Viacom 18 Media Pvt. Ltd. Vs Asst. Director of Income Tax (ITAT Mumbai) Viacom 18 Media Pvt. Ltd. (Assessee) has leased transponder on satellites owned by Measat, Malaysia and rentals were paid to Measat on monthly basis. As per lease agreement, if any tax is payable on transponder lease rentals are to be paid by…
Ms Karnataka Power Transmission Corpn. Ltd. Vs ITO (OSD) (TDS) (ITAT Bangalore) FACTS – Karnataka Power Transmission Corporation Ltd. paid cash equivalent of unutilized leave at the time of retirement of their employees, however, they didn’t deducted TDS on the same. As per section 10(10AA), in case of payment towards unutilized leave period, entire payment…
Please note that 7th March, 2019 is the last date for TDS and TCS payments for the deductions made in February 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…
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…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit) : Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty…
TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 6.0 – For statement pertaining to FY 2010-11 onwards FVU ver. 2.156 – For statement up to FY 2009-10 To update TDSMAN – Click on: Utilities – Update Software Click here to view the key features of FVU version 6.0 & FVU 2.156
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…
File Validation Utility (FVU) version 6.0 Field level validation for field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” have been relaxed Existing structural validations for field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details are relaxed (as per existing validations, the format of…
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…
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…