A TAN holder who fails to deduct whole or any part of the tax at source is treated as an assessee-in-default. But, as per provision in section 201 the TAN holder who fails to deduct the whole or any part of the tax on the payment made to a payee shall not be considered to…
What is Section 194H Section 194H of the Income Tax Act is specifically dedicated to TDS deducted on income earned through Brokerage or Commission by any person who is liable to pay to an Indian resident. Point to be noted, that this section does not cover the insurance commission mentioned in section 194D. The TDS…
The Central Board of Direct Taxes (CBDT) has issued a detailed clarification on 29th September 2020, regarding the new TDS / TCS provisions set to become applicable from 1st October 2020. The provisions says that the seller of goods shall collect TCS @0.1% (0.075% up to 31.03.2021). The points regarding the doubts and their clarifications…
TRACES introduced NIL TDS Statement/Declaration of TDS from the FY 2014-15. This is applicable for Deductors who did not deduct any tax during the relevant quarter. What is the benefit of filing a Nil TDS Statement? The benefit of this facility is that instead of filing nil TDS/TCS Statement for a particular quarter/period, one just…
In the Finance Act 2020, a new sub section has been added which is vide Section 206C (1H) to give effect to the Tax collected at source (TCS) on sales of goods. From 1st October 2020, onwards TCS will be applicable on all goods. Whereas before adding this sub-section, TCS was applicable on some specified…
Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement, verification keys from challan data should match with the corresponding fields in regular statement Verification keys for Non Nil Statement-Last transfer voucher number, Last Bank-Branch…
Another proud moment for Team TDSMAN. For the second consecutive year, PDS Infotech (P) Ltd. has been bestowed the ‘Most Trusted Award’ by The Economic Times & Rotary International for the category ‘Software Products – Taxation’. A big thank you to all our clients, eco-system partners, vendors and other stakeholders. We reaffirm our determination to…
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month. Salient features: Applicable only to individuals & HUF who are not under tax audit (under section 44AB) This section is applicable from 1st…
Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is…
Section 115BAC has been inserted in the Finance Act 2020 in the recent budget. This allows the option to Individuals & HUF to avail concessional rate of income tax with certain conditions pertaining to claiming deductions & other concessions. The other existing option will also continue. This comes into effect from April 2020 (i.e. FY:2020-21…