A TAN holder who fails to deduct whole or any part of the tax at source is treated as an assessee-in-default. But, as per provision in section 201 the TAN holder who fails to deduct the whole or any part of the tax on the payment made to a payee shall not be considered to…
As per the provisions in section 201, if a person liable to deduct tax at source does not deduct it, then, such person, shall be liable to pay simple interest of 1% for every month or part of a month on the amount of such tax from the date on which such tax was deductible…
If any person who after deducting tax at source fails to pay, the whole or any part of the tax to the credit of the Government as per section 201, then that person will be liable to pay simple interest of 1.5% for every month or part of a month on the amount of such…
Please note that 7th March, 2018 is the last date for TDS and TCS payments for the deductions made in February 2018. 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…
The sections under which interest for various delays/ defaults need to be paid are as follows: Section 234A for delay in filing the return of income Section 234B for default in payment of advance tax Section 234C for deferment of payment of individual instalment or instalments of advance tax Section 234D for excess refund granted…
The various items of payment on which tax is to be deducted by the payer has been provided in Section 192 to 195. The tax deducted by the payer (i.e., a non-Government payer) has to be paid to the credit of the Government as follows: Tax deducted during the month of April to February should…
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…
As per the budget proposal of 2018-19, for senior citizens there needs to be no TDS deducted on interest upto Rs. 50,000/- under section 194A. Earlier this limit was Rs. 10,000/-. This limit is applicable on deposits with banks, deposits with post office, fixed deposit schemes and recurring deposit schemes. The rate of TDS applicable…
Please note that 7th February, 2018 is the last date for TDS and TCS payments for the deductions made in January 2018. 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…
TDS RATE CHART FY: 2017-18 (AY: 2018-19) 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 Interest…