TDS / TCS (Income Tax) – Information & Resource Bank
National Securities Depository Ltd.
Depository for equity market in India
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….
The finance minister in her 2023 budget announced, that the intention of government is to maintain continuity as well as simplify taxation and reduce the burden of compliance for the taxpayers. Listed below are some of the key proposed amendments related to TDS and TCS: I. TDS Amendments Section 194BA –Tax provisions for income derived…
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…
The Central Board of Direct Taxes (CBDT) issued a circular No. 18 of 2022 dated 13th September 2022, to eliminate issues in Section 194R of the Income Tax Act, 1956 which mandated an individual providing any benefit to another person to deduct TDS at 10% of the value of the benefit. What is Section 194R…
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…
Vide Notification No. 36/2019 by the Income Tax Department it had substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from FY:18-19. Correspondingly, the information to be provided by the employer in Annexure II of Form 24Q-Q4 (Salary Details – providing tax computation of each employee)…
Reduction of TDS Rates applicable under Sec 192A in case of non-availability of PAN Presently, section 192A provides that TDS should be deducted at the rate of 10% of the taxable component on the payment of the accumulated balance due to the employees under the Employees Provident Fund Act However, employees who could not furnish…
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….
7th February 2023 – Due date for TDS/TCS payment for deductions/collections during January 2023 15th February 2023 – Due date of issuing TDS Certificate for Quarter 3 of Financial Year 2022-2023 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any professional help.