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…
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted either when payment is made or when the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the…
In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government. Interest @ 1.5% is liable to be paid…
The sections under which interest for various 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 to…
Get Standard Editions of TDSMAN (FY: 2019-20) & TDSMAN (FY: 2020-21) at Rs. 5850/- + GST @ 18% instead of Rs. 7800/- + GST@18% Click here to Order Now Prepare TDS Returns for all quarters for the current financial year and earlier years (including preparing Correction Statements) and also the forthcoming financial year. Please note TDSMAN (FY: 2019-20) will…
If the employer has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)- The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
Let us first understand the provisions of section 220(1) relating to payment of tax as per demand notice. Then we will understand the provision for levy of interest in case of non-payment of tax demanded as per demand notice issued under section 156. When a demand notice under section 156 has been issued to the…
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…
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…