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PAN
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Penalty Chart under the Income Tax Act, 1961
Given below is the chart which shows section under which penalty can be imposed, nature of default and quantum of penalty. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty Non Payment 221(1) Tax payments including Self Assessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S…
Procedure for paying the TDS amount into the Bank
The procedure for paying the TDS amount into the bank subsequently, i.e. not immediately after furnishing the purchase transaction details online are: Using this facility deductor (Buyer) can furnish the details online and make the payment of taxes subsequently either through net-banking account or by visiting any of the authorized bank branches. Following are the…
Procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details
E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the authorized banks. Please follow the steps as under to pay tax online:- Step 1: a) Log on to NSDL-TIN website (www.tin-nsdl.com). b) Click on the option Furnish TDS on property….
Form 16 Part A generation from TRACES
TDS certificate in Part A of Form 16 shall be generated only for those PANs that have been reported in Annexure II(Salary Details) of 24Q statement for 4th quarter.
TDS on Property -FAQ and Points to Remember
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should…
TDS on transfer of immovable properties w.e.f 01.06.2013
From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number. The Central Board of Direct Taxes (CBDT)…
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax – Systems). Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the…
Booklet on Permanent Account Number (PAN)
This booklet has been brought out for the first time under the Tax Payers Information Series. It is an attempt to help the taxpayers who want to apply for PAN and to explain to them the importance of PAN in their day to day functioning. The book contains the following topics :- 1. What is…