If tax was deductible on 2nd June (i.e. at the time of giving credit or actual payment of the dues whichever is earlier) but was…
View More Calculation of Late Deduction interestCategory: General
Calculation of Late Payment interest
If the tax is deducted on 8th June it becomes due on 7th of next month i.e. 7th July (except for March for which it…
View More Calculation of Late Payment interestDifference between Late Payment & Late Deduction
The difference between late payment and late deduction: Late payment: After the tax is deducted at source it has to be deposited into the government…
View More Difference between Late Payment & Late DeductionInterest on Late Deduction of TDS
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in…
View More Interest on Late Deduction of TDSTDS on the interest income accrued to the minor is required to be deducted against PAN of the minor child– incase both the parents of minor are dead
It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/ Banks are clubbing…
View More TDS on the interest income accrued to the minor is required to be deducted against PAN of the minor child– incase both the parents of minor are deadRevised list of entities exempted from payment of TDS
The Central Board of Direct Taxes (CBDT) had earlier issued Circular No. 4/2002 and Circular No. 7/2015 having details of entities whose income is unconditionally…
View More Revised list of entities exempted from payment of TDSBombay High Court Order: No TDS On Salaries Reimbursed Under Secondment Agreement
Bombay High Court has ruled that payment of salary under secondment agreement does not attract tax deducted at source (TDS). Secondment agreement is an agreement…
View More Bombay High Court Order: No TDS On Salaries Reimbursed Under Secondment AgreementTax implications of fixed deposits
If you are in the higher tax bracket, that is 20% or 30%, make sure that you pay the additional interest before filing your tax…
View More Tax implications of fixed depositsDeductees reported in TDS Statements with structurally Valid, but actually Invalid PANs
CPC(TDS) has observed from its records that many deductors have reported deductees with invalid PANs in the quarterly TDS statements. These PANs appear structurally valid…
View More Deductees reported in TDS Statements with structurally Valid, but actually Invalid PANsTDS/TCS Compliances May 2014
1. Last date for payment of tax deductions/collections for April-7th May 2014 2. Last date of filing of TDS/TCS returns for Q4 of F.Y. 2013-14…
View More TDS/TCS Compliances May 2014