A new Section 194N proposed to be included in Income Tax Act. If the withdrawal of cash exceeds Rs. 1 crore in a financial year a 2% of TDS will be deducted by a bank or post office from withdrawn cash of savings or current account. However no TDS will be deducted if cash is…
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…
7th November, 2019 is the due date for TDS and TCS payments for the deductions made in October 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…
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…
Steps for filing TDS/ TCS Return online: Step – I The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html Step – II e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename…
The Income Tax Department has released by today (16th October 2019), the following new File Validation Utilities: FVU version 6.4 – For statement pertaining to FY 2010-11 onwards FVU version 2.160 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.4 & FVU 2.160 TDSMAN will incorporate…
File Validation Utility (FVU) version 6.4 Addition of new columns under Annexure II for Form 24Q-Q4 with respect to Chapter VI-A deductions Newly added fields along with changes in existing fields are highlighted in file formats which can be downloaded from TIN website under downloads section These validations will be applicable for regular as well…
7th October, 2019 is the last date for TDS and TCS payments for the deductions made in September 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…
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…
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…