7th March, 2020 is the due date for TDS and TCS payments for the deductions made in February 2020. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…
File Validation Utility (FVU) version 6.6 Addition of new column in Form 26Q & 27Q New column “Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N” is added under Annexure I (Deductee details) in Form 26Q and 27Q. Newly added column will be applicable for statements pertains to…
7th February, 2020 is the due date for TDS and TCS payments for the deductions made in January 2020. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…
Given below are some dos and don’ts for the filing of TDS returns: Dos Ensure that TDS return is filed with the same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each…
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…
7th January, 2020 is the due date for TDS and TCS payments for the deductions made in December 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…
File Validation Utility (FVU) version 6.5 Addition of new section code 194N (i.e. “Payment of certain amounts in cash”) for Form 27Q Same will be applicable for regular and correction statements pertains to FY 2019-20 onwards Value under field “Date on which Amount paid/Credited” of deductee records should not be less than September 1, 2019…
Any person (buyer) who is liable to make payment while purchasing immovable property should deduct TDS mentioned u/s 194 – IA. If amount of ‘consideration’ payable for transfer of immovable property is Rs. 50 lakhs or more TDS will be deducted u/s 194 – IA. The term ‘consideration’ is currently not described for purposes of…
If the deductor fails to deduct whole or any part of the tax or he fails to deposit the tax to credit of Central Govt. he will be considered to be assessee-in-default. The deductor will not be treated as assesse-in-default if payment is made to a resident who paid tax on such income and has…
7th December, 2019 is the due date for TDS and TCS payments for the deductions made in November 2019. Make sure to do the needful on time to avoid interest. To understand the details / calculations for late payment interest click on the links below. Calculation of Late Payment Interest Interest on Late Payment of…