TDS / TCS (Income Tax) – Information & Resource Bank
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Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income tax deduction under section 80C of the Income Tax Act, 1961 against such contribution up to INR 1.5 lakhs. Employee Provident Fund (EPF) was not…
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…
Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income tax deduction under section 80C of the Income Tax Act, 1961 against such contribution up to INR 1.5 lakhs. Employee Provident Fund (EPF) was not…
The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions…
New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released by the Income Tax Department. The key features of these FVUs are summarized as under: FVU Version 8.4 – Applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards. FVU Version 2.180 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to…
The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub divided now into two sections, 194J(a) and 194J(b), effective from August 7 2020. u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related…
7th October 2023 – Due date for TDS/TCS payment for deductions/collections during September 2023 15th October 2023 – Due date of filing TCS Return for Quarter 2 of Financial Year 2023-2024 30th October 2023 – Due date of issuing TCS certificate for Quarter 2 of Financial Year 2023-2024 31st October 2023 – Due date of filing TDS Returns for Quarter 2 of Financial Year 2023-2024 *Please ensure timely…
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….
Employee Provident Fund (EPF) was earlier not subject to tax and was tax-free in the hands of the employee. When a contribution was made, the employee could claim an income tax deduction under section 80C of the Income Tax Act, 1961 against such contribution up to INR 1.5 lakhs. Employee Provident Fund (EPF) was not…
The long awaited File Validation Utilities (FVUs) has been launched by the Income Tax Department, effective from 1st September 2023, which are as follows: FVU Version 8.2 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards. FVU Version 2.178 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to FY 2009-10. Primarily,…