CBIC vide Circular No. 76/50/2018-GST dated 31st December, 2018 clarified that taxable value for the purposes of GST shall include the TCS amount collected under the provisions of the Income Tax Act since the value to be paid to the supplier by the buyer is inclusive of the said TCS. Against this clarification present writ been filed and…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
Get Standard Editions of TDSMAN (FY: 2018-19) & TDSMAN (FY: 2019-20) at Rs. 5850/- + GST @ 18% instead of Rs. 7800/- + GST@18% Click here to Order Now Prepare TDS Returns for all quarters for the current financial year and earlier years (including preparing Correction Statements) and also the forthcoming financial year. Please note TDSMAN (FY: 2018-19) will…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
The Income Tax Department has released today (21st December, 2018), the following new File Validation Utilities: FVU version 6.0 – For statement pertaining to FY 2010-11 onwards FVU version 2.156 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.0 & FVU 2.156 TDSMAN will incorporate new…
We are sharing with you some insights on good practices related to tax deductions for non-salary related payments: Based on the type of payment, make sure the Section is properly determined For each Section, be aware of the threshold limit applicable for exemption of deductions Check out the percentage of tax to be deducted This…
Steps: Request for TDS (Consolidated) file from Traces Download requested TDS (Consolidated) file from Traces Upload TDS(Consolidated) file for correction into the software Make corrections Generate the correction return Submit The correction return to NSDL Types of Corrections in TDS Returns Use TDSMAN one of the leading software for preparing correction returns
Below are the steps for registration and e-filing of Form 15G and Form 15H at the Income Tax India e-filing portal. Registration You need to visit Income Tax India e-filing portal www.incometaxindiaefiling.gov.in. There you need to either login or get registered. For registration click on “Register Yourself” Button. In the next screen Select “Tax Deductor…
Given below are the points one should remember regarding TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of…
Based on a sample survey of around 100 organizations that shifted out of outsourcing, some of the popularly cited reasons included the following: Receiving a number of Default Notices for earlier filed Returns On receiving Default Notices, low priority by the agency for its rectification Little time to check data before filing Returns lead to…