Deductor: TDS to be deducted at the time of payment by trustees of Employees’ Provident Fund Scheme, 1952 or any other person authorized under the scheme to make payment of accumulated sum to employees. Applicability: TDS shall be deducted in the following situations- a. The amount from EPF has been withdrawn before completion of continuous…
7th October 2021 – Due date for TDS / TCS payment for deductions / collections during September 2021 15th October 2021 – Due date of filing TCS Return for Quarter 2 of Financial Year 2021-2022 30th October 2021 – Due date of issuing TCS certificate for Quarter 2 of Financial Year 2021-2022 31st October 2021 – Due date of…
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released today (October 1, 2021). The key features of this FVU is summarized below: File Validation Utility (FVU): FVU Version 7.2 – Applicable for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.168 – Applicable for quarterly e-TDS/TCS statements from FY 2007-08…
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…
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…
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…
31st July 2021 – Due date of filing TDS Return for Quarter 1 of Financial Year 2021-2022 15th August 2021 – Due date of issuing TDS Certificate for Quarter 1 of Financial Year 2021-2022 31st July 2021 – Due date of issuing TDS Certificate for Quarter 4 of Financial Year 2020-2021 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN…
Extension of time limits for certain TDS compliances has taken place, to provide relief to taxpayers in view of the severe pandemic. Reference: Circular No. 12 dated 25th June 2021 issued by CBDT 15th July 2021 – Due date of filing TDS Return for Quarter 4 of Financial Year 2020-2021 (Earlier it was 30th June…
The Income Tax Department has activated the online system to determine the ‘Specified Person’ on whom the higher rate of TDS / TCS will be applicable under the newly introduced Sections 206AB & 206CCA. The Quick Reference Guide Version 1.0 (June 2021) has been uploaded. Click Here to view the PDF copy This has been…
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…