The TDS and TCS rates chart for the financial year 2015-16 has been given below: TDS rates for F.Y. 2015-16 Nature of Payment Made To Residents Cutoff (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section – Description …
There are several amendments pertaining to TDS from interest. 3.1 Interest on fixed deposits with banks attracts TDS under Section 194A. Only exception to this was in respect of interest paid by co-operative banks to their members. 3.2 Now, Section 194A(3)(v) has been amended to expressly provide that payment of interest on time deposits by…
When an employee participating in a Recognised Provident Fund (RPF) withdraws the accumulated balance lying to her/his credit in the said RPF account, that amount is not included in her/his total income and is considered as exempt provided certain conditions are met. The main condition is that such a person should have rendered continuous service…
CPC (TDS) has observed from its records that there are Short Payment Defaults in Quarterly TDS Statements submitted by the deductors due to which downloading of Consolidated Files and TDS Certificates are currently restricted. CPC (TDS) has issued a communication in this regard which is given below: Dear Deductor,(TAN XXXXXXXXXX) The Centralized Processing Centre (TDS) has observed…
CPC (TDS) has issued a reminder communication to Banks regarding closure of short payment defaults in Quarterly TDS Statements. The issued communication has been given below: Please refer to the earlier CPC(TDS) Communication Reference No.070/2014; dated 29th November 2014 regarding Defaults in TDS Statements for different TAN’s associated with your PAN. The Centralized Processing Centre…
CPC (TDS) has released a follow up communication regarding closure of Short Payment Defaults in quarterly TDS Statements due to Unmatched Challans. The released communication has been given below: Dear Deductor, This is to inform you that Centralized Processing Cell (TDS) has initiated a special drive for closure of Short Payment Defaults in quarterly TDS…
CPC (TDS) has released a follow up communication regarding Online Correction facility not availed after sending “Intermediate Communication for Short Payments” in course of processing of Original Quarterly TDS Statements. The issued communication has been given below: Dear Deductor,(TAN XXXXXXXXXX) As per the records of CPC (TDS), an Intermediate communication was sent to you intimating…
Under the provisions of section 203A of the Act, every person deducting tax (deductor) or collecting tax (collector) is required to obtain Tax Deduction and Collection Account Number (TAN) and quote the same for reporting of tax deduction/collection to the Income-tax Department. However, currently, for reporting of tax deducted from payment over a specified threshold…
Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (the deductor) is required to file a quarterly Tax Deduction at Source (TDS) statement containing the details of deduction of tax made during…
Under the existing provisions of section 194C of the Act payment to contractors is subject to tax deduction at source (TDS) at the rate of 1% in case the payee is an individual or Hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds Rs. 30,000 or…