on 1st July 2017, CBDT made it mandatory for all individuals to link their PAN with the Aadhaar. The last date for taking action was extended quite a few times. However, on and from 1st July 2023, all unlinked PAN with Aadhaar has been marked as ‘Inoperative’ with the…
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…
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…
Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015 on TDS deduction on Income from Investment Funds. Time of Deduction: Deduction shall be made by payer, earlier of- At the time of credit of income to the account of the recipient or At the time of payment in…
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…