Tax rates for various sections.
There are 2 types of scenarios in which an individual may be working for more than one employers in a financial year. they are as follows: • When he changes his job • When he is working for two employers simultaneously In each case the employee needs to provide following details to the employer who…
The Income Tax Department has released today (12th April 2019), the following new File Validation Utilities: FVU version 6.1 – For statement pertaining to FY 2010-11 onwards FVU version 2.157 – For statement up to FY 2009-10 Click here to view the key features of FVU version 6.1 & FVU 2.157 TDSMAN will incorporate new…
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…
Last date for payment of tax deductions for March 2019 – 30th April, 2019. Filing of TDS Returns for the quarter ended March 2019 (FY:2018-19 Quarter 4) is already under way since 1st April. Basic provisions relating to due date for payment of TDS Sections under which interest for various delays/ defaults need to be…
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…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2019-20). Now you can prepare TDS Returns for Q4 of FY: 2018-19 and all quarters of the next FY: 2019-20: It covers: ✔ All TDS Returns for FY: 2019-20 ✔ All TDS Returns for FY: 2018-19 ✔ Pending TDS Returns of earlier…
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…
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…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2019-20). Now you can prepare TDS Returns for Q3 & Q4 of FY: 2018-19 and all quarters of the next FY: 2019-20. It covers: All TDS Returns for FY: 2019-20 All TDS Returns for FY: 2018-19 Pending TDS Returns of earlier years,…
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…