Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
Benefits of Using TDSMAN Prepare Returns for all Forms -24Q, 26Q, 27Q, 27EQ Prepare Correction statements Covers all previous financial years Import Data from Excel and Conso file Multi-user option available (at additional cost) Eliminate PAN errors Predict Defaults before return submission Auto Tax Calculations Prompt Support on phone/email Fully integrated with TRACES TDSMAN –…
Filing accurate TDS Returns on-time is the prime objective – whether done in-house or outsourced. Some of the key advantages do it in-house is summarized as under: All relevant data i.e. tax deductions and its payments are readily available It is simple to record this data and prepare the TDS Return for filing Convenient to…
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…
Unused tax paid in a challan can be used in the remaining quarters of the current financial year and can also be carried forward to the next year. For Example, unused tax payment in Q1 of FY16-17 can be used for payment of TDS for Q2, Q3 and Q4 of FY 16-17 and if required…
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…
TDS RATE CHART FY: 2018-19 (AY: 2019-20) Section Nature of Payment Threshold Indv/ HUF Others Rs. TDS Rate (%) 192 Salaries – Avg – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 2500 10 10 194A Interest (Banks) 10000 10 10 194A…
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…
Please note the TDS/TCS Compliance dates for July 2018 as under: 7th July – last date for TDS payment for deductions during June 7th July – last date for TCS payment for collections during June 15th July – last date of filing TCS Returns for FY:18-19, Quarter 1 (Apr-Jun) 31st July – last date of filing TDS Returns for…