Tax rates for various sections.
TDS RATE CHART FY: 2018-19 (AY: 2019-20) 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…
The Income Tax Department has released today (2nd October, 2018), the following new File Validation Utilities: FVU version 5.9 – For statement pertaining to FY 2010-11 onwards FVU version 2.155 – For statement up to FY 2009-10 Click here to view the Key Features – File Validation Utility (FVU) version 5.9 & 2.155 TDSMAN has accordingly…
Form 26AS can be downloaded from TRACES using the following steps: First, go to www.incometaxindiaefiling.gov.in Enter your Login Id (PAN), Password, Date of Birth (or year of incorporation) and the captcha code Once logged in go to ‘My Account’. Click on ‘View Form 26AS’ in the drop-down menu Click on ‘Confirm’ button and you will…
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…
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…
Healthy practices for error-free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is now sending…
The following are the basic principles of TDS compliance: Deduction/ Collection of Tax at Correct Rates Timely Deposit of Tax Deducted at Source Accurate Reporting of data related to tax deductions/ collections made Submission of TDS return within the due dates Verification and Issuance of TDS Certificates within a time CPC (TDS) is now sending…
Fees for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS return is…
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…
Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…