Tax rates for various sections.
1. Last date for payment of tax deductions/collections for April-7th May 2014 2. Last date of filing of TDS/TCS returns for Q4 of F.Y. 2013-14 – 15th May, 2014 3. Last date for issuance of the TDS/TCS certificates for Q4 – 30th May, 2014 * The above is applicable for deductors other than the Office of the…
CPC (TDS) has issued a letter to all deductors with information regarding the release of new feature Aggregated TDS Compliance at Organizations PAN level. The letter produced is here as under: Date of communication: 03/05/2014 Dear Deductor, In our endeavor to facilitate improved TDS administration, CPC (TDS) feels glad to provide you with the feature of…
Deletion of deductee record: Feature to delete the deductee record has been discontinued. In case the user wishes to nullify a deductee record/ transaction, he is required to update the amount and related fields to 0 (zero) and add new record with updated values. Date of deduction: Date of deduction in deductee record should not…
TDSCPC.GOV.IN has provided a facility to check the Challan Status Query vide which it can be checked that has there any challan not claimed by deductor in the particular Financial Year or not. This function is helpful to resolve the default notice issued by Income Tax Department. In case any deductor receive demand notice from…
Following Banks are authorised to accept TDS payment u/s. 194IA? Allahabad Bank Andhra Bank Axis Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank HDFC Bank ICICI Bank IDBI Bank Indian Bank Indian Overseas Bank Jammu & Kashmir Bank Oriental Bank of Commerce Punjab…
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should…
Provisions related to TDS payment and furnishing of TDS Certificate 1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made. 2. TDS payment u/s. 194-IA shall be accompanied by a…
A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages Section No. Nature of Payment Threshold Total Payment During the Year Payment to Individual or HUF Others 193 Interest on Debentures Rs. 5000/- 10% 10% 194 Deemed Dividend – 10% 10% 194 A Interest by banks (Other than interest on securities)…
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax – Systems). Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the…