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…
View More TDS/TCS Rates Chart for F.Y. 2015-16Category: TCS
Tax Collected at Source
Section 194C – TDS on Transporter
Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at…
View More Section 194C – TDS on Transporter9 Amendments relating to TDS and TCS proposed in Budget 2015-16: Effective from June 01, 2015
Given below are the list of changes applicable from 1st June, 2015 for TDS and TCS amendments: 1. Requirement for obtaining evidence/ particulars by employer…
View More 9 Amendments relating to TDS and TCS proposed in Budget 2015-16: Effective from June 01, 20153 Simple Steps for Tax Deductors to follow
Below are the three simple steps for Tax Deductors to follow in case of TDS and TCS: 1. Deduct Correct TDS while making payment as…
View More 3 Simple Steps for Tax Deductors to followImportant Information for Deductors regarding TDS Certificates
Below are the important information regarding TDS Certificates which deductors should take care of: Deductors who have deducted TDS and have not deposited the same…
View More Important Information for Deductors regarding TDS CertificatesIssue TDS certificates by 30th May to avoid penalties
Last date for issuance of TDS certificates for Q4 of FY: 2014-15: 1) Form 16A (Non Salary) – 30th May 2015 2) Form 16 (Salary)…
View More Issue TDS certificates by 30th May to avoid penaltiesAmendment relating to processing of TCS returns -Section 206CB w.e.f. June 01, 2015
A new Section 206CB is proposed to be introduced to facilitate the processing of TCS (tax collected at source) statements on the same lines as…
View More Amendment relating to processing of TCS returns -Section 206CB w.e.f. June 01, 2015FAQ on Online Correction
What is Online Correction? TRACES has provided the functionality of “Online Correction” where deductor can perform correction of TDS/TCS statements online. Following are the various…
View More FAQ on Online CorrectionLate Filing of TDS Returns – Fees and Penalty
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit e-TDS Statement on time will result…
View More Late Filing of TDS Returns – Fees and PenaltyBasic principles of TDS Compliance
The following are the basic principles of TDS compliance: Deduction/ Collection of Tax at Correct Rates Timely Deposit of Tax Deducted at Source Accurate Reporting…
View More Basic principles of TDS Compliance